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You could participate in lending economies either as a lender or a borrower. The arrangement can work for people who have for example spare crypto and are not using it at any time.
As a lender, this could allow you to generate some interest income on your crypto – it could be an opportunity for earning passive income with assets you’re hodling.
As a borrower, it is possible to take out a leverage position on your crypto holdings or gain some short-term liquidity.
Compound lending services are available directly through Ledger Live.
Only the lending feature is available through Ledger Live.
When lending DAI, you deposit your tokens into compound smart contract. In exchange you get cDAI which represent the claim to your lended assets and interests.
Security
When lending DAI with Ledger, your cDAI are secured by your hardware wallet which means no one can claim your assets while lending them.
Control
Ledger gives you full control over your crypto - on top of lending, you can manage, buy, sell, or stake your crypto anywhere with only one app, Ledger Live.
All-in-one
One place for all your crypto: Ledger hardware wallets supports more than 1500 different assets.
Step 1/3
On Ledger Live, go to the Manager and install the ETH application on your hardware wallet. Once it’s done, you need to create an account.
Step 2/3
Enabling an account gives permission to the Compound protocol to initiate lending: you authorize the compound smart contract to interact with your account. You will need to verify and confirm this operation on your device.
Step 3/3
You can select the amount of DAI you want to lend and issue a transaction to the Compound protocol. You will need to verify and approve this transaction on your device.
You can withdraw at any time your DAI and your interests directly from Ledger Live.
When you own crypto, what really matters are the ownership and the security of your coins. What counts is the key that unlocks the access to your crypto: your private key. The person who has access to this key really owns the associated coins and can do whatever they want with them. When you keep and lend your crypto online, on an exchange for instance, you are not in control of this key, the exchange is.
With your Ledger hardware wallet and Ledger Live easily and securely manage, buy, exchange and earn crypto with our partners.
