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Sythentix

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Need to understand concept and utilities provided by Synthetix, such as the ability to create and manage synthetic assets, or "Synths," that mirror real-world assets.

Onboarding & Risk Management​

  • Set Up Wallet: Ensure your cryptocurrency wallet is compatible with the Synthetix platform and can connect to the Optimism network.
  • Conduct Risk Assessment: Understand the potential risks involved including smart contract risk, oracle risk, and liquidation risk.
caution

Understand risk before staking your assets.

Staking & Minting​

  • Start Staking: Navigate to staking.synthetix.io, connect your wallet, and switch to the Optimism network.
  • Stake SNX Tokens: Decide how much SNX you are willing to stake as collateral and enter the amount. Over-collateralize to account for price fluctuations.
  • Mint Synths: Mint synthetic USD (sUSD) or any other Synth available on the platform.

Reward Collection & Maintenance​

  • Claim Rewards: Keep an eye on your dashboard for accumulating rewards. When eligible, claim them.
  • Manage Collateralization Ratio (C-Ratio): Monitor your C-Ratio to avoid the risk of liquidation. Maintain it above the required level.

Exploration​

  • Explore DeFi Apps: Utilize your Synths in other DeFi applications built on Synthetix, such as Kwenta, Lyra, or Thales, to diversify your investment and potential returns.
  • Participate in Governance: Use your Synthetix Network Token (SNX) to participate in governance decisions to influence the protocol's future.

Monitoring & Scaling​

  • Track Protocol Fees and TVL: Use DefiLlama or other analytics tools to track the total value locked (TVL) and protocol fees. This gives you an idea of the protocol's performance.
  • Stay Updated: Keep an eye on the upcoming Synthetix V3 upgrade and other updates to ensure you make informed decisions.

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