How to Stake Synthetix Network (SNX)

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 might seem a bit overwhelming, particularly if you're doing it for the first time. That's why we've created this guide specifically for you.

Step-by-Step Guide for Ugandan Investors

1. 1. Acquire Synthetix Network (SNX) Tokens

   To stake Synthetix Network, you first need to acquire it. To obtain Synthetix Network, you will have to buy it. You can select from these well-known exchanges available in Uganda.

   E-platform	Coin	Cost
   Nexo	Synthetix Network (SNX)	0.73 APY
   YouHodler	Synthetix Network (SNX)	0.73 APY
   Binance	Synthetix Network (SNX)	0.73 APY
   BTSE	Synthetix Network (SNX)	0.73 APY
   Coinbase	Synthetix Network (SNX)	0.73 APY
   Kraken	Synthetix Network (SNX)	0.73 APY

   See all 68 prices in Uganda

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 reliable options to consider.

3. 3. Delegate Your SNX

   We recommend using a staking pool when staking SNX. It's simpler and quicker to get started. A staking pool is a collective of validators who combine their SNX, which increases their chances of validating transactions and earning rewards. You can manage this through your wallet's interface.

4. 4. Start Validating

   You'll need 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

There are transaction and staking pool fees you need to keep in mind. Additionally, there may be a waiting period before you begin earning rewards. The staking pool will need to generate blocks, which can take a bit of time.