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

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. 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)	0.43 APY
PrimeXBT	Synthetix Network (SNX)	0.43 APY
YouHodler	Synthetix Network (SNX)	0.43 APY
Binance	Synthetix Network (SNX)	0.43 APY
BTSE	Synthetix Network (SNX)	0.43 APY
Coinbase	Synthetix Network (SNX)	0.43 APY

Check out all 69 prices

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. 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. 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.