Introduction
Lending DeFiChain can be a great option for those who want to hold DFI 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 DeFiChain (DFI) tokens
In order to lend DeFiChain, you need to have it. To obtain DeFiChain, you’ll need to purchase it. You can choose from these popular exchanges.
- 2
Choose a DeFiChain lender
Once you have DFI, you’ll need to choose a DeFiChain lending platform to lend your tokens. You can see some options here.
- 3
Lend your DeFiChain
Once you’ve chosen a platform to lending your DeFiChain, transfer your DeFiChain 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.
