Lend crypto with Ledger Live Mobile

You can lend assets on the Compound protocol and earn interest directly from your Ledger account. The Compound protocol allows you to lend and borrow assets on the Ethereum network. 

Ledger Live allows you to lend the following ERC20 tokens: 

  • Dai Stablecoin v2.0 (DAI)
  • USD Coin (USDC)
  • Tether USD (USDT)

Before you begin

  • Update Ledger Live to at least version 2.16.0
  • Install the latest version of the Ethereum app on your device.

Lending crypto assets

Overview

The Lend crypto page consists of three main tabs: 

  • Dashboard: the page is divided into two sections: Assets to lend and Approved accounts. From this page, you can approve accounts, deposit and withdraw assets. 
  • Closed loans: once the withdrawal is confirmed, you can view in this tab the details of the closed loans, such as the withdrawal amount and the amount of interest earned.  
  • History: you can view the history of all your loan transactions and the operation details for all the transactions. 

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Approving accounts

To lend assets on the Compound protocol, you need to approve an account. The account approval requires an independent transaction. Approving an account gives permission to the protocol to process future loans. 

To approve an account: 

  1. On the bottom menu, tap Transfer > Lend crypto.
  2. In the Assets to lend section, tap on the asset you want to lend.
  3. Tap on the account you want to lend from. Then tap Approve Account.  
  4. If you agree with the approval statement, tap Continue.

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  5. (optional) To modify the amount to enable, tap Advanced mode. 

       Defining an amount to enable limits the amount available to lend to the smart contract.

  6. Review the operation details. 
  7. (optional) To modify the amount of network fees, tap Edit to change the Gas Price and/or Gas Limit. Learn more.
  8. Select your Ledger device. Then connect and unlock your device.
  9. Open the Ethereum app on your device.
  10. Verify the operation details on your device. Then press both buttons to accept and send the operation. 

       The contract address is provided securely so you don’t have to verify it.

You have successfully sent the approval to the network. Once the approval is confirmed, the account will appear in the Approved accounts section and you will be able to issue loans.  

Depositing assets

Once an account is approved, you can deposit assets on the Compound protocol to start earning interest.

To deposit assets: 

  1. In the Approved accounts section, tap on the account you want to deposit from.
  2. Tap Supply

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  3. Enter the amount you want to deposit and tap Continue.
  4. Review the operation details. 
  5. (optional) To modify the amount of network fees, tap Edit to change the Gas Price and/or Gas Limit.
  6. Select your Ledger device. Then connect and unlock your device.
  7. Open the Ethereum app on your device.
  8. Verify the operation details on your device. Then press both buttons to accept and send the operation. 

       The contract address is provided securely so you don’t have to verify it.

You have successfully sent the deposit to the network. Once the deposit is confirmed, the account status changes to EARNING and you will start earning interest. 

Withdrawing assets

You can withdraw your assets and earned interest at any time, partially or entirely, directly from your Ledger account.

To withdraw assets: 

  1. In the Approved accounts section, tap on the account you want to withdraw from.
  2. Tap Withdraw
  3. Enter the amount you want to withdraw and tap Continue. Tap Use max to withdraw all your assets. 

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  4. (optional) To modify the amount of network fees, tap Edit to change the Gas Price and/or Gas Limit.
  5. Select your Ledger device. Then connect and unlock your device.
  6. Open the Ethereum app on your device.
  7. Verify the operation details on your device. Then press both buttons to accept and send the operation. 

       The contract address is provided securely so you don’t have to verify it.

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  What are cTokens (e.g cDai, cUSDC, cUSDT, etc.)?

If you withdraw all your assets (Withdraw Max), the amount is displayed in cToken (e.g cDai, cUSDC, cUSDT, etc.). When you lend assets on the Compound protocol, you actually receive cTokens in exchange. cTokens are ERC-20 tokens that you can redeem for their underlying assets at any time. When you withdraw assets, cTokens are automatically converted back to the underlying token. For example, cDai tokens will be converted back to Dai tokens.

You have successfully sent the withdrawal to the network. Once the withdrawal is confirmed, your assets and earned interest will be available in your Ledger account. You can view details of closed loans in the Closed loans tab. 

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