I have extensively written about Juno (Formerly OnJuno) because they have had several easy money making offers. In all of it I have been very confused as to how they actually make money by practically giving away free money over and over again.
Well, now that they are releasing their own coin (called JCOIN) and this coin is supposed to replace the reward they were previously paying in cash, I guess that settles the question if they actually can afford to pay in cash anymore or not. It likely also answers if they made any money or not. Anyway, let’s talk about what they are pitching.
About Juno Coin (JCOIN):
Here is the brief summary of their blogpost:
- ERC20 token
- One Billion Juno coins have been minted and will be distributed based on activities on Juno’s platform. After 1 Billion tokens have been exhausted, new 1 Billion tokens will be minted.
- Incentives for earning Loyalty Tokens on Juno’s platform will reduce by 50% every time 1 billion new Loyalty Tokens are minted.
- Account holders will Earn Loyalty Tokens at the ratio 1:1 (i.e., “$: Loyalty Tokens,” the “Earn Rate”) for Eligible Transactions (Core Actions).
- Earn 1:1 Juno coins (i.e. “$: Loyalty Tokens”) primarily for 2 core actions on the platform – receiving direct deposits and spending with your Juno card.
How to use JCOIN:
- Boost your cashback limits
- Spend more through your card to earn the equal amount in JCOINS for cash and 2x the amount for crypto
- Redeem your JCOIN for ledger & more
- Get 50% off on all crypto buys and sells
- Upgrade your crypto limits
- Boost your USD bonus to 3% yearly
JCOIN is getting Airdropped
You get JCOIN for free. Here are some activities that get you JCOIN:
The snapshot of an account will be taken on Sept 30, 2022 and $JCOIN will be airdropped on Oct 1, 2022 to eligible users.
Closing Thoughts
It is clear that to get worthwhile reward out of OnJuno there now needs to be enough suckers HODLing and buying an inflammatory token $JUNO. Maybe it will take a while for HODLers to figure that out, so maybe you can get some value out of it till then. But I would be hesitant to hold non-USD with them as you could lose it all in case they file for bankruptcy or disappear into the void. However, direct depositing or spending crypto is what seems to give 2x the reward. But will 2x reward translate into 0.5% cashback or 1% or 2% or 0.05%? Who knows.
