How to Lend Compound (COMP) in Australia

Introduction

Lending Compound can be a great option for those who want to hold COMP 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 Compound (COMP) Tokens

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

   Platform	Coin	Cost
   Nexo	Compound (COMP)	44.75
   YouHodler	Compound (COMP)	44.63
   Binance	Compound (COMP)	44.59
   BTSE	Compound (COMP)	44.75
   Coinbase	Compound (COMP)	44.65
   Kraken	Compound (COMP)	44.55

   See all 75 prices

2. 2. Choose a Compound lender

   Once you have COMP, you'll need to choose a Compound lending platform to lend your tokens. You can find some options here.

   Platform	Coin	Interest rate
   YouHodler	Compound (COMP)	Up to 12% p.a.
   Blockchain.com	Compound (COMP)	Up to 1% p.a.
   CEX.io	Compound (COMP)	Up to 1.5% p.a.

   See all 10 lending rates

3. 3. Lend Your Compound

   Once you've chosen a platform to lend your Compound, transfer your Compound 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.