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