How to Earn Synthetix Network (SNX): A Comprehensive Guide

Introduction

Lending Synthetix Network can be an excellent choice for those looking to hold SNX while earning yield. The process may seem a bit overwhelming, particularly for first-timers. That's why we've created this guide to help you navigate through it smoothly.

Step-by-Step Guide

1. Acquire Synthetix Network (SNX) Tokens

To lend Synthetix Network, you must first acquire it. To obtain Synthetix Network, you'll need to purchase it. You can select from these popular exchanges available in Nigeria.

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 Lender

Once you have SNX, you'll need to select a Synthetix Network lending platform to lend your tokens. You can explore some options here.

Platform	Coin	Interest rate
YouHodler	Synthetix Network (SNX)	Up to 12% APY
Aave	Synthetix Network (SNX)	Up to 0.23% APY
Bitget	Synthetix Network (SNX)	Up to 1.5% APY
Blockchain.com	Synthetix Network (SNX)	Up to 15% APY

See all 11 lending rates

3. Earn Synthetix Network
Once you've selected a platform to earn your Synthetix Network, transfer your Synthetix Network into your wallet on the earning platform. Once it's deposited, it will begin to earn APY. Some platforms pay interest daily, while others do so weekly or monthly.
4. Earn Interest
Now all you need to do is relax while your cryptocurrency earns interest. The more you deposit, the higher your potential earnings. Ensure that your earning platform offers compounding APY to maximize your returns.

What to be Aware of

Lending your cryptocurrency can be risky. Ensure you conduct thorough research before depositing your crypto. Only lend what you can afford to lose. Review their lending practices, customer feedback, and the measures they have in place to secure your cryptocurrency.