How to Lend Polkadot (DOT) in Australia: A Step-by-Step Guide

Introduction

Lending Polkadot can be a great option for those who want to hold DOT while earning yield. The steps may seem a bit daunting, especially the first time you do them. That's why we've put this guide together for you.

Step-by-Step Guide

1. Obtain Polkadot (DOT) Tokens
To lend Polkadot, you need to possess it. To acquire Polkadot, you'll need to buy it. You can select from these popular exchanges.
Platform Coin Cost
Nexo Polkadot (DOT) 1.81
PrimeXBT Polkadot (DOT) 1.81
EarnPark Polkadot (DOT) 1.81
YouHodler Polkadot (DOT) 1.81
Binance Polkadot (DOT) 1.81
BTSE Polkadot (DOT) 1.81
See all 67 prices

Platform	Coin	Cost
Nexo	Polkadot (DOT)	1.81
PrimeXBT	Polkadot (DOT)	1.81
EarnPark	Polkadot (DOT)	1.81
YouHodler	Polkadot (DOT)	1.81
Binance	Polkadot (DOT)	1.81
BTSE	Polkadot (DOT)	1.81

2. Choose a Polkadot lender

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

Platform	Coin	Interest rate
Nexo	Polkadot (DOT)	Up to 15% p.a.
EarnPark	Polkadot (DOT)	Up to 5.5% p.a.
YouHodler	Polkadot (DOT)	Up to 16% p.a.
Bitget	Polkadot (DOT)	Up to 8.6% p.a.
Blockchain.com	Polkadot (DOT)	Up to 5% p.a.

See all 16 lending rates

3. Lend Your Polkadot
Once you've chosen a platform to lend your Polkadot, transfer your Polkadot into your wallet on the lending platform. Once it's deposited, it will start earning interest. Some platforms pay interest daily, while others do so weekly or monthly.
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. Ensure your lending platform pays compounding interest to maximise your returns.

What to Be Aware Of

Lending your crypto can be risky. Ensure 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.