How to Stake Synthetix Network (SNX) for better returns

Introduction

Staking Synthetix Network can be an excellent choice for individuals looking to hold SNX while earning APY in a secure manner and supporting the network. The process may seem a bit overwhelming, particularly for first-time users. That's why we have created this comprehensive guide to assist you.

Step-by-Step Guide

1. 1. Acquire Synthetix Network (SNX) Tokens

   To stake Synthetix Network, you first need to acquire it. To obtain Synthetix Network, you can purchase it from these well-known exchanges.

   Platform	Coin	Price
   Nexo	Synthetix Network (SNX)	0.44 APY
   PrimeXBT	Synthetix Network (SNX)	0.44 APY
   YouHodler	Synthetix Network (SNX)	0.44 APY
   Binance	Synthetix Network (SNX)	0.44 APY
   BTSE	Synthetix Network (SNX)	0.44 APY
   Coinbase	Synthetix Network (SNX)	0.44 APY

   View all 69 prices

2. 2. Select a Synthetix Network Wallet for Your Needs

   Once you have SNX, you'll need to select a Synthetix Network wallet to securely store your tokens. Here are some excellent options to consider.

3. 3. Delegate Your SNX for Enhanced Returns

   We recommend utilizing a staking pool when staking SNX. It is more straightforward and quicker to get started. A staking pool consists of a collective of validators who pool their SNX, enhancing their chances of validating transactions and earning rewards. You can easily manage this through your wallet's interface.

4. 4. Begin Verification

   You will need to wait for your deposit to be confirmed by your wallet. Once it is confirmed, you will automatically validate transactions on the Synthetix Network network. For these validations, you will be rewarded with SNX.

What to Consider in the Chinese Market

When engaging in transactions and participating in staking pools, it's important to factor in the associated fees. Additionally, there may be a waiting period before you begin to receive rewards. The staking pool must successfully generate blocks, which can require some time to accomplish.