Steps for Staking SNX (via Minting)
Staking on Optimistic Ethereum
- 1.Transfer SNX to a Compatible Wallet: Use wallets like MetaMask, Frame, Trezor, Ledger, Coinbase Wallet, Rainbow Wallet, or other Wallet Connect-supported wallets.
- 1.Transfer SNX to a Compatible Wallet: Same as above.
- 2.Be on the Ethereum Mainnet: Ensure your wallet is set to ETH mainnet and that the dapp is as well. No bridging is required if your SNX tokens are already on mainnet.
- 3.Visit the Staking Site: Navigate to the Synthetix staking platform.
- 4.Stake Your SNX on Mainnet: Follow the same process to stake SNX, but on the Ethereum Mainnet version of the platform.
- Lock Period: When you stake SNX or mint additional sUSD, there is a mandatory lock period of 7 days.
- Restrictions During Lock Period: During this time, you cannot burn your staked SNX or reduce your sUSD debt beyond the target collateralization ratio (c-ratio).
- Applies to Both Networks: This lock-in rule applies for staking on Optimistic Ethereum and Ethereum Mainnet.