What is Synthetix (SNX)?
Synthetix was first introduced in 2018 with an ICO for its ERC-20 token. At the time, Synthetix sought out to be a decentralized payment network that used a twin token policy to circulate stablecoins. Later on, the team eventually realized that they can accomplish a lot more than a mere stablecoin. Hence, SNX was born.
Synthetix lets users trade synthetic assets that are representative of real-life assets like fiat currencies, products, stocks, cryptocurrencies, or anything that has value to it. Since it’s a synthetic asset, traders trade on collateral. Essentially, it lets users “gamble” on any real-world assets, betting on their future price. The SNX token serves as the base for the entire platform. SNX serves as the collateral for the traders.
How to earn interest on SNX
If you’re a Synthetix HODLer looking for a new way to earn interest on SNX, you came to the right place. It’s easy to earn crypto interest with just a few quick steps. Here’s how to get started:
- Sign up or sign in on YouHodler (iOS, Android, or web versions available).
- Deposit SNX to your personal SNX wallet
- Watch as your SNXI earns interest (4.08% APY)
Why choose YouHodler to earn SNX?
Here are a few great reasons to choose YouHodler for your SNX storage:
- 6% APR on SNX deposits
- Instant deposits and withdrawals
- Ledger Vault pooled crime insurance fund of $150 million
- Industry best practices for crypto wallet security
- Funds are never kept 100% in hot wallets for an additional layer of security.
- 2FA and 3FA security features available
- Transparent and competitive fee structure.
- And more!
But don’t just take our word for it. Head to YouHodler now to explore all the ways you can activate your SNX.
SNX saving wallet App that pays interest
YouHodler wallet app is the only application where you can store your Synthetix (SNX) just like you would in a regular wallet but in addition, earn interest on that SNX wallet balance every week.
How does SNX interest work
You can earn interest on SNX just like you would with a traditional bank savings account but with one key difference. Instead of near to zero interest rates at banks, we offer you 4.08% interest on SNX.
How to Earn Free SNX
It’s easy! Just deposit SNX to your YouHodler wallet and you’ll earn free SNX every week.
How to Get Free SNX
Interest payments occur every seven days. So you’ll get your free SNX a week after your first deposit.
Cumulative Interest SNX
Yes, you have cumulative interest if you HODL SNX in the wallet. We calculate compound interest rates every week.
SNX APY & Yield
Compared to other platforms, we offer APY instead of APR. APR gives you interest payments without the compounding effect. Hence, with APY at YouHodler, you get more SNX at the end of the year due to this cumulative interest.
Synthetix Savings Calculator
Just use our SNX Savings Calculator to see what you will have in 3, 6, or 12 months of HODLing on YouHodler.