Staking SNX Tokens of Synthetix & Generate a Passive Income
Introduction
With the turbulences, we experience with the Covid 19 and the drastic drop in the crypto sphere. It is hard to keep focused to produce contents after a long bear market for the last two years.
I keep going because I believe in this industry. It is a game of patience and the aim to live full time from that space eventually.
My strategy
I did a step back and want to create another stream of income in the crypto sphere. This stream will resist any market condition and help me accumulate tokens in a bullish or bearish trend.
This stream of income needs a lot of research, tracking, and change along the way.
Staking coins that help you get news coins from inflation. You need to choose them wisely because a lot of crap exists out there, unfortunately.
What is Synthetix?
It is a protocol that you can invest in any assets where you don't need to purchase the real one! Wow, this is innovative technology when you think about it.
The platform support the following assets:
- Crypto
- Commodity
- Forex
- Index
- Inverse
Buying SNX on the market
I used 1inch.exchange, a DEX aggregator that searches the best price for swapping your tokens. It is not the most user-friendly, but I swapped 5 DAI for around 11 SNX on the free market.
The system proposed to pay over $1 in fee but I changed for the less amount possible. I hope the next major upgrade of Ethereum will improve this situation soon.
At least the operation was straightforward and did the purchase in one operation.
Staking SNX with Mintr
This is the most interesting part of the process and where you will activate the staking. You need to use the Mintr DAPP to interact with the smart contract of Synthetix.
You can use the following wallet with Mintr:
- Metamask
- Trezor
- Ledger
- Coinbase
- WalletConnect
After logging in with your wallet, the options you will see in the Mint DAPP. In that case, the choice is obvious, and you need to press on the MINT button and select the fees in consequence.
Each transaction is processed on the Mainnet of the Ethereum network. It is better to always process a certain amount of money, but in the case, I went with a small amount of SNX as a learning curve.
Conclusion
In the current condition of the market, you need to generate new tokens without the effort of your part. I know its difficult, but you need to take the time to make things materialize.
Even for me, I needed to purchase SNX on the market, adjust the fees, log on the Mint DAPP. My inner voice tells me I need to spend a lot of time on the staking coins and implement new strategies along the way.
I know in the future I might be happy to have taken the time to learn.
Chesatochi.com–For the love of crypto and coffee
PS: I am not a financial adviser, and this is only my opinion. Always do your own research before embracing investment in the crypto space.
Posted from my blog with SteemPress : https://chesatochi.com/staking-snx-tokens-synthetix-generate-passive-income/