How to Lend Loom (LOOM) in Australia

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. 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. 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. 3. Lend Your Loom

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