How to Lend Merlin Chain (MERL)

Introduction

Lending Merlin Chain can be an excellent choice for those looking to hold MERL 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 Merlin Chain (MERL) Tokens

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

   E-platform	Coin	Cost
   Kraken	Merlin Chain (MERL)	0.15 APY
   OKX	Merlin Chain (MERL)	0.11 APY
   BTSE	Merlin Chain (MERL)	0.07 APY
   BingX	Merlin Chain (MERL)	0.15 APY
   Bitget	Merlin Chain (MERL)	0.15 APY
   Bitmart	Merlin Chain (MERL)	0.16 APY

   See all 29 prices in Uganda

2. 2. Select a Merlin Chain Lender

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

   E-platform	Coin	APY
   Bitget	Merlin Chain (MERL)	Up to 0.8% APY
   Kucoin	Merlin Chain (MERL)	Up to 0.5% APY

3. 3. Lend Your Merlin Chain

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