Introduction
Lending Solana can be a great option for those who want to hold SOL 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 Solana (SOL) tokens
In order to lend Solana, you need to have it. To obtain Solana, you’ll need to purchase it. You can choose from these popular exchanges.
- 2
Choose a Solana lender
Once you have SOL, you’ll need to choose a Solana lending platform to lend your tokens. You can see some options here.
- 3
Lend your Solana
Once you’ve chosen a platform to lending your Solana, transfer your Solana 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.
Latest movements
Solana (SOL) is currently priced at $146.06, with a 24-hour trading volume of $936.72M. In the last 24 hours, Solana has seen an increase to 1.75. The market cap of Solana stands at $64.36B, with 448.54M in circulation. For those looking to buy or trade Solana, reputable platforms like OKX, Binance, BTSE, Luno, Kraken and YouHodler offer avenues to do so securely and efficiently.
- Market cap
- $64.36B
- Volume
- $936.72M
- Circulating supply
- $448.54M
