How to Earn Loom (LOOM): A Comprehensive Guide for Australians

Introduction

Lending Loom can be a great option for those who want to hold LOOM while earning yield. The steps may seem a bit daunting, especially the first time you do them. That's why we've put this guide together for you.

Step-by-Step Guide

1. Obtain Loom (LOOM) tokens
To lend Loom, you need to possess it. To acquire Loom, you'll need to buy it. You can select from these popular exchanges.
Platform Coin Cost
Coinbase Loom (LOOM) 0.08
Kucoin Loom (LOOM) 0.01
LBank Loom (LOOM) 0.000421
See all 4 prices
2. Choose a Loom lender
Once you have LOOM, you'll need to choose a Loom lending platform to lend your tokens. You can find some options here.
Platform Coin Interest rate
Kucoin Loom (LOOM) Up to 0.3% p.a.
3. Earn Loom
Once you've chosen a platform to earn your Loom, transfer your Loom into your wallet on the earning platform. Once it's deposited, it will start earning interest. Some platforms pay interest daily, while others do so 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. Ensure your earning platform pays compounding interest to maximise your returns.

Platform	Coin	Cost
Coinbase	Loom (LOOM)	0.08
Kucoin	Loom (LOOM)	0.01
LBank	Loom (LOOM)	0.000421

Platform	Coin	Interest rate
Kucoin	Loom (LOOM)	Up to 0.3% p.a.

What to Be Aware Of

Lending your crypto can be risky. Ensure you do your research before depositing your crypto. Don't lend more than you're prepared to lose. Check their lending practices, reviews, and how they secure your cryptocurrency.