How to Lend Wrapped XDAI (WXDAI)

Introduction

Lending Wrapped XDAI can be an excellent choice for those looking to hold WXDAI 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 Wrapped XDAI (WXDAI) Tokens

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

2. 2. Select a Wrapped XDAI Lender

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

   Platform	Mint	APY
   Aave	Wrapped XDAI (WXDAI)	Up to 5% APY

3. 3. Lend Your Wrapped XDAI

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