How to get SNX coins? Understand how to get SNX coins in one article

To obtain SNX coins, one can utilize cryptocurrency exchanges, staking platforms, liquidity provision on DEXs, airdrops, Synthetix protocol usage, or invest through the 2019 token sale.

Oct 05, 2024 at 11:05 am

How to Get SNX Coins

Synthetix (SNX) is a decentralized synthetic asset issuance protocol that allows users to create and trade synthetic assets on the Ethereum blockchain. SNX coins are the native token of the Synthetix protocol and are used to pay for gas fees, collateralize synthetic assets, and participate in governance.

1. Buy SNX on a Cryptocurrency Exchange

The easiest way to get SNX coins is to buy them on a cryptocurrency exchange. Several major exchanges, including Binance, Coinbase, and FTX, offer SNX trading pairs.

2. Earn SNX through Staking

Users can also earn SNX coins by staking their ETH or SNX on the Synthetix platform. Staking involves locking up your assets for a period of time to secure the network and earn rewards. You can stake your assets through the Synthetix staking dashboard.

3. Provide Liquidity to Synthetix Pools

Another way to earn SNX is by providing liquidity to Synthetix pools. Users can deposit their SNX and other supported assets into pools and earn rewards based on the volume of trades executed through those pools. You can find Synthetix liquidity pools on decentralized exchanges (DEXs) like Uniswap and Curve.

4. Participate in Airdrops and Giveaways

Synthetix has occasionally held airdrops and giveaways, where they distributed SNX coins to users who met certain criteria. Keep an eye on Synthetix's social media channels for announcements about future airdrops and giveaways.

5. Use the Synthetix Protocol

Users can also earn SNX by using the Synthetix protocol to create and trade synthetic assets. When you create a synthetic asset, you are required to collateralize it with SNX. If you hold the synthetic asset for a prolonged period, you may earn rewards in the form of SNX.

6. Mine SNX

Finally, SNX was initially distributed through a public token sale in 2019. However, SNX is no longer available for mining.

Conclusion

There are several ways to get SNX coins, including buying them on an exchange, staking your assets, providing liquidity to Synthetix pools, participating in airdrops and giveaways, using the Synthetix protocol, and mining SNX. Choose the method that best suits your needs and risk tolerance.