Learn how SNX holders can make more money in one article

As the DeFi ecosystem continues to enrich, Synthetix will also continue to participate and integrate the nascent DeFi protocols.

Previously, we introduced the use of the Synthetix protocol, including casting synthetic assets, shorting and options, among others. In fact, users can use Synthetix not only to invest in various assets, but also to gain revenue through collateral mining and providing liquidity, etc. The Synthetix protocol design is complex and involves a relatively wide range of asset types and platforms, so today we will sort out these hidden “gold mines” for you.

SNX Token Collateral Mining
https://staking.synthetix.io/earn页面展示了目前由官方独自提供, and liquidity mining opportunities with partners. All of these incentives were introduced by a vote of the community’s autonomous DAO organizations.

Synthetix’s collateral mining strategy is described in detail in “Hands-On Synthetix Basic Features”, where users can pledge SNX tokens to mint the stable coin sUSD, thereby earning transaction fees and SNX rewards. Synthetix.io/earn/claim, the current rate of return is about 24.2% (the value will fluctuate according to the situation of the whole network).

Learn how SNX holders can make more money in one article

This is the most basic incentive, designed to motivate users to mint sUSD to participate in the minting and trading of synthetic assets, providing trading depth to the overall network.

Pledging SNX tokens on Yearn
Yearn.Finance launched a pledged pool of SNX tokens on May 20. Instead of managing their own debt pool and receiving weekly rewards, users can entrust their SNX tokens to Yearn.Finance for management, paying an annual management fee of 2% and a 20% profit share. According to Yearn.Finance’s website, the current annualized revenue after fees for SNX pledges is 4.77%.

Learn how SNX holders can make more money in one article

Shorting Incentives for sBTC and sETH
The process of shorting has been described in detail in “Hands-on Synthetix Basic Features”. In order to incentivize users to participate in shorting to improve the overly skewed platform to do multiple parties, Synthetix provides SNX token incentives for users who short sBTC and sETH. Users who participate in shorting transactions can claim them at https://kwenta.io/ Shorting is claimed on shorting, with an APY of 72.91% for shorting sBTC and 65.83% for shorting sETH. Users can hedge by going long BTC and ETH 1:1 on centralized exchanges, and the SNX shorting incentive offered by Synthetix is the risk-free arbitrage gain.

Learn how SNX holders can make more money in one article

In addition to pledge mining and shorting rewards, users can also earn incentives by participating in liquidity mining of synthetic assets such as sUSD and tokens from partner projects.

Liquidity Mining
We can see the currently executable mining incentives and how long the incentives last on the https://staking.synthetix.io/earn page. Current incentives for liquidity mining outside of the Synthetix platform include liquidity mining for new US synthetic assets on Balancer, liquidity mining for sUSD on Curve, and incentives for DHT liquidity providers on Uniswap, among others.

Learn how SNX holders can make more money in one article

Synthetix Liquidity Mining for U.S. Stocks
Synthetix launched synthetic asset sTSLA representing Tesla stock in February 2021 and synthetic assets sFB, sAAPL, sAMZN, sNFLX, sGOOG, sMSFT and sCOIN representing FAANG stock in April of the same year. at the same time, users who partner with defi platform Balancer to provide liquidity for the above assets with sUSD’s liquidity pool, all of which are eligible for near 100% annualized mining rewards.

Learn how SNX holders can make more money in one article

Let’s take sGOOG (a synthetic asset representing Google stock) as an example. Users can add liquidity to the sGOOG/sUSD liquidity pool on Balancer (need to maintain a 1:4 ratio of the two values to add liquidity) to receive SNX rewards.

Learn how SNX holders can make more money in one article

After providing liquidity and obtaining BPT tokens, you can claim your rewards on the official website.

Learn how SNX holders can make more money in one article

Liquidity mining on Curve
Users can offer sUSD liquidity for rewards in the sUSD pool (DAI/USDC/USDT/sUSD liquidity pool) on the trading platform Curve. Pledge and receive rewards at https://curve.fi/susdv2/deposit.

Learn how SNX holders can make more money in one article

Alternatively, users are able to earn crv liquidity mining rewards by pledging Synthetix’s synthetic assets sBTC, sETH and sLink on the Curve platform.

DHT liquidity mining rewards
The dHedge is a managed protocol based on Synthetix, where users can earn both DHT and SNX rewards by providing liquidity for DHT/sUSD pairs on Uniswap for the dHedge token DHT. It is important to note that the relevant manipulation needs to be performed on Uniswap V2.

Learn how SNX holders can make more money in one article

After successfully adding liquidity and obtaining LP tokens, you can claim DHT and SNX rewards on https://staking.synthetix.io/earn/DHT-LP

Learn how SNX holders can make more money in one article

Synthetix is progressively centralizing all of the portals and data related to pledging and claiming rewards at https://staking.synthetix.io/上. Recent developments and adjustments to data regarding SNX pledge mining and related asset liquidity mining can be viewed on the website.

Mining in Lending Agreements
Synthetix also has partnerships with lending agreements such as AAVE, and provides depth to the pools of these lending agreements to also gain revenue.

SNX lending on AAVE

SNX on AAVE currently earns 2.61% annualized on deposit and 2.04% on sUSD, see https://app.aave.com/deposit for details.

Learn how SNX holders can make more money in one article

SNX Lending on Celsius

Celsius is another leading lending platform that currently pledges SNX with an annualized bonus of nearly 30% and has pledged up to $222 million in value, with approximately 50% available for lending.

Learn how SNX holders can make more money in one article

Related data is available at the Celsius Lending Marketplace at https://www.stakingrewards.com/earn/synthetix-network-token中查看.

Summary

Synthetix as an old synthetic asset project has developed a relatively mature ecology after several years of development, but as the DeFi ecology continues to enrich, Synthetix will also continue to participate and integrate the new DeFi protocols. At the same time, the DAO governance will also provide rewards for participation in relevant DeFi protocols.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/learn-how-snx-holders-can-make-more-money-in-one-article/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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