Where and How to Lend Wrapped XDAI (WXDAI)

Introduction

Lending Wrapped XDAI can be a great option for those who want to hold WXDAI 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 Guide

1. 1. Obtain Wrapped XDAI (WXDAI) Tokens

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

2. 2. Choose a Wrapped XDAI Lender

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

   Platform	Coin	Interest rate
   Aave	Wrapped XDAI (WXDAI)	Up to 5 APY

3. 3. Lend Your Wrapped XDAI

   Once you’ve chosen a platform to lending your Wrapped XDAI, transfer your Wrapped XDAI 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.