- The video provides an introduction to the Synthetix protocol and explains its concept.
- Synthetix aims to improve token exchange using synthetic assets and the SNX utility token.
- Synthetic assets, called Synths, track asset prices using oracles and can represent real estate, commodities, stocks, or currencies.
- The SNX token facilitates the swapping of synthetic assets and its value increases as the protocol is used more.
- Synthetix improves asset exchange by eliminating slippage and liquidity issues seen in traditional liquidity pools.
- SNX is staked to mint Synths, and stakers borrow synthetic assets by over collateralizing SNX.
- Stakers earn returns through minted SNX tokens and synthetic USD collected from trading fees.
- Stakers must monitor their collateral ratio to avoid liquidation.
- The Synthetix protocol powers platforms like Quenta, where traders can trade between synthetic assets and pay fees that go to SNX stakers.
- Yields are distributed weekly and must be manually harvested by stakers.
- The video also provides a tutorial on how to stake SNX on the Synthetix protocol using the Optimism L2 network.

- The collateral ratio for staking SNX tokens on the Synthetics platform should be kept high (500% to 800%) to prevent liquidation during volatile market conditions.
- Rewards from staking SNX tokens need to be manually harvested every week.
- Staked SNX tokens are locked for 7 days and rewards cannot be transferred for 1 year.
- By minting SUSD, the user can borrow tokens and earn a high yield of around 70%.
- The user can check their balances on the dashboard, including stake value, collateral ratio, and active debt.
- Rewards can be claimed from inflationary scheduled emissions and platform exchange revenue.
- SUSD balance can be checked in the wallet by importing the token.
- The user can deposit SUSD into the Curve Finance pool to earn an estimated APR of 3.5%.
- To monitor the collateral ratio on Synthetics, SUSD is needed, and it can be withdrawn from Curve if necessary.
- To increase the collateral ratio, SUSD can be burned on the Synthetics platform.
- It is important to monitor the collateral ratio and loan when staking on Synthetics.
- For more detailed information, users can refer to Synthetics' Medium blog posts.

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00:00 - Introduction: What is Synthetix?
02:35 - How Synthetix Work?
05:50 - Getting SNX Tokens
06:55 - Synthetix Platform Overview
07:30 - Depositing SNX

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Hi, this video will be an introductory look on the Synthetix protocol.

I'll give a brief overview on the protocol, explain the concept behind it, and then walk through how to stake and earn on the platform using the SNX token on the Optimism L2 blockchain.

Of course nothing in this video is financial advice and you should never invest more than you are willing to lose.

Alright so Synthetix is a protocol that we have not talked about before on this channel and the concept behind it we have also not talked about before.

Usually we're talking about decentralized exchanges in order to swap between tokens and assets, but this is a different way to do that.

So this protocol aims to improve token exchange by using synthetic assets and the SNX utility token.

Synthetic assets, also known as Synths, like SUSD, are minted tokens that track asset prices using what are called oracles.

So the asset prices that synthetic assets would track are things like real estate or commodities, stocks, different currencies like USD or the Japanese yen.

And then this is facilitated by using what are called oracles and oracles just provide pricing information to blockchains.

So They provide real world data for on-chain transactions.

So for example, Oracle will find real world real estate prices or real world stock prices like Tesla, and then provide it to the on-chain protocols to use on the platform.

And then SNX is just the utility token of the protocol.

But ultimately it facilitates the swapping of synthetic assets.

And just like DEXs and their governance tokens, the more the protocol is used, the more valuable SNX becomes.

So how does Synthetix improve asset exchange?

It does this by improving slippage and liquidity issues seen in traditional liquidity pools or traditional DEXs which use liquidity pools.

And so Synthetix does not use any liquidity pools but instead it uses the SNX token as the facilitator between swapping assets.

As an SNX staker, I borrow a synthetic asset by over collateralizing SNX.

So what that means is I'll buy SNX from the open market, stake it onto Synthetix protocol, and then borrow a smaller value amount of synthetic asset.

And so with this SNX as the common denominator, traders can swap between synthetic assets without any slippage.

So I'm going to explain it with this diagram here.

If I'm an SNX staker, basically if I'm bullish on the synthetics protocol, what I can do is stake my SNX tokens.

