How to Lend Synthetix Network (SNX): A Step-by-Step Guide

Introduction

Lending Synthetix Network can be a great option for those who want to hold SNX but earn yield. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.

Step-by-Step Guide

1. Obtain Synthetix Network (SNX) Tokens

In order to lend Synthetix Network, you need to have 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)	0.47
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 choose a Synthetix Network lending platform to lend your tokens. You can see 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. Lend Your Synthetix Network
Once you’ve chosen a platform to lending your Synthetix Network, transfer your Synthetix Network into your wallet in the lending platform. Once it’s deposited, it will start earning interest. Some platforms pay interest daily, while others are weekly, or monthly.
4. Earn Interest
Now all you need to do is sit back while your crypto earns interest. The more you deposit, the more interest you can earn. Try to make sure your lending platform pays compounding interest to maximise your returns.

What to be Aware of

Lending your crypto can be risky. Make sure you do your research before depositing your crypto. Don’t lend more than you’re willing to lose. Check their lending practices, reviews, and how they secure your cryptocurrency.