Where and how to stake Synthetix Network (SNX)

Introduction

Staking Synthetix Network can be a great option for those who wish to hold SNX while earning yield in a safe manner and contributing to the network. The steps can be somewhat daunting, especially the first time you do them. That’s why we have put together this guide for you.

Step-by-Step Guide

1. 1. Acquire Synthetix Network (SNX) Tokens

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

   Platform	Coin	Price
   Nexo	Synthetix Network (SNX)	1.78
   Bitpanda	Synthetix Network (SNX)	1.79
   Uphold	Synthetix Network (SNX)	1.79
   Kraken	Synthetix Network (SNX)	1.79
   OKX	Synthetix Network (SNX)	1.79
   YouHodler	Synthetix Network (SNX)	1.79

   See all 28 prices

2. 2. Select 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. 3. Delegate Your SNX

   We suggest using a staking pool for staking SNX. It's easier and quicker to get started. A staking pool is a collection of validators who combine their SNX, which increases their odds of validating transactions and earning rewards. You can do this through your wallet’s interface.

4. 4. Start Validating

   You'll have 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 Keep in Mind

You need to keep in mind the transaction and staking pool fees. Additionally, there might be a waiting period before you begin earning rewards. The staking pool will need to generate blocks, and this can take a while.