How to Lend Maker (MKR)

Introduction

Lending Maker can be an excellent choice for those looking to hold MKR 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 Maker (MKR) Tokens

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

   E-platform	Coin	Cost
   Nexo	Maker (MKR)	2,224.69 APY
   PrimeXBT	Maker (MKR)	1,675.3 APY
   YouHodler	Maker (MKR)	1,813.7 APY
   Binance	Maker (MKR)	1,813.7 APY
   BTSE	Maker (MKR)	1,790.92 APY
   Coinbase	Maker (MKR)	1,386.35 APY

   See all 71 prices in Uganda

2. 2. Select a Maker Lender

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

   E-platform	Coin	APY
   YouHodler	Maker (MKR)	Up to 12% APY
   Aave	Maker (MKR)	Up to 0.02% APY

   View all 8 APY rates

3. 3. Lend Your Maker

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