Introduction
Lending Algorand can be a great option for those who want to hold ALGO but earn yield. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.
Step-by-step
- 1
Obtain Algorand (ALGO) tokens
In order to lend Algorand, you need to have it. To obtain Algorand, you’ll need to purchase it. You can choose from these popular exchanges.
- 2
Choose a Algorand lender
Once you have ALGO, you’ll need to choose a Algorand lending platform to lend your tokens. You can see some options here.
- 3
Lend your Algorand
Once you’ve chosen a platform to lending your Algorand, transfer your Algorand into your wallet in the lending platform. Once it’s deposited, it will start earning interest. Some platforms pay interest daily, while others are weekly, or monthly.
- 4
Earn interest
Now all you need to do is sit back while your crypto earns interest. The more you deposit, the more interest you can earn. Try to make sure your lending platform pays compounding interest to maximise your returns.
What to be aware of
Lending your crypto can be risky. Make sure you do your research before depositing your crypto. Don’t lend more than you’re willing to lose. Check their lending practices, reviews, and how they secure your cryptocurrency.
Latest movements
Algorand (ALGO) is currently priced at $0.1774, with a 24-hour trading volume of $107.90M. In the last 24 hours, Algorand has experienced a decrease to -2.05. The market cap of Algorand stands at $1.47B, with 8.14B in circulation. For those looking to buy or trade Algorand, reputable platforms like OKX, Binance, BTSE, Kraken, Nexo and Coinbase offer avenues to do so securely and efficiently.
- Market cap
- $1.47B
- Volume
- $107.90M
- Circulating supply
- $8.14B
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