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Introduction

Lending Compound can be an excellent choice for those looking to hold COMP while earning yield. The process may seem a bit overwhelming, particularly for first-timers. That's why we've created this guide to help you navigate through it smoothly.

Step-by-Step Guide

1. 1. Acquire Compound (COMP) Tokens

   To lend Compound, you must first acquire it. To obtain Compound, you'll need to purchase it. You can select from these popular exchanges available in Nigeria.

   Platform	Coin	Price
   Nexo	Compound (COMP)	26.34
   PrimeXBT	Compound (COMP)	26.19
   YouHodler	Compound (COMP)	26.25
   Binance	Compound (COMP)	26.25
   BTSE	Compound (COMP)	26.19
   Coinbase	Compound (COMP)	26.2

   See all 76 prices

2. 2. Choose a Compound Lender

   Once you have COMP, you'll need to select a Compound lending platform to lend your tokens. You can explore some options here.

   Platform	Coin	Interest rate
   YouHodler	Compound (COMP)	Up to 12% APY
   Blockchain.com	Compound (COMP)	Up to 1% APY
   CEX.io	Compound (COMP)	Up to 1.5% APY

   See all 10 lending rates

3. 3. Earn Compound

   Once you've selected a platform to earn your Compound, transfer your Compound into your wallet on the earning 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

   Now all you need to do is relax while your cryptocurrency earns interest. The more you deposit, the higher your potential earnings. Ensure that your earning platform offers compounding APY to maximize your returns.

What to 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 have in place to secure your cryptocurrency.