Member-only story
The Best Story in Crypto- Part 2
If you haven’t read Part 1 of this series, please click here and be sure to read it first.
If you have read Part 1, congratulations on taking the next step to learn how Drip works and how you may end up writing your own Drip story!
The Mechanics of Drip
You purchase Drip on the Drip.community website. Instructions are at the bottom of this article on how to purchase Drip. Next, you can deposit Drip into your Drip Faucet. You will be charged a 10% tax (in Drip) on any deposits. Once your Drip is deposited in the Faucet, you can not withdraw it. For example, I deposit 110 Drip in my Faucet. After the 10% tax, I now have approximately 100 Drip in my Faucet. I can’t withdraw these 100 Drip.
Tomorrow, at the same time as I deposited, I will have 1 Drip (100 x 1%) showing up as an “Available” reward. I have three choices: compound, claim or do nothing. If I compound, I hit “hydrate” and my 1 available Drip gets taxed 5% and added into my Faucet. I now have 100.95 Drip in my Faucet. Tomorrow, at the time, I will have 1.095 Drip showing up as an “Available” reward.
Now, let’s say that I chose to claim my “Available” reward after my initial deposit. I hit “claim” and am taxed 10% on my rewarded Drip. I now have 0.9 Drip in my wallet. I can hold it or swap it back to BNB. I may choose to hold it…