And essentially what happens there is that I am providing them some valuable asset in the form of SNX tokens and then over collateralizing that to borrow a synthetic asset that is minted.

And notice the size difference between these 2 tokens.

That means that this loan is over collateralized.

The value of my SNX token that I stake is much greater than the value of the synthetic asset that I mint.

So in return for me facilitating the synthetics protocol, I get a return from 2 sources.

So 1 is minted SNX tokens from just basically the inflationary token emissions that the protocol has scheduled.

So that's 1 source of APR that I get back from depositing my assets here.

The second source of APR is synthetic USD, which is collected from the trading fees from platforms that utilize the synthetics protocol.

There are other platforms that allow people to exchange between synthetic assets and when they swap between 2 assets, they have to pay a fee.

A part of that fee goes back to SNX stakers in the form of SUSD.

So these are the 2 sources of yield for SNX stakers when they take the risk of providing SNX to the protocol.

So stakers have to continually monitor their collateral ratio.

Collateral ratio is the value of their SNX tokens to the value of the minted tokens that they have borrowed.

If that collateral ratio gets too low, meaning their SNX token value drops or their synthetic asset value rises or both, then they're at risk of liquidation.

And they'll have to either add more SNX tokens or burn some synthetic asset that they've minted.

So for that risk that they take here, they're getting rewarded from these sources of yield.

So how does Synthetix protocol utilize these assets that stakers have given them?

The Synthetix protocol powers other platforms like Quenta protocol where traders can trade between synthetic assets.

So for example here, if a synth trader wants to trade between Bitcoin and Ethereum and vice versa, they can use the Quenta protocol to do that using those synthetic assets without problems of slippage or liquidity.

And for every trade they do, they have to pay a fee to Quenta, as well as the synthetics protocol, which part of that goes to the S and X stakers.

Now keep in mind that these yields are distributed weekly, and they must be manually harvested by the staker, or they risk it being distributed to other stakers.

So in the next section, I'll walk through the actual platform to show how you can stake and earn on the Synthetix protocol using the SNX token.

Now let's take a look at how we can stake SNX on synthetics to start earning yield.

So in this tutorial I'm going to be specifically using the Optimism L2 network to stake my SNX and this is just to save on Ethereum gas fees.

You can still do this on the Ethereum mainnet, it's just gonna cost a lot more in gas fees as of right now.

So the first thing I want to do is I need some SNX in my wallet first on the Ethereum mainnet blockchain and then I'm going to bridge that to Optimism.

So I'm on Uniswap right now, I'm going to swap some of my Ethereum to SNX tokens.

As I'm waiting for the transaction to go through, I'm going to add SNX to my wallet.

And the transaction has gone through and has been confirmed.

So if I look at my wallet, I can see a non-zero balance of the SNX token.

Now that I have some SNX tokens, what I want to do is to bridge them over onto the Optimism blockchain.

In order to do that, to bridge my SNX onto the Optimism blockchain, I can go to Either the Optimism website or I'm going to go to the Synthetix.io website by clicking on staking and that's going to take me to staking.synthetix.io.

Make sure you are at the correct URL and then go to layer 2.

Right now my wallet is connected on the Ethereum mainnet and what I want to do here is to deposit SNX.

It says deposit and transfer SNX from L1 to L2.

So I'm going to click that and it's going to take me to the Optimism website where I can bridge over my SNX tokens.

Keep in mind I need some Ethereum in my mainnet wallet in order to bridge this over.

I'm going to bridge to max and just review the details to make sure that this is correct and then click approve if this is the first time doing this bridge.

I'll approve that transaction in Metamask and then once that's approved I can click deposit.

And it says the time to transfer is going to take about 20 minutes So that's a quite a bit of time and here are the gas fees involved for that bridge And then deposit All right after about 10 minutes I've received the SNX tokens in my wallet on the Optimism L2 blockchain.

Now in order to start staking I just have to go to the Synthetix website at staking.synthetix.io.

So here is the landing page and this is like the dashboard view.

This is currently the APR that's being earned by stakers.

And again, this is from the SNX inflationary rewards scheduled by the protocol, as well as the platform revenues from the synthetic asset swaps.

So those are paid out in SUSD and then the inflationary rewards are paid out in SNX tokens.

