How to Lend Loom Network (NEW) (LOOM) in Australia: A Step-by-Step Guide

Introduction

Lending Loom Network (NEW) 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 Network (NEW) (LOOM) Tokens

To lend Loom Network (NEW), you need to possess it. To acquire Loom Network (NEW), you'll need to buy it. You can select from these popular exchanges.

Platform	Coin	Cost
Binance	Loom Network (NEW) (LOOM)	0.05
Uphold	Loom Network (NEW) (LOOM)	0
BingX	Loom Network (NEW) (LOOM)	0
Bitget	Loom Network (NEW) (LOOM)	0.02
Bitmart	Loom Network (NEW) (LOOM)	0
Bitpanda	Loom Network (NEW) (LOOM)	0.08

See all 17 prices

2. Choose a Loom Network (NEW) lender
Once you have LOOM, you'll need to choose a Loom Network (NEW) lending platform to lend your tokens. You can find some options here.
3. Lend Your Loom Network (NEW)
Once you've chosen a platform to lend your Loom Network (NEW), transfer your Loom Network (NEW) 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. 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.