How to Lend Polkadot (DOT)

Introduction

Lending Polkadot can be an excellent choice for those looking to hold DOT while earning a return. The process may seem a bit overwhelming, particularly if it's your first time. That's why we've created this guide to assist you.

Step-by-Step Guide for South African Investors

1. 1. Acquire Polkadot (DOT) Tokens

   To lend Polkadot, you first need to possess it. To acquire Polkadot, you'll need to buy it. You can select from these well-known exchanges.

   Platform	Mint	Cost
   Nexo	Polkadot (DOT)	2,09
   PrimeXBT	Polkadot (DOT)	2,08
   EarnPark	Polkadot (DOT)	2,06
   YouHodler	Polkadot (DOT)	2,08
   Binance	Polkadot (DOT)	2,08
   BTSE	Polkadot (DOT)	2,08

   View all 67 prices

2. 2. Select a Polkadot Lender

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

   Platform	Mint	APY
   Nexo	Polkadot (DOT)	Up to 15% APY
   EarnPark	Polkadot (DOT)	Up to 5,5% APY
   YouHodler	Polkadot (DOT)	Up to 16% APY
   Bitget	Polkadot (DOT)	Up to 8,6% APY
   Blockchain.com	Polkadot (DOT)	Up to 5% APY

   View all 16 lending APYs

3. 3. Lend Your Polkadot

   Once you've selected a platform to lend your Polkadot, transfer your Polkadot into your wallet on the lending platform. Once it's deposited, it will begin to earn APY. Some platforms pay interest daily, while others do so weekly or monthly.

4. 4. Earn Interest in South Africa

   Now all you need to do is sit back while your cryptocurrency earns APY. The more you deposit, the more interest you can earn. Make sure your lending platform pays compounding interest to maximise your returns.

What to Keep in Mind

Lending your crypto can be risky. Ensure you conduct thorough research before depositing your crypto. Don't lend more than you're prepared to lose. Review their lending practices, customer feedback, and the measures they take to secure your cryptocurrency.