This is the active debt balance so currently 0 obviously so the first thing I want to do is to click mint SUSD That is the staking processes first step.

And I want to first make sure that I am on the optimism network.

So now that I've connected my optimism network to the synthetics website, I can see that I have some updated balances here.

So my SNX token balance in my wallet shows up here and this is the amount of SUSD that I'm able to mint using my SNX tokens.

So there are a couple of key details when you do this.

1 of the key details is that minting SUSD by staking my SNX tokens, I get to earn weekly rewards in exchange for managing my collateralization ratio and my debt.

So my debt is this balance and then my collateral ratio is the value of my stake tokens to the value of my minted or borrowed tokens, also known as debt.

If at any time that ratio gets below 150%, then my collateral or my SNX tokens can be liquidated in order to pay back the minted tokens that I've borrowed.

And to be safe, I want the collateral ratio to be high, anywhere from 500% to even 800% in some cases to prevent any liquidation in the event of volatile markets.

If the market is going up and down very quickly in price, then my high collateral ratio will give me some amount of buffer to save me from liquidation.

And every week I have to manually come in and harvest my rewards.

The synthetics platform forces it to be manual so that I am constantly monitoring my position.

So I'm monitoring my collateral ratio and I'm monitoring my debt.

Also, my staked SNX will be locked for 7 days, so I can't pull it out until after 7 days and my reward for SNS tokens cannot be transferred for 1 year.

So it says here, SNX staking rewards, not SUSD fees, have an escrow period of 1 year before they can be vested.

This just means they are locked and cannot be transferred during this time.

So I will still own those SNX tokens, they just can't be transferred or traded.

So those are some of the caveats of staking SNX tokens in the synthetics platform, but you do get that high yield currently of about 70 or so percent.

So if I'm okay with all of that, then I can mint my SUSD and if I didn't want to mint the maximum Then I can go back and mint custom amount of SUSD So I'm just going to mint the max just to keep it quick and simple and then click mint SUSD And just like that the minting has been completed and then I can dismiss this message.

So now I can see my balances have been updated on my dashboard.

My collateral ratio is 350% and my active debt is $12.31.

So this is the SUSD that I have minted and borrowed and then this is the value of my collateral or my SNX tokens.

And then the collateral ratio is this number divided by this number.

So if I calculate that just to make sure, that is indeed 350%.

Every week I have to come back to harvest my rewards and in order to do that I go to staking And then I click on earn.

Then here I'll be able to click into this position And then I'll be able to claim the rewards in SNX tokens from the inflationary scheduled emissions and then from the SUSD from the platforms exchange revenue.

So keep in mind that every week, I have to come back and claim these rewards.

Otherwise, they will go to other stakers.

So this kind of forces me to monitor my position a little bit closely to keep the collateral ratio healthy and not at risk of liquidation.

So after minting, I want to make sure that I have my SUSD in my wallet.

What I can do is check that balance in my wallet by importing the token and then you can see that my balance has been updated here.

Now what else can I do to earn a little bit on that SUSD that I have sitting in my wallet pretty much not doing anything?

What I can do is go to curve on the earn page.

So there's this curve section here that says SUSD CPT rewards that's an estimated APR of about 3.5% at this time and that does not expire So if I click into that it brings me to Curve Finance, but initially it brings me to the exchange or swap page where I can swap my SUSD to DAI, USCC, USDT on the Optimism blockchain.

But what I want to do is actually deposit and I want to deposit my SUSD in order to start earning This APY basically 3% right now on my stable coin where otherwise my SUSD would not be doing anything So I don't have to use the max, I can use whatever amount I want and click deposit.

So this will allow me to earn this 3% extra on my USD while my SNX is being staked.

Metamask is going to pop up for me to confirm.

And then it's going to pop 1 more time to confirm the deposit transaction.

So now if I check my SUSD balance in my wallet, It's not going to be there.

And basically what I have done is deposited liquidity into the curve stable coin pool on optimism.

So now I'll be earning that 3% that's variable with respect to time.

And if I ever want to withdraw or claim my rewards or earnings from Curve, I can click on withdraw and claim.

So here I can either withdraw in either 1 of these currencies or a combination of them.

