How to Lend Dai (DAI)

Introduction

Lending Dai can be an excellent choice for those looking to hold DAI 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 Dai (DAI) Tokens

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

   E-platform	Coin	Cost
   Uphold	Dai (DAI)	1 APY
   BingX	Dai (DAI)	1 APY

   See all 26 prices in Uganda

2. 2. Select a Dai Lender

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

   E-platform	Coin	APY
   Nexo	Dai (DAI)	Up to 14% APY
   Aave	Dai (DAI)	Up to 11.64% APY
   AQRU	Dai (DAI)	Up to 6% APY
   Bitget	Dai (DAI)	Up to 5% APY
   Blockchain.com	Dai (DAI)	Up to 3.75% APY

   View all 22 APY rates

3. 3. Lend Your Dai

   Once you've selected a platform to lend your Dai, transfer your Dai 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.