Staking rewards claimable on Mintr!
Update (November 11, 2019): this post has been updated to reflect the current SNX staking rewards rules.
SNX staking rewards are now claimable through the Mintr dApp. This is an important release as it increases the incentives for SNX holders to contribute to the network. As we continue to roll out compelling new features to Synthetix.Exchange, we’re thrilled to see so many people trading on the platform.
How it works
Each week, SNX stakers can claim their portion of the weekly SNX staking rewards. Rewards are calculated based on the percentage of the total Synth supply minted by each wallet. For example, if Alice minted 1000 sUSD, and there is a total of 1,000,000 sUSD minted, then she receives 1% of the rewards.
For the first 52 weeks, ~1.4m SNX will be added to the supply each week (see below for full schedule). The snapshot for the first week (March 13-19) was taken on Wednesday March 19 at 12:00 (midnight) UTC. The snapshot for each subsequent week is taken at the equivalent time (Wednesday morning at midnight UTC).
SNX rewards can be claimed for up to two weeks in arrears (this period may be changed in the future). Unclaimed rewards are added back into the pool to be distributed in the next period.
How to claim
Claiming your SNX staking rewards can be done through Mintr, our dApp for SNX holders. It can be accessed through Metamask or using a Trezor or Ledger hardware wallet. Once you’ve connected your wallet, head to the ‘Rewards’ tab, where you can withdraw your rewards. They'll be escrowed for 12 months, but can be used as collateral immediately. Once claimed, they'll be viewable in the 'Rewards Vesting' tab.
Collateralisation Ratio penalties
You will not be able to claim your rewards if your Collateralisation Ratio (i.e. the ratio between the value of your locked SNX value and the sUSD you’ve minted) is below 750% (except for a small buffer to allow for minor price fluctuations). Penalties are applied in relation to your C-Ratio at the time you claim your rewards. This means that if you’re claiming your rewards for the past 2 weeks at once, you can adjust your C-Ratio before you claim, and won’t be penalised.
Synth trading fees are also claimable
While upgrading the system to add SNX staking rewards, the ability to claim Synth trading fees was paused. Now that staking rewards are ready, fees generated by Synth trades are now claimable again through Mintr. Just like staking rewards, they can be claimed through the ‘Rewards’ tab.
So if you're an SNX holder who's minted sUSD, jump into Mintr, claim your rewards, and come let the Synthetix team know in Discord how you go!