So if I click withdraw, then those coins will be deposited in my wallet.

And so this is important if I want to continue to monitor my collateral ratio on synthetics, I will need SUSD and nothing else.

If I want to burn some of the SUSD that I borrowed in order to increase my collateral ratio, then I need to withdraw some SUSD, go back to synthetics, and then click on mint and burn.

Then I'll go to the burn page, burn to whatever the safe collateral ratio is or burn to a custom amount to get me to some collateral ratio that I desire.

It's very important when staking on synthetics to be monitoring the collateral ratio and to be monitoring the loan.

If you want more information on synthetics and how to stake and all the smaller details in staking, please read their Medium blog posts.

And then the other 1 is titled, what you need to know before staking SNX for the first time.

Please read that to take in those details so that you're monitoring your position and your investment in the smartest way possible.

Let me know if it helped you in the comments below and let us know if you're planning on staking SNX on synthetics.

If you have any other protocols you would like to see moving forward on this channel, also leave those in the comments below.

As always, stay safe, stake safe, and thanks for watching.


Speaker 0: Hi, this video will be an introductory look on the Synthetix protocol. I'll give a brief overview on the protocol, explain the concept behind it, and then walk through how to stake and earn on the platform using the SNX token on the Optimism L2 blockchain. Of course nothing in this video is financial advice and you should never invest more than you are willing to lose. Let's get started. Alright so Synthetix is a protocol that we have not talked about before on this channel and the concept behind it we have also not talked about before.

Usually we're talking about decentralized exchanges in order to swap between tokens and assets, but this is a different way to do that. So this protocol aims to improve token exchange by using synthetic assets and the SNX utility token. Synthetic assets, also known as Synths, like SUSD, are minted tokens that track asset prices using what are called oracles. So the asset prices that synthetic assets would track are things like real estate or commodities, stocks, different currencies like USD or the Japanese yen. And then this is facilitated by using what are called oracles and oracles just provide pricing information to blockchains.

So They provide real world data for on-chain transactions. So for example, Oracle will find real world real estate prices or real world stock prices like Tesla, and then provide it to the on-chain protocols to use on the platform. And then SNX is just the utility token of the protocol. It can be staked, burned, etc. But ultimately it facilitates the swapping of synthetic assets.

And just like DEXs and their governance tokens, the more the protocol is used, the more valuable SNX becomes. So how does Synthetix improve asset exchange? It does this by improving slippage and liquidity issues seen in traditional liquidity pools or traditional DEXs which use liquidity pools. And so Synthetix does not use any liquidity pools but instead it uses the SNX token as the facilitator between swapping assets. So SNX is staked in order to mint SINs.

As an SNX staker, I borrow a synthetic asset by over collateralizing SNX. So what that means is I'll buy SNX from the open market, stake it onto Synthetix protocol, and then borrow a smaller value amount of synthetic asset. And so with this SNX as the common denominator, traders can swap between synthetic assets without any slippage. How does the synthetics protocol work? So I'm going to explain it with this diagram here.

If I'm an SNX staker, basically if I'm bullish on the synthetics protocol, what I can do is stake my SNX tokens. And essentially what happens there is that I am providing them some valuable asset in the form of SNX tokens and then over collateralizing that to borrow a synthetic asset that is minted. And notice the size difference between these 2 tokens. That means that this loan is over collateralized. The value of my SNX token that I stake is much greater than the value of the synthetic asset that I mint.

So in return for me facilitating the synthetics protocol, I get a return from 2 sources. So 1 is minted SNX tokens from just basically the inflationary token emissions that the protocol has scheduled. So that's 1 source of APR that I get back from depositing my assets here. The second source of APR is synthetic USD, which is collected from the trading fees from platforms that utilize the synthetics protocol. There are other platforms that allow people to exchange between synthetic assets and when they swap between 2 assets, they have to pay a fee.

A part of that fee goes back to SNX stakers in the form of SUSD. So these are the 2 sources of yield for SNX stakers when they take the risk of providing SNX to the protocol. Okay, what risk do they actually take? So stakers have to continually monitor their collateral ratio. Collateral ratio is the value of their SNX tokens to the value of the minted tokens that they have borrowed.

