How to Lend Dai (DAI) in Canada

Introduction to Cryptocurrency in Canada

Lending Dai can be an excellent choice for Canadians looking to hold DAI while earning a yield. The process may seem a bit overwhelming, particularly for first-time users. That’s why we’ve created this guide specifically for you.

Step-by-Step Guide for Canadians

1. 1. Acquire Dai (DAI) Tokens in Canada

   To lend Dai in Canada, you first need to acquire it. To obtain Dai, you'll need to purchase it from one of these popular exchanges available in the Canadian market.

   Platform	Coin	Cost
   Uphold	Dai (DAI)	1
   BingX	Dai (DAI)	1

   See all 26 prices in Canada

2. 2. Choose a Dai Lender in Canada

   Once you have DAI, you'll need to choose a Dai lending platform to lend your tokens. You can explore some options available in Canada here.

   Platform	Coin	APY
   Nexo	Dai (DAI)	Up to 14% APY in Canada
   Aave	Dai (DAI)	Up to 11.64% APY in Canada
   AQRU	Dai (DAI)	Up to 6% APY in Canada
   Bitget	Dai (DAI)	Up to 5% APY in Canada
   Blockchain.com	Dai (DAI)	Up to 3.75% APY in Canada

   See all 22 lending rates in Canada

3. 3. Lend Your Dai in Canada

   Once you've selected a platform to lend your Dai, transfer your Dai into your wallet on the lending platform. Once it's deposited, it will begin to earn APY. Some platforms pay interest daily, while others do so weekly or monthly.

4. 4. Earn Interest in Canada

   Now all you need to do is sit back while your cryptocurrency earns interest. The more you deposit, the more interest you can earn. Be sure to choose a lending platform that offers compounding interest to maximise your returns.

What Canadians Should Be Aware Of

Lending your cryptocurrency can be risky. Ensure you conduct thorough research before depositing your crypto. Only lend what you can afford to lose. Review their lending practices, customer feedback, and the measures they take to secure your cryptocurrency.