How to Lend yearn.finance (YFI)

Introduction

Lending yearn.finance can be an excellent choice for those looking to hold YFI 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 yearn.finance (YFI) Tokens

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

   E-platform	Coin	Cost
   Nexo	yearn.finance (YFI)	5,896.09 APY
   YouHodler	yearn.finance (YFI)	5,890.82 APY
   Binance	yearn.finance (YFI)	5,892 APY
   BTSE	yearn.finance (YFI)	5,886.1 APY
   Coinbase	yearn.finance (YFI)	5,890.2 APY
   Kraken	yearn.finance (YFI)	5,899 APY

   See all 61 prices in Uganda

2. 2. Select a yearn.finance Lender

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

   E-platform	Coin	APY
   YouHodler	yearn.finance (YFI)	Up to 12% APY
   Blockchain.com	yearn.finance (YFI)	Up to 1% APY

   View all 8 APY rates

3. 3. Lend Your yearn.finance

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