Drip Network – A New Way to Leverage Crypto Communities
Drip Network is a recent crypto initiative aiming to provide a passive income to its community. The team defines Drip as “the first-ever deflationary daily ROI platform”, relying on a compound interest system.
The project revolves around the $DRIP token, a BEP-20 coin working on Binance Smart Chain (BSC). Our review will provide more information about the initiative, highlighting its main features for our readers.
About Drip Network
In a volatile market such as the crypto one, earning a passive income is a hot topic. Several blockchain projects offer various plans with this aim, and Drip Network is among them. However, what separates the Drip Network from competing projects is:
- Its deflationary mechanics
- Its stability and low risk payout
- The potential for a 3678% APY, or more with referral rewards
Inelastic supply ($DRIP is limited at 1,000,000 Drip), coupled with a tax system, creates a deflationary and stable, upwardly mobile price of $DRIP.
The following subsections will provide the readers with more details on the matter.
The Three Contracts of the Ecosystem
The passive income strategy pursued by Drip Network relies on three different types of smart contracts:
- Drip token contract: the team designed a deflationary force on the token, with a 10% tax on each transaction (purchase operations excluded). Whenever the system applies a tax, the proceeds go to the Faucet pool and pay daily ROI and bonuses for users.
- Faucet contract: At its core, the Faucet is a staking system smart contract. Anyone can stake an amount of $DRIP, with 90% going back into the liquidity pool and the remaining 10% serving to reward referrals. Locking $DRIP enables investors to obtain 1% of their liquidity each day as a reward.
At this point, the system lets investors choose whether to take the daily 1% as a reward. Alternatively, one can deposit the amount and let the compound interest rate system do the rest.
- Reservoir contract: yield farming is another popular way to get passive income in the crypto universe. Long story short, it is possible to store liquidity on the system to obtain direct rewards through yield farming with $DRIP.
Building a Team Through Referrals
Going back to the Faucet pillar of Drip Network, it is worthwhile to spend a few words on how to access the system. One could view the Drip community as an aggregation of teams coming together to earn a passive income.
Anyone who wants to access the Faucet system must join a team. Those who belong to the Drip Network can share a referral link to introduce more investors to the network, although many investors choose not to chase referrals and are equally successful. Anyone referring new users on Drip will get a reward from the system.
Depositing under a “team wallet” (i.e., someone having five or more direct referrals) will enable additional rewards.
Innovative Tax System
The tax system, and the fact that Drip is being burnt when it’s deposited (meaning it’s out of circulation) means 1% daily is sustainable across a fairly long horizon. This plus the incentive to stake Drip makes Drip mostly immune to buying and selling mania and volatility.
Taxes Include the following:
- Deposits: 10%
- Withdrawal from the Faucet: 10%
- Compounding (Hydrate): 5%
- The Whale Withdrawal Tax: scale varies from 0.99% — 50% depending on the % withdrawn from the faucet.
The Growth in Drip Adoption
The internal statistics on the project show the beginning of an exponential growth curve for Drip adoption. Drip hit a record number of new account openings in January, with almost 30,000 new wallets:
Drip captures hundreds of new accounts daily:
The project’s team confirmed it would enhance its marketing strategy in the future. The market will keep an eye on the new statistics following these releases.
Our Final Thoughts
As the numbers show, Drip Network has already caught the attention of a growing group of investors. The passive income niche is gaining increasing popularity in the crypto sector. Each new initiative needs to propose its secret sauce on the market to stand out.
While we wait for new updates on the initiative, anyone interested to find out more can visit Drip Network’s official website and join its Telegram and Twitter communities.
As a final reminder, here is a quick step-by-step guide to joining Drip: