How to Lend Cardano (ADA)

Introduction

Lending Cardano can be an excellent choice for those looking to hold ADA while earning some returns. The process might seem a bit overwhelming, particularly if you're doing it for the first time. That's why we've created this guide to help you navigate through it smoothly.

Step-by-Step Guide for Ugandan Investors

1. 1. Acquire Cardano (ADA) Tokens

   To lend Cardano, you first need to possess it. To acquire Cardano, you will have to buy it. You can select from these popular exchanges available in Uganda.

   E-platform	Coin	Cost
   Nexo	Cardano (ADA)	0.38 APY
   PrimeXBT	Cardano (ADA)	0.38 APY
   YouHodler	Cardano (ADA)	0.38 APY
   Binance	Cardano (ADA)	0.38 APY
   BTSE	Cardano (ADA)	0.38 APY
   Coinbase	Cardano (ADA)	0.38 APY

   See all 73 prices in Uganda

2. 2. Select a Cardano Lender

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

   E-platform	Coin	APY
   Nexo	Cardano (ADA)	Up to 8% APY
   YouHodler	Cardano (ADA)	Up to 12% APY
   Bitget	Cardano (ADA)	Up to 1.8% APY
   Blockchain.com	Cardano (ADA)	Up to 1% APY

   View all 12 APY rates

3. 3. Lend Your Cardano

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

4. 4. Grow Your Savings

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

What to Keep in Mind

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.