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.
If you have any more questions, check out the xToken Discord community or come join the Synthetix community in Discord.