I have been using CoinDCX (Indian Crypto Currency Exchange) for quite some time and I really like it. Though there is WazirX too which is equivalently good, but I keep experimenting with exchanges. There are some of the good features of CoinDCX which I really liked, and one of them is Lending. I have some coin which sit idle in exchanges, and it is not only for me but anyone who is a long term investor will have those coins with them.
What if you get some interest while you hold the crypto. I am not talking about 20-30% interest, which DeFi can easily give. I am talking about interest on coins like BTC, ETH, XRP etc. Yes you heard it right, we can get interest on lending these crypto in CoinDCX. Let me show you how.
Head over to CoinDCX Lend, after logging in. As you can see there are quite a few number of cryptocurrencies which are available for lending. For some the interest go upto 10.52% whereas for others it revolves around 2.5% to 10%.
In CoinDCX, I have kept few ripple, so let me lend XRP for 7 days (minimum lending duration), but we can cancel it anytime and we will get the interest for the time which we have lend for.
I have around 119.03 XRP in CoinDCX, so let me lend it the whole amount for 90 days. As you can see it is not a big amount which I will be getting after 90 days, but it is better than keeping it idle.
Also if I have to sell, I will just cancel the lend and the whole amount of XRP will be available for me to do anything which I want (Sell or HODL).
This is about lending the normal crypto currencies. Think about a scenario where you get more than 10% just by lending the stable coin be it Tether, HBD or any stable coins. This is huge, if we compare the same amount with the interest we are getting from bank. Surely mass adaptation of Crypto can make everyone rich and we are actually seeing this to happen as soon as possible.