Introduction

Lending Loom Network (NEW) can be an excellent choice for those looking to hold LOOM 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 Loom Network (NEW) (LOOM) Tokens

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

   E-platform	Coin	Cost
   Binance	Loom Network (NEW) (LOOM)	0.05 APY
   Uphold	Loom Network (NEW) (LOOM)	0 APY
   BingX	Loom Network (NEW) (LOOM)	0 APY
   Bitget	Loom Network (NEW) (LOOM)	0.02 APY
   Bitmart	Loom Network (NEW) (LOOM)	0 APY
   Bitpanda	Loom Network (NEW) (LOOM)	0.08 APY

   See all 17 prices in Uganda

2. 2. Select a Loom Network (NEW) Lender

   Once you have LOOM, you'll need to select a Loom Network (NEW) lending platform to lend your tokens. You can explore some options here.

3. 3. Lend Your Loom Network (NEW)

   Once you've selected a platform to lend your Loom Network (NEW), transfer your Loom Network (NEW) 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.