How to Lend yearn.finance (YFI) in Australia

Introduction

Lending yearn.finance can be a great option for those who want to hold YFI 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 yearn.finance (YFI) Tokens

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

   Platform	Coin	Cost
   Nexo	yearn.finance (YFI)	3,379.44
   YouHodler	yearn.finance (YFI)	3,374.65
   Binance	yearn.finance (YFI)	3,376
   BTSE	yearn.finance (YFI)	3,371.97
   Coinbase	yearn.finance (YFI)	3,372.27
   Kraken	yearn.finance (YFI)	3,343

   See all 62 prices

2. 2. Choose a yearn.finance lender

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

   Platform	Coin	Interest rate
   YouHodler	yearn.finance (YFI)	Up to 12% p.a.
   Blockchain.com	yearn.finance (YFI)	Up to 1% p.a.

   See all 8 lending rates

3. 3. Lend Your yearn.finance

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