Stake your SNX more simply with xSNX!
Update (August 19, 2020): A potential attack vector has been found in xSNX, so although all funds are safe if you have already begun using xSNX then please follow these instructions.
If you’ve been looking for a simpler and cheaper way to use your SNX to contribute to the Synthetix protocol, then you might want to try xSNX, a new project supported by the Synthetix grantsDAO.
xSNX is a set-and-forget wrapper for the Synthetix staking process that allows SNX holders to earn staking rewards without all of the weekly actions usually required of individual stakers, including minting, claiming, hedging, and managing their Collateralisation Ratios.
This is useful for anyone looking to reduce their on-chain footprint, either for ease or accounting purposes. It also has the benefit of creating a liquid, tradable tokenisation of a staked SNX position.
The Synthetix grantsDAO is excited to support new projects built by Synthetix community members and developers in the DeFi ecosystem.
Make sure you check out the full xSNX announcement post, which has important details about how to use it.