How to Lend Aave Polygon DAI (AMDAI) in Australia

Introduction

Lending Aave Polygon DAI can be a great option for those who want to hold AMDAI 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. 1. Obtain Aave Polygon DAI (AMDAI) Tokens

   To lend Aave Polygon DAI, you need to possess it. To acquire Aave Polygon DAI, you'll need to buy it. You can select from these popular exchanges.

2. 2. Choose a Aave Polygon DAI lender

   Once you have AMDAI, you'll need to choose a Aave Polygon DAI lending platform to lend your tokens. You can find some options here.

   Platform	Coin	Interest rate
   Aave	Aave Polygon DAI (AMDAI)	Up to 0.0009806% p.a.

3. 3. Lend Your Aave Polygon DAI

   Once you've chosen a platform to lend your Aave Polygon DAI, transfer your Aave Polygon DAI into your wallet on the lending platform. Once it's deposited, it will start earning interest. Some platforms pay interest daily, while others do so weekly or monthly.

4. 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 lending platform pays compounding interest to maximise your returns.

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 willing to lose. Check their lending practices, reviews, and how they secure your cryptocurrency.