Introduction
Lending Phala Network can be a great option for those who want to hold PHA 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 Phala Network (PHA) tokens
In order to lend Phala Network, you need to have it. To obtain Phala Network, you’ll need to purchase it. You can choose from these popular exchanges.
- 2
Choose a Phala Network lender
Once you have PHA, you’ll need to choose a Phala Network lending platform to lend your tokens. You can see some options here.
- 3
Lend your Phala Network
Once you’ve chosen a platform to lending your Phala Network, transfer your Phala Network 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
Phala Network (PHA) is currently priced at $0.1763, with a 24-hour trading volume of $9.22M. In the last 24 hours, Phala Network has experienced a decrease to -0.4. The market cap of Phala Network stands at $128.28M, with 716.71M in circulation. For those looking to buy or trade Phala Network, reputable platforms like Binance offer avenues to do so securely and efficiently.
- Market cap
- $128.28M
- Volume
- $9.22M
- Circulating supply
- $716.71M
