Rewarding process on Synthetify 🎁
March 28, 2022
As we have been receiving multiple questions about our rewarding process, so we decided to sum up all the essential information in this blog post.
The rewards are gifted in 3 cases:
To be able to receive rewards you firstly need to deposit collateral on Synthetify and mint xUSD. By doing so you become a debt pool participant.
Of course, you are free to swap xUSD to any other synthetic asset such as xETH, xSOL or xBTC.
Introduction to staking - Synthetify
Remember, to receive these rewards you have to be a debt pool participant
If you don't know how the debt pool works, we will explain it to you in a quick example:
Once it is done you enter our rewarding process, which consists of 3 rounds (this only applies to the rewards in SNY. MNDE and LIDO rewards are distributed each Monday).
In the subscription phase, you can receive pro rata shares for taking part in the debt pool. It could change during this phase proportionally to the size of your debt.
In the staking phase, you join with the number of pro-rata shares you had at the end of the previous phase and you can retain them by maintaining your debt. The value will decrease proportionally when you burn your xUSD.
In the claiming phase, you can claim your rewards - an amount of SNY proportional to the pro-rata shares you had at the end of the previous phase
The greater your contribution to the pool, the greater the rewards - you can increase your debt by minting more synthetic tokens.
You can check each round's time when you hover over the icon on the left from each phase's name. Each round is typically 7 days long. At the end of each round, you can reclaim the rewards.
To claim your rewards from a finished round, click on the Claim button in the right bottom corner. You should see the amount of SNY you received in the top right corner of the section. To transfer this amount to your account click on the Withdraw button in the left-right corner.
In case of the Marinade rewards, you don't need to do anything, they will be sent to your account every week.
If you join the staking round once and it finishes, you'll be transferred to the next staking round automatically until you burn all your synthetics.
At any time there is a pool available to access in a subscription stage, allowing you to join the round whenever you wish to.
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