How to Lend Wrapped stETH (WSTETH): A Step-by-Step Guide for Ugandans

Introduction

Lending Wrapped stETH can be an excellent choice for those looking to hold WSTETH 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. Acquire Wrapped stETH (WSTETH) Tokens
To lend Wrapped stETH, you first need to possess it. To acquire Wrapped stETH, you will have to buy it. You can select from these popular exchanges available in Uganda.
2. Select a Wrapped stETH Lender
Once you have WSTETH, you'll need to select a Wrapped stETH lending platform to lend your tokens. You can explore some options here.
E-platform Coin APY
Aave Wrapped stETH (WSTETH) Up to 0.45% APY
Compound Wrapped stETH (WSTETH) Up to 1.66% APY
View all 21 APY rates
3. Lend Your Wrapped stETH
Once you've selected a platform to lend your Wrapped stETH, transfer your Wrapped stETH 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. 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.

E-platform	Coin	APY
Aave	Wrapped stETH (WSTETH)	Up to 0.45% APY
Compound	Wrapped stETH (WSTETH)	Up to 1.66% APY

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.