Staking SNX on ETH Mainnet V3 (via Migration to Legacy market)
This page is currently a draft. Migrating SNX from Ethereum Mainnet V2X to Synthetix V3 will not be available until the Synth Deprecation is completed. The information below is provided for informational purposes only.
Users who currently stake SNX on the Ethereum Mainnet (L1) in the V2X system can migrate their collateral to the V3 Legacy Market. This migration process involves transferring the staked SNX to the V3 system, where account tokens will be minted to the existing stakers' addresses. Migrated stakers will continue to back all debt issued by the V2X system.
Benefits of Migrating:
Migrated stakers will be eligible to earn rewards from the Perps V2 L1 market and the upcoming L1 Perps deployment.
Stakers will gain access to the improved collateral management, liquidations, and staking incentives offered by the V3 system.
Migration Process:
The Legacy Market contract will be deployed on the V3 system.
Stakers can initiate the migration by invoking the
migrate(uint128 accountId)function on the Legacy Market contract.The staker's SNX collateral, debt, and escrow will be transferred from the V2X system to the V3 system.
An account NFT will be minted to the staker's address in the V3 system.
The migrated staker will continue to back the debt issued by the V2X system through the Legacy Market.
Note: The specific details of the migration process, including any deadlines or additional requirements, will be communicated to stakers through official Synthetix channels.
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