Synthetix SNX Staking

Shortcut Description

Bridge ETH to Optimism where ETH is swapped to SNX and staked on Synthetix.

Transaction Process

  1. Bridge to Optimism via Across Protocol.
  2. Swap ETH to SNX on Uniswap. Transaction Link
  3. SNX is staked on Synthetix, sUSD is minted with stake to activate yield generation. Transaction Link

Which community it serves

Optimism - A layer 2 chain that is built on top of the Ethereum blockchain. Optimism reduces transaction fees and speeds up Ethereum transactions. While every transaction happens on the Optimism, the data is posted to Ethereum and validated there.

Synthetix - provides liquidity for permissionless derivatives like perpetual futures, options, parimutuel markets, and more across EVM chains. Powering the next generation of permissionless protocols.

Shortcut Complexity Score (1-3)

2 - Bridge + Swap + Stake

Proposed fee

.2%

Collaborating creators

tarchilla.eth - 0x2fF85f22fa68098896D6e7bcF757FD4C4CBC8ac9

4 Likes

This is right up my alley, I’m a yield guy & I recently used your “toOptimism.eth” Shortcut and it a shockingly great experience, easily did it right in my wallet and funds appeared instantly. Well done sers

Curious on the current/historial yield on this?

2 Likes

Hey bud, glad to hear that your reaction to bridging via Shortcuts was similar to mine.

Here’s a Dune dashboard I found that might help you determine SNX historical yield. https://dune.com/blockworks_research/synthetix

As of right now the APY is at 14%. I’ve personally seen this fluctuate between 10% and 35%.

2 Likes

Thanks, will dig through the dashboard. Will be checking to see when this Shortcut launches, is there an ETA?

2 Likes

Hey @budfox it depends on the technical challenge here. We do have an Optimism presentation on Dec 14th which would be great to showcase this Shortcut.

Btw does anyone know if this effects this Shortcut @Skurtie @eldari @budfox?