How to Stake Synthetix Network (SNX) for optimal returns

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-timers. That’s why we’ve created this guide to assist you.

Step-by-Step Guide for South Korea's Financial Landscape 1

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 from a cryptocurrency exchange. You can choose from these popular platforms available in South Korea.

   플랫폼	코인	Price
   Nexo	Synthetix Network (SNX)	0.76 APY
   YouHodler	Synthetix Network (SNX)	0.77 APY
   Binance	Synthetix Network (SNX)	0.76 APY
   BTSE	Synthetix Network (SNX)	0.76 APY
   Coinbase	Synthetix Network (SNX)	0.76 APY
   Kraken	Synthetix Network (SNX)	0.76 APY

   Check out 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 recommended options that are popular among Korean users.

3. 3. Delegate Your SNX in South Korea

   We recommend using a staking pool when staking SNX. It’s more convenient and quicker to get started. A staking pool consists of a group of validators who combine their SNX, increasing their chances of validating transactions and earning rewards. You can easily 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 Keep in Mind

You should be aware of the transaction and staking pool fees that apply. Additionally, there may be a waiting period before you begin to earn rewards. The staking pool must generate blocks, which can take a bit of time in the process.