I found an excellent feature of steemit last month-steem power delegation markets! These markets allow steemit users to lease steem power from dolphins and whales, which is a very powerful tool when used correctly.
How does it work? Let’s say you would like to give out some righteously big votes to people using steem power, but don’t have much in your account. For a small fee, you can put up a request for steem power, and once it is filled, you have delegated steem power in your steem wallet. Now you can go upvote your favorite posts, your own posts, whatever, and see a much bigger number than usual! You can move the needle on steemit more than you could before.
As a minnow, using this wisely can be a way to get more exposure to some of your posts. But if you don’t use it to the fullest possible degree, you’ll find it could be money wasted.
Have a Plan
For this reason, I don’t recommend borrowing steem power at the current rate (24.5% APR) unless you have a solid plan worked out and you’re very active on steemit.
As a dolphin or whale, delegating steem power is an amazing plan if you have more money than time. At 24.5% APR, you get a really good return! Personally, I have found work and school keep me so busy that being an effective curator on steemit is not possible, so I’ve delegated a great deal of my steem power to others for the time being. This makes steemit a really good source of passive income…better than staking coins on other blockchains even!
It’s just one more way steemit is creating an ecosystem with a number of overlapping incentives.
So check out minnowbooster and see if it is something you can put in your tool belt to make your steemit experience better. And if you have any success stories from using delegated steem power to improve your experience on steemit, share in the comments below!