What is Synthetix?
Why we like it
We currently have a love/hate relationship going with Synthetix. Initially, their incredible rewards (upwards of 40% APY) caught our attention and made us take a shot. The shitty part about that, is we swapped our NEO stash into SNX (welp, can't win'em all).
Aside from the above brain fart, Synthetix has been a great learning experience. It was our first time dealing with Ethereum's Layer 2 Optimism network (no fees, weeee!) and has taught us about collateralization ratios (damn I feel smart just typing those two words). SNX is pretty straight forward once you dive in. You must keep your collateralization ratio above 1000% to keep your staked SNX, earning. Every Wednesday is claim day. Once your SNX is claimed, it sits in escrow for a period of 1 year.
Our Synthetix steps
Acquired SNX from an exchange.
Sent SNX to our Ledger.
Migrate your SNX to L2 optimism network (for free transactions!)
Stake your SNX
Keep collateralization ratio above 1000%
Burn sUSD if SNX price drops
Mint sUSD if SNX price rises
Claim your SNX rewards every Wednesday!
Staking SNX (Long video, but this Chris Blec guy knows his stuff and explains things in a simple way that even Pisky can understand!)