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  • Writer's picturePisky

Synthetix (SNX)

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!

More info

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