How to Lend Synthetix Network (SNX)

Introduction

Lending Synthetix Network can be an excellent choice for those looking to hold SNX while earning a return. The process may seem a bit overwhelming, particularly if it's your first time. That's why we've created this guide to assist you.

Step-by-Step Guide for South African Investors

1. 1. Acquire Synthetix Network (SNX) Tokens

   To lend Synthetix Network, you first need to possess it. To acquire Synthetix Network, you'll need to buy it. You can select from these well-known exchanges.

   Platform	Mint	Cost
   Nexo	Synthetix Network (SNX)	0,63
   YouHodler	Synthetix Network (SNX)	0,63
   Binance	Synthetix Network (SNX)	0,63
   BTSE	Synthetix Network (SNX)	0,63
   Coinbase	Synthetix Network (SNX)	0,63
   Kraken	Synthetix Network (SNX)	0,63

   View all 68 prices

2. 2. Select 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	Mint	APY
   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 1% APY

   View all 11 lending APYs

3. 3. Lend Your Synthetix Network

   Once you've selected a platform to lend your Synthetix Network, transfer your Synthetix Network into your wallet on the lending platform. Once it's deposited, it will begin to earn APY. Some platforms pay interest daily, while others do so weekly or monthly.

4. 4. Earn Interest in South Africa

   Now all you need to do is sit back while your cryptocurrency earns APY. The more you deposit, the more interest you can earn. Make sure your lending platform pays compounding interest to maximise your returns.

What to Keep in Mind

Lending your crypto can be risky. Ensure you conduct thorough research before depositing your crypto. Don't lend more than you're prepared to lose. Review their lending practices, customer feedback, and the measures they take to secure your cryptocurrency.