Introduction
Lending Lido wstETH can be a great option for those who want to hold WSTETH 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
Obtain Lido wstETH (WSTETH) tokens
In order to lend Lido wstETH, you need to have it. To obtain Lido wstETH, you’ll need to purchase it. You can choose from these popular exchanges.
- 2
Choose a Lido wstETH lender
Once you have WSTETH, you’ll need to choose a Lido wstETH lending platform to lend your tokens. You can see some options here.
- 3
Lend your Lido wstETH
Once you’ve chosen a platform to lending your Lido wstETH, transfer your Lido wstETH 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
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.
