How to Stake Synthetix Network (SNX)

Introduction

Staking Synthetix Network can be an excellent choice for those 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've created this guide to assist you.

Step-by-Step Anleitung

1. 1. Acquire Synthetix Network (SNX) Tokens

   To stake Synthetix Network, you first need to acquire it. To obtain Synthetix Network, you'll need to purchase it. You can choose from these well-known exchanges available in Germany.

   Plattform	Kryptowährung	Price
   Nexo	Synthetix Network (SNX)	0,67 APY
   YouHodler	Synthetix Network (SNX)	0,67 APY
   Binance	Synthetix Network (SNX)	0,67 APY
   BTSE	Synthetix Network (SNX)	0,67 APY
   Coinbase	Synthetix Network (SNX)	0,66 APY
   Kraken	Synthetix Network (SNX)	0,67 APY

   View all 68 prices

2. 2. Select a Synthetix Network Wallet

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

3. 3. Delegate Your SNX

   We recommend using a staking pool when staking SNX. It's simpler and faster to get started. A staking pool is a collective of validators who pool their SNX, which increases their chances of validating transactions and earning rewards. You can manage this through your wallet's interface.

4. 4. Start Validating

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

What to Consider

There are transaction and staking pool fees you need to consider. Additionally, there may be a waiting period before you begin earning rewards. The staking pool must generate blocks, and this process can take some time.