Minimum SNX Delegation for Synthetix Rewards Management Service

Posted by Staked on Jul 22, 2020 2:41:23 PM

Due to the sharp increase in gas prices on the Ethereum network, Staked has implemented a minimum SNX delegation requirement of 2,000 staked SNX for our Synthetix rewards claiming and c-ratio management service effective today, Wednesday July 22nd.

Currently, Synthetix rewards must be claimed once per week. For each delegate, Staked runs 2 - 3 transactions. One to fix the c-ratio if it’s in penalty, one to claim rewards, and one to re-stake SNX rewards. At the current gas prices, each transaction can cost as much as .04 ETH, or $10, making the claim process as much as .12 ETH or $30 per week per delegate. Unfortunately, this makes the process uneconomical for lower value transactions. Paying materially more in gas costs to claim rewards than the rewards are actually worth simply isn’t viable.

As of today, all new delegates must be staking at least 2,000 SNX via Mintr in order to delegate to Staked. Staked will continue to claim rewards and manage the c-ratio for existing delegates with less than 2,000 SNX staked for the next two cycles ending on Wednesday July 29th and August 5th, respectively. The last cycle for which Staked will claim on behalf of existing delegates with less 2,000 SNX staked ends on Wednesday August 5th.

We encourage existing delegates with less than 2,000 SNX to undelegate all permissions (rewards claiming + re-staking) starting on Thursday August 6th to ensure they are ready to claim rewards themselves for the claim period ending on Wednesday August 12th. No action will be taken on accounts with less than 2,000 SNX that don’t undelegate, but no rewards will not be claimed either.

To un-delegate, please visit https://staked.us/v/synthetix, uncheck both permissions (claim rewards and re-stake rewards), click on Save Changes to initiate a MetaMask transaction, and confirm the transaction to broadcast it to the Ethereum network.

Staked is exploring the possibility of developing a pooled system for SNX rewards management that will accommodate holders with less SNX. 

Un-delegation Details

  • Staked will stop claiming rewards for delegates with less than 2,000 staked SNX after the claim period ending on August 5th. Delegates with less than 2,000 staked SNX are encouraged to undelegate all permissions starting on Thursday August 6th.
  • No action will be taken on accounts with less than 2,000 SNX that don’t undelegate, but no rewards will be claimed on their behalf by Staked either. Delegates will need to start claiming rewards via Mintr for the period ending on Wednesday August 12th.

Topics: Ethereum, Synthetix

Synthetix Rewards on Auto Pilot: Never Let Rewards Expire Again

Posted by Staked on May 18, 2020 11:09:22 AM

Frame 8.64 (1)

SNX stakers earn inflation funded SNX rewards for staking and transaction fees in sUSD from the Synthetix exchange. However, rewards expire if they aren’t claimed manually during the claimable period. And in order to collect rewards, stakers need to maintain a target collateral ratio (c-ratio) by managing their debt balance.

Today, Staked is launching a delegation service that automates the entire process of reward claiming, re-staking and c-ratio management. Using the recently deployed SIP 10 for Upgraded Delegate Powers, the delegation service automatically claims staking rewards, re-stakes to maximize compounding, and issues or burns debt to ensure c-ratios remain above the target.

The entire rewards and c-ratio management process is non-custodial. All rewards are claimed directly to the delegator’s address. sUSD debt can only be issued or burned to maintain the target c-ratio. Additionally, delegation provides SNX stakers with a better security model since they won’t need to connect online anymore to claim rewards or adjust the c-ratio, and SNX funds can remain in cold storage.

To delegate rewards management to Staked, please visit the Synthetix Delegation Dashboard.

Using the Synthetix Delegation Dashboard

1. Visit Staked’s Synthetix Delegation Dashboard and connect a wallet with your SNX hodlings. 

Screenshot-1

 

2. Upon connecting your wallet for the first time, your SNX holdings and sUSD debt will populate within 15 minutes. Select one or both permissions and click delegate. If you are returning to your dashboard, you will be taken directly to step #3.Screenshot 1

3. Congratulations! You should now see your holdings, c-ratio, claimed rewards, debt level, and permissions.

 Screenshot 2

Please note that SNX holders will still need to use the Synthetix Mintr application for SNX staking, and the Synthetix Exchange for active debt management. To learn more about managing debt in the Synthetix Network, please read the following guide. For Synthetix rewards reporting, SNX stakers need to sign up for a Staked account. 

Have questions? Get in touch with a Staked representative here or visit our landing page for FAQs.


 

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About Staked

Staked helps institutional investors reliably and securely compound their crypto by 5% — 100% annually through staking and lending. Staked runs validation nodes for proof-of-stake currencies and offers access to on- and off-chain lending options that provide an annualized yield of in-kind currency. Staked’s investors include Pantera Capital, Digital Currency Group, Coinbase Ventures, Winklevoss Capital, ParaFi Capital, Fabric Ventures, Global Brain, and other leading crypto investors.

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Topics: Synthetix, SNX

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