How to Stake Synthetix Network (SNX): A Step-by-Step Guide

Introduction

Staking Synthetix Network can be a great option for those who want to hold SNX but earn yield in a safe way while contributing to the network. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.

Step-by-Step Guide

1. Obtain Synthetix Network (SNX) Tokens

In order to stake Synthetix Network, you need to have it. To obtain Synthetix Network, you'll need to purchase it. You can choose from these popular exchanges.

Platform	Coin	Price
Nexo	Synthetix Network (SNX)	0,47
PrimeXBT	Synthetix Network (SNX)	0,47
YouHodler	Synthetix Network (SNX)	0,47
Binance	Synthetix Network (SNX)	0,47
BTSE	Synthetix Network (SNX)	0,47
Coinbase	Synthetix Network (SNX)	0,47

See all 69 prices

2. Choose a Synthetix Network Wallet
Once you have SNX, you’ll need to choose a Synthetix Network wallet to store your tokens. Here are some good options.
3. Delegate Your SNX
We recommend using a staking pool when staking SNX. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their SNX, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet’s interface.
4. Start Validating
You’ll need to wait for your deposit to be confirmed by your wallet. Once it’s confirmed, you’ll automatically validate transactions on the Synthetix Network network. You’ll be rewarded with SNX for these validations.

What to be Aware of

There are transaction and staking pool fees you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.