Decentralised synthetic assets

Automated SNX Rewards - Live on Optimism (from Gelato)

Automated SNX Rewards - Live on Optimism (from Gelato)

We've recently partnered with Gelato to allow stakers to automatically claim their SNX staking rewards on Optimism. As of right now, the integration enables stakers to claim their weekly rewards once their C-Ratio is above the target C-Ratio (as of right now, this is 350%)

The functionality to enable automation utilizes the Synthetix Delegate function, which has been a part of the system since SIP-10 was released in March of 2020. Gelato bots do not have control over your staking account, they are only able to claim your rewards by using the delegate function introduced in SIP-10.

Automated Claiming without burning to claim

Let's explore a quick example to explore how automated claiming through Gelato works:

  • If at any point during the week you're above 350% (target c-ratio) - Automated claiming bot will claim your rewards
  • If you are below 350% and burn sUSD to increase your C-Ratio above 350% (target c-ratio) - Automated claiming will claim your rewards
  • If you NEVER go above 350% (target c-ratio) - Automated claiming bot WILL NOT claim your rewards

Here's an examples of one wallet currently using the automated claiming bot through Gelato - https://app.gelato.network/task/0x8a370a89fa2d31b0bc46b74a198ebd43a67fc19d5133200548cd5e2e79b7e179?chainId=10

Automated Claiming with burning to claim

If you are below the target and have enough sUSD in your wallet to burn to the target, then gelato will burn sUSD and then claim your pending SNX rewards.

While this is a helpful feature, it is not required by any means. Read the below tutorial to enable automated claiming or automated claiming with burning to claim.

Gelato Tutorial - Automated Claiming (optional: burn to claim)

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Note: If you want to enable claiming with burning functionality, delegate ALL rights to the gelato wallet. (burn,mint, exchange, etc)
  • Before you start, deposit some funds onto your Gelato account https://app.gelato.network/funds.
  • These funds will be used to pay for transactions to claim for you; I recommend $20-25 as tx’s on Optimism cost $.50 or so.
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  • Use 0x4a16A42407AA491564643E1dfc1fd50af29794eF as contract address (this is the SNX fee pool address on Optimism)
  • Select function claim(address)
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For the optional burn to claim feature: click "burn and claim"
  • Select "Pre-define inputs" then input your wallet address in the dropdown
  • Click "Whenever possible" if you'd like it to check every block, if you want it to attempt to burn and claim at a particular time then click  "time
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  • Select “Gelato balance” and deposit some funds
  • Input a name for your task - Mine is “Weekly Claiming SNX.”