If that collateral ratio gets too low, meaning their SNX token value drops or their synthetic asset value rises or both, then they're at risk of liquidation. And they'll have to either add more SNX tokens or burn some synthetic asset that they've minted. So for that risk that they take here, they're getting rewarded from these sources of yield. So how does Synthetix protocol utilize these assets that stakers have given them? The Synthetix protocol powers other platforms like Quenta protocol where traders can trade between synthetic assets.

So for example here, if a synth trader wants to trade between Bitcoin and Ethereum and vice versa, they can use the Quenta protocol to do that using those synthetic assets without problems of slippage or liquidity. And for every trade they do, they have to pay a fee to Quenta, as well as the synthetics protocol, which part of that goes to the S and X stakers. Now keep in mind that these yields are distributed weekly, and they must be manually harvested by the staker, or they risk it being distributed to other stakers. So in the next section, I'll walk through the actual platform to show how you can stake and earn on the Synthetix protocol using the SNX token. Now let's take a look at how we can stake SNX on synthetics to start earning yield.

So in this tutorial I'm going to be specifically using the Optimism L2 network to stake my SNX and this is just to save on Ethereum gas fees. You can still do this on the Ethereum mainnet, it's just gonna cost a lot more in gas fees as of right now. So the first thing I want to do is I need some SNX in my wallet first on the Ethereum mainnet blockchain and then I'm going to bridge that to Optimism. So I'm on Uniswap right now, I'm going to swap some of my Ethereum to SNX tokens. As I'm waiting for the transaction to go through, I'm going to add SNX to my wallet.

And the transaction has gone through and has been confirmed. So if I look at my wallet, I can see a non-zero balance of the SNX token. Now that I have some SNX tokens, what I want to do is to bridge them over onto the Optimism blockchain. In order to do that, to bridge my SNX onto the Optimism blockchain, I can go to Either the Optimism website or I'm going to go to the Synthetix.io website by clicking on staking and that's going to take me to staking.synthetix.io. Make sure you are at the correct URL and then go to layer 2.

Right now my wallet is connected on the Ethereum mainnet and what I want to do here is to deposit SNX. It says deposit and transfer SNX from L1 to L2. So I'm going to click that and it's going to take me to the Optimism website where I can bridge over my SNX tokens. Keep in mind I need some Ethereum in my mainnet wallet in order to bridge this over. I'm going to bridge to max and just review the details to make sure that this is correct and then click approve if this is the first time doing this bridge.

I'll approve that transaction in Metamask and then once that's approved I can click deposit. And it says the time to transfer is going to take about 20 minutes So that's a quite a bit of time and here are the gas fees involved for that bridge And then deposit All right after about 10 minutes I've received the SNX tokens in my wallet on the Optimism L2 blockchain. Now in order to start staking I just have to go to the Synthetix website at staking.synthetix.io. So here is the landing page and this is like the dashboard view. This is my current stake value.

This is currently the APR that's being earned by stakers. And again, this is from the SNX inflationary rewards scheduled by the protocol, as well as the platform revenues from the synthetic asset swaps. So those are paid out in SUSD and then the inflationary rewards are paid out in SNX tokens. This is the active debt balance so currently 0 obviously so the first thing I want to do is to click mint SUSD That is the staking processes first step. And I want to first make sure that I am on the optimism network.

Okay. So now that I've connected my optimism network to the synthetics website, I can see that I have some updated balances here. So my SNX token balance in my wallet shows up here and this is the amount of SUSD that I'm able to mint using my SNX tokens. So there are a couple of key details when you do this. 1 of the key details is that minting SUSD by staking my SNX tokens, I get to earn weekly rewards in exchange for managing my collateralization ratio and my debt.

So my debt is this balance and then my collateral ratio is the value of my stake tokens to the value of my minted or borrowed tokens, also known as debt. If at any time that ratio gets below 150%, then my collateral or my SNX tokens can be liquidated in order to pay back the minted tokens that I've borrowed. And to be safe, I want the collateral ratio to be high, anywhere from 500% to even 800% in some cases to prevent any liquidation in the event of volatile markets. If the market is going up and down very quickly in price, then my high collateral ratio will give me some amount of buffer to save me from liquidation. And every week I have to manually come in and harvest my rewards.

