Synthetix Token Economy
- SNX: The Synthetix Network Token is an ERC20 utility token that powers the Synthetix ecosystem through staking and subsequent Synth minting.
- sUSD: sUSD is Synthetix native stablecoin used to trade Synths on the Synthetix Exchange.
Synths
- Synths are Synthetix-native assets that trade on the Synethetix Exchange.
- Synths can represent a variety of assets, including forex currencies, cryptocurrencies, commodities, and indices.
Walkthrough (SNX Staking/sUSD Minting & Rewards)
- Acquire SNX tokens.
- Open Mintr and connect with the wallet that contains the tokens.
- Click the ‘Mint’ box and input the amount of sUSD you would like to mint.
- Approve the transaction in your wallet.
- Claim your rewards.
- Stop staking and free up SNX.
Note: After minting sUSD, there is an 8 hour waiting period before you can burn it.
Closing Thoughts
- Staking SNX is a great way to put your assets to work.
- Synthetix continues to deliver a strong suite of opportunities for users to earn passive income by leveraging their products.
Get Involved
- Follow Synthetix on Twitter.
- Check out their blog.
- Join their Discord channel.
Credit: MigBase.com