Where & how to lend Algorand (ALGO)

Introduction

Lending Algorand can be a great option for those who want to hold ALGO but earn yield. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.

Step-by-step

1. 1. Obtain Algorand (ALGO) tokens

   In order to lend Algorand, you need to have it. To obtain Algorand, you’ll need to purchase it. You can choose from these popular exchanges.

   Platform	Coin	Price
   Nexo	Algorand (ALGO)	$0.1207
   Bitpanda	Algorand (ALGO)	$0.1208
   Uphold	Algorand (ALGO)	$0.1208
   Wirex	Algorand (ALGO)	$0.1218
   Kraken	Algorand (ALGO)	$0.1208
   OKX	Algorand (ALGO)	$0.1207

   See all 17 prices

2. 2. Choose a Algorand lender

   Once you have ALGO, you’ll need to choose a Algorand lending platform to lend your tokens. You can see some options here.

   Platform	Coin	Interest rate
   Nebeus	Algorand (ALGO)	Up to 4.5% APY
   OKX	Algorand (ALGO)	Up to 1% APY

3. 3. Lend your Algorand

   Once you’ve chosen a platform to lending your Algorand, transfer your Algorand into your wallet in the lending platform. Once it’s deposited, it will start earning interest. Some platforms pay interest daily, while others are weekly, or monthly.

4. 4. Earn interest

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

What to be aware of

Lending your crypto can be risky. Make sure you do your research before depositing your crypto. Don’t lend more than you’re willing to lose. Check their lending practices, reviews, and how they secure your cryptocurrency.