How to Stake Synthetix Network (SNX): A Comprehensive Guide for the UK

Introduction

Staking Synthetix Network can be an excellent option for those who wish to hold SNX while earning AER in a secure manner and contributing to the network. The process may seem a bit overwhelming, particularly the first time you undertake it. That's why we've compiled this guide for you.

Step-by-Step Guide

1. Obtain Synthetix Network (SNX) Tokens

To stake Synthetix Network, you need to possess 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)	0.43
PrimeXBT	Synthetix Network (SNX)	0.43
YouHodler	Synthetix Network (SNX)	0.43
Binance	Synthetix Network (SNX)	0.43
BTSE	Synthetix Network (SNX)	0.43
Coinbase	Synthetix Network (SNX)	0.43

View 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 suitable options.
3. Delegate Your SNX
We recommend using a staking pool when staking SNX. It's simpler and quicker to get started. A staking pool is a group of validators who combine their SNX, which increases their chances of validating transactions and earning rewards. You can do this through your wallet's interface.
4. Start Validating
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. You will be rewarded with SNX for these validations.

What to Be Aware Of

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