Support Docs

Lend crypto assets with Ledger Live

You can lend assets in Ledger Live if you have approved the Compound contract on the Compound platform beforehand. Once the approval is confirmed, you will then be able to lend assets on the Compound protocol through Ledger Live 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

Lending crypto assets

Overview

  Ledger Live Desktop   Ledger Live Mobile

The Lend crypto page consists of four 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. 
  • Opened loans: once your account is approved and earning interest, you can view in this tab the details of the opened loan, such as the deposited amount and the amount of interest being earned. 
  • 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 your transactions.

Depositing assets

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

  Ledger Live Desktop   Ledger Live Mobile
  1. In the Approved accounts section, click the Manage button of the account you want to lend from.
    A Manage loan window appears. 
  2. Click Deposit
  3. Enter the amount you want to deposit.
  4. (optional) To modify the amount of network fees, click Advanced. Learn More.

  5. Connect and unlock your Ledger device. 
  6. 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.

Managing assets

Redepositing assets

Once your account is earning interest, you can deposit more assets into the loan account at any time. 

To redeposit assets:

  1. In the Approved accounts section, click the Manage button of the loan account.
    A Manage loan window appears. 

    redeposit_asset.gif

  2. Click Deposit
  3. Enter the amount you want to deposit.
  4. (optional) To modify the amount of network fees, click Advanced. Learn More.
  5. Connect and unlock your Ledger device. 
  6. 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.

Withdrawing assets

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

  Ledger Live Desktop   Ledger Live Mobile
  1. In the Approved accounts section, click the Manage button of the account you want to withdraw from.
    A Manage loan window appears.
  2. Click Withdraw
  3. Enter the amount you want to withdraw. Click Withdraw Max to withdraw all your assets.
  4. (optional) To modify the amount of network fees, click Advanced. Learn More.
  5. Connect and unlock your Ledger device. 
  6. 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.

  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.