Introduction
Lending Compound can be a great option for those who want to hold COMP 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 Guide
1. Acquire Compound (COMP) Tokens
To be able to lend Compound, you need to have it. To get Compound, you’ll have to buy it. You can pick from these popular exchanges.
See all 75 pricesPlatform Coin Price Nexo Compound (COMP) 40.97 Uphold Compound (COMP) 40.87 YouHodler Compound (COMP) 40.85 Kraken Compound (COMP) 40.99 OKX Compound (COMP) 41.05 M2 Compound (COMP) 40.86 2. Choose a Compound Lender
Once you have COMP, you’ll need to choose a Compound lending platform to lend your tokens. You can see some options here.
See all 10 borrowing ratesPlatform Coin Interest rate YouHodler Compound (COMP) Up to 12% APY Blockchain.com Compound (COMP) Up to 1% APY 3. Lend Your Compound
Once you’ve chosen a platform to lend your Compound, transfer your Compound 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
Compound (COMP) is currently priced at USD 1.5 with a 24-hour trading volume of USD 41.77M. The market cap of Compound stands at USD 639.52M, with 8.87M COMP in circulation. For those looking to buy or trade Compound, YouHodler offers avenues to do so securely and efficiently
- Market cap
- USD 639.52M
- 24h volume
- USD 41.77M
- Circulating supply
- 8.87M COMP