Earn yield by lending crypto with Alkemi

This tutorial describes how to lend crypto and earn rewards in Ledger Live via Alkemi.

 Before you go further

  • Like any other DeFi product yielding high interest, lending via Alkemi comes with some risks.
  • You can learn more about the risks associated with lending via Alkemi by visiting the Alkemi Earn section of this FAQ.

What is this app?

Alkemi is a lending protocol on Ethereum similar to Compound. You can lend and borrow Ethereum assets like ETH, USDC and wrapped Bitcoin (wBTC) to earn yield paid in ALK tokens.

 You can learn more about lending crypto assets with Alkemi here.

How does it work in Ledger Live?

Located within the Discover section of Ledger Live, Alkemi is a Ledger-approved application that can seamlessly help users lend and borrow their assets.
alkemi_access.gif

Before you begin

  • Make sure to update Ledger Live to the latest version via this link.
  • Open Ledger Live and connect your Ledger device to My Ledger to ensure that your Ledger device is running the latest firmware version.
  • Ensure that the latest version of the Ethereum (ETH) app is installed on your Ledger device.
  • Ensure that the latest version of the Alkemi app is installed on your Ledger device.
    mceclip0.png

Step by step

 Can I lend other assets?

  • Yes, besides ETH, Alkemi will also let you lend USDT, USDC and wBTC.
  • The steps to lend those assets are the same as for lending ETH.
  • All lending transactions are conducted on the Ethereum network so make sure to have some ETH in your Ethereum account to pay for fees.
  • Ethereum transactions can be expensive, this website will let you know when fees are cheap.
  1. Unlock and connect your Ledger device to Ledger Live.
  2. In Ledger Live, navigate to the Discover tab and select Alkemi.
  3. Select the Ξ icon to open the menu then select Lend
    open_menu.gif
  4. Navigate to the Lend Markets section, and select ETH > Deposit.
  5. Choose the Amount then click Deposit.
    Ledger Live will now help you sign the deposit transaction with your Ledger device.
  6. Select the Fees (we recommend Medium or High) and click Continue.
  7. Review your transaction and the fees then click Continue.
  8. On your Ledger device, open the Alkemi app.
    Your Ledger device displays: Application is ready.
  9. On your device, review the transaction one last time, scrolling right with the buttons.
  10. If all looks good, select Accept and Send and press both buttons simultaneously to confirm the transaction.
    Ledger Live display: Transaction Pending...
    Once the transaction is confirmed, your deposited ETH will be reflected in your Total Deposits balance.
    alkemi_tutorial.gif

Claiming ALK rewards

 Why are my rewards paid in ALK tokens?

  • The Alkemi protocol is designed to pay all rewards in ALK tokens and not in the same deposited crypto asset.
  • You can learn more about ALK here.
  • Make sure you're running the latest version of Ledger Live so your ALK balance can be reflected in your Ethereum account in Ledger Live.
  1. In the Alkemi dashboard, select your ALK balance.
  2. Select Claim ALK.
    mceclip1.png
  3. Select the Fees (we recommend Medium or High) and click Continue.
  4. Review your transaction and the fees then click Continue.
  5. On your Ledger device, open the Alkemi app.
    Your Ledger device displays: Application is ready.
  6. On your device, review the transaction one last time, scrolling right with the buttons.
  7. If all looks good, select Accept and Send and press both buttons simultaneously to confirm to the transaction.
  8. Once the transaction is confirmed, your ALK rewards will appear in your Ledger Ethereum account as an ERC20 token.

Need help?

  • Read the Alkemi FAQ.
  • Get in touch with the Ledger Support team via live chat or email. More on this here.
  • Contact the Alkemi team via this page.

 

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