The synthetics platform forces it to be manual so that I am constantly monitoring my position. So I'm monitoring my collateral ratio and I'm monitoring my debt. Also, my staked SNX will be locked for 7 days, so I can't pull it out until after 7 days and my reward for SNS tokens cannot be transferred for 1 year. So it says here, SNX staking rewards, not SUSD fees, have an escrow period of 1 year before they can be vested. This just means they are locked and cannot be transferred during this time.

So I will still own those SNX tokens, they just can't be transferred or traded. So those are some of the caveats of staking SNX tokens in the synthetics platform, but you do get that high yield currently of about 70 or so percent. At this time. So if I'm okay with all of that, then I can mint my SUSD and if I didn't want to mint the maximum Then I can go back and mint custom amount of SUSD So I'm just going to mint the max just to keep it quick and simple and then click mint SUSD And just like that the minting has been completed and then I can dismiss this message. And I'm just going to refresh the page.

All right. So now I can see my balances have been updated on my dashboard. It says my stake value is about $43. My collateral ratio is 350% and my active debt is $12.31. So this is the SUSD that I have minted and borrowed and then this is the value of my collateral or my SNX tokens.

And then the collateral ratio is this number divided by this number. So if I calculate that just to make sure, that is indeed 350%. Every week I have to come back to harvest my rewards and in order to do that I go to staking And then I click on earn. Then here I'll be able to click into this position And then I'll be able to claim the rewards in SNX tokens from the inflationary scheduled emissions and then from the SUSD from the platforms exchange revenue. So keep in mind that every week, I have to come back and claim these rewards.

Otherwise, they will go to other stakers. So this kind of forces me to monitor my position a little bit closely to keep the collateral ratio healthy and not at risk of liquidation. So after minting, I want to make sure that I have my SUSD in my wallet. What I can do is check that balance in my wallet by importing the token and then you can see that my balance has been updated here. Now what else can I do to earn a little bit on that SUSD that I have sitting in my wallet pretty much not doing anything?

What I can do is go to curve on the earn page. So there's this curve section here that says SUSD CPT rewards that's an estimated APR of about 3.5% at this time and that does not expire So if I click into that it brings me to Curve Finance, but initially it brings me to the exchange or swap page where I can swap my SUSD to DAI, USCC, USDT on the Optimism blockchain. But what I want to do is actually deposit and I want to deposit my SUSD in order to start earning This APY basically 3% right now on my stable coin where otherwise my SUSD would not be doing anything So I don't have to use the max, I can use whatever amount I want and click deposit. So this will allow me to earn this 3% extra on my USD while my SNX is being staked. Metamask is going to pop up for me to confirm.

And then it's going to pop 1 more time to confirm the deposit transaction. So now if I check my SUSD balance in my wallet, It's not going to be there. It's going to be 0. And basically what I have done is deposited liquidity into the curve stable coin pool on optimism. So now I'll be earning that 3% that's variable with respect to time.

And if I ever want to withdraw or claim my rewards or earnings from Curve, I can click on withdraw and claim. So here I can either withdraw in either 1 of these currencies or a combination of them. So if I click withdraw, then those coins will be deposited in my wallet. And so this is important if I want to continue to monitor my collateral ratio on synthetics, I will need SUSD and nothing else. If I want to burn some of the SUSD that I borrowed in order to increase my collateral ratio, then I need to withdraw some SUSD, go back to synthetics, and then click on mint and burn.

Then I'll go to the burn page, burn to whatever the safe collateral ratio is or burn to a custom amount to get me to some collateral ratio that I desire. It's very important when staking on synthetics to be monitoring the collateral ratio and to be monitoring the loan. I just want to make that very clear. If you want more information on synthetics and how to stake and all the smaller details in staking, please read their Medium blog posts. This is 1 of them.

And then the other 1 is titled, what you need to know before staking SNX for the first time. Please read that to take in those details so that you're monitoring your position and your investment in the smartest way possible. So that's it for this video. Let me know if it helped you in the comments below and let us know if you're planning on staking SNX on synthetics. If you have any other protocols you would like to see moving forward on this channel, also leave those in the comments below.

As always, stay safe, stake safe, and thanks for watching. ♪♪ ♪♪ You

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How to Yield Farm on Synthetix? SNX Staking Explained