Where and How to Stake Synthetix Network (SNX)

Introduction

Staking Synthetix Network can be a great option for those who want to hold SNX but earn yield in a secure way while contributing to the network. The steps can be a bit overwhelming, especially the first time you do them. That’s why we’ve put this guide together for you.

Step-by-step guide

1. 1. Obtain Synthetix Network (SNX) Tokens

   To stake Synthetix Network, you need to have it. To get Synthetix Network, you'll need to buy it. You can choose from these popular exchanges.

   Platform	Coin	Price
   Nexo	Synthetix Network (SNX)	0.73
   Uphold	Synthetix Network (SNX)	0.73
   YouHodler	Synthetix Network (SNX)	0.73
   Kraken	Synthetix Network (SNX)	0.73
   OKX	Synthetix Network (SNX)	0.62
   M2	Synthetix Network (SNX)	0.73

   See all 68 prices

2. 2. Choose a Synthetix Network Wallet

   Once you have SNX, you’ll need to choose a Synthetix Network wallet to store your tokens. Here are some lekker options.

3. 3. Delegate Your SNX

   We recommend using a staking pool when staking SNX. It’s simpler and quicker to get going. A staking pool is a group of validators who combine their SNX, which gives them a better chance of validating transactions and earning rewards. You can do 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 be Aware of

There are transaction and staking pool fees you need to consider. There might also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this might take some time.