- Transfer SNX to a compatible wallet: MetaMask, Trezor, Ledger and Coinbase Wallet are supported
Some stakers have reported difficulty staking and claiming with Ledger
- Go to staking.synthetix.io
- Select the Mint option
Maxto populate the maximum amount of sUSD you'll be able to mint, given your SNX holdings
- Adjust the input amount to suit your strategy, press
Mint, and confirm the transaction
This article has a section called Being a Synthetix Minter that walks through the steps with pictures.
Stakers can only mint sUSD at a minimum collateralization ratio of 600%. Minting the maximum amount on SNX holdings worth $600 will result in $100 of minted sUSD. For the network to remain secure and fully collateralized, the community has settled on a conservative
C-RATIO. However, the ratio could change in the future.
The simple math behind staking is this: if the value of the SNX token increases, you'll be able to mint more. And if the value of the SNX token decreases, your minted value and contribution to global debt will remain the same. However, a decrease in SNX value may complicate your ability to claim rewards.
You can add SNX to your wallet and stake more at any time, provided your collateralization ratio stays above or equal to 800%.