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Automating Staking, Claiming, Burning, and Minting

Synthetix, in partnership with Gelato, offers automation for various staking-related tasks, such as claiming rewards, minting max (to stake additional SNX), and burning (to unstake some SNX or raise your c-ratio). This automation is facilitated by the Synthetix Delegate function, introduced with SIP-10 in March 2020. Gelato bots, while unable to control your entire staking account, can claim rewards, mint, and burn on your behalf using this delegate function.

Automated Claiming

How it Works:
  • The bot claims your rewards if your c-ratio exceeds the target at any point during the week.
  • If you manually burn sUSD to raise your c-ratio above the target, the bot will also claim your rewards.
  • If your c-ratio never exceeds the target, the bot will not claim your rewards.
Setup Guide:
  • Deposit Funds: Add funds to your Gelato Account for transaction fees. A recommended amount is $20-25, considering Optimism transactions cost approximately $0.50.
  • Create a Task: Go to Gelato and click "Create Task." Use 0xaAd3a6178d741DEA76F57901FeeDaC0f7Bb280E5 as the contract address.
  • Select Function: Choose "Claim" after clicking "Select a function."
  • Enter Your Address: Input your address in the designated field.
  • Set Frequency: Select "Whenever Possible" for constant eligibility checks.
  • Name Your Task: Provide a name and complete the task setup.
  • Delegate Claiming Rights: Delegate only claiming rights to the Gelato contract (0xaAd3a6178d741DEA76F57901FeeDaC0f7Bb280E5) at https://staking.synthetix.io/delegate.

Automated Claiming with 'Burn to Claim'

Functionality:
  • If your c-ratio is below the target but you have sufficient sUSD to burn, Gelato will burn sUSD first and then claim your SNX rewards.
Setup Guide:
  • Follow the same steps as above, but choose the "Burn and Claim" function instead of "Claim."
  • Delegate the ability to both burn and claim to the Gelato address.

Automated Minting (thanks to Gunboats)

SNX community member Gunboats has developed a tool in collaboration with the Gelato Network, allowing users to automate SNX minting based on their preferred settings. This automation can significantly streamline the minting process for SNX stakers.
Step 1: Set Up Task in Gelato Network
  1. 1.
    Visit and Connect: Go to Gelato Network. Connect your wallet to Optimism or Ethereum depending on where you stake.
  2. 2.
    Create a Task:
    • Input SNX token address based on your network:
      • Ethereum Mainnet: 0xd0dA9cBeA9C3852C5d63A95F9ABCC4f6eA0F9032
      • Optimism: 0x8700dAec35aF8Ff88c16BdF0418774CB3D7599B4
    • Switch to Custom ABI
    • Copy and Paste the SNX Token Contract ABI from the Mainnet Etherscan link
    • Select function: issuemaxsynthsonbehalf
    • Click “Resolver” and input the MaxMint Contract address:
      • Ethereum Mainnet: 0x509c4C872d2a8A82aD2C9Cbd09869697c7C6729b
      • Optimism: 0xaD2E8F76f5f7b4378fD49fE62b8C0960511cf734
  3. 3.
    Select the Checker function & input your staking address into input field
  4. 4.
    Name your task
  5. 5.
    Before finalizing the creation of your task, note down the msg.sender for use in the next step.
Step 2: Delegate Minting Permission
  • Delegate in Synthetix: Use the Synthetix Staking Dapp to delegate minting permission to the msg.sender address obtained from Gelato when creating your task.
Step 3: Configure MaxMint Contract

Configuring Modes

C-Ratio Mode (Method #1)
  1. 1.
    Target C-Ratio: Decide your target C-Ratio, e.g., 505% (5.3 in decimal).
  2. 2.
    Convert to Wei: Use 1/ Automated Target C-Ratio, then input this number into https://eth-converter.com/ as ether, then copy the Wei value and add two 0’s on the end to make sure it’s 18 digits.
    • Example: Automated Target C-Ratio of 505%
      1. 1.
        1/505 = 0.001980198019802
      2. 2.
        Inputted into https://eth-converter.com/ as ether and then copied as wei = 1980198019802000
      3. 3.
        Add two additional zeros 1980198019802000 + 00 = 198019801980200000
  3. 3.
    Input in Etherscan:
    • Optimism: [1, "198019801980200000", 0] - It must use this exact template for Optimistic Etherscan.
    • Ethereum Mainnet: Input each piece separately:
      1. 1.
        1
      2. 2.
        198019801980200000
      3. 3.
        0
sUSD Mode (Method #2)
  1. 1.
    sUSD Threshold: Choose the dollar threshold, e.g., $500.
  2. 2.
    Convert to Wei: Multiply the amount by 1e18. For $500, it’s 500000000000000000000.
  3. 3.
    Input in Etherscan:
    • Optimism: [2, 0, "500000000000000000000"] - It must use this exact template for Optimistic Etherscan.
    • Ethereum Mainnet: Input each piece separately:
      1. 1.
        2
      2. 2.
        0
      3. 3.
        500000000000000000000
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Last modified 3h ago