Staking FAQ
What if I don't have any sUSD in my wallet to burn?
If you have an sUSD debt, but you have no sUSD in your wallet, then you must have done one of the following:
Transferred it to another wallet
Transferred it to a centralized / decentralized exchanged and sold it
Burned sUSD in the past to raise your C-Ratio
Exchanged it into another Synth / opened a futures position / etc.
To unlock your SYN, you must acquire the amount of sUSD under Debt in the xSynth Staking dapp. If you transferred it to another wallet or an exchange, you will need to transfer it back into the wallet that contains your locked SYN. And if you sold the sUSD, you must buy it back.
If you are unable to acquire enough sUSD, you can also self-liquidate under the new liquidation mechanism.
You can purchase sUSD easily from Curve or Uniswap.
Once you've paid back your sUSD debt, your SYN will be unlocked and able to be transferred. Note - Your escrowed SYN will not be unlocked until it is fully vested.
I claimed by SYN staking rewards but I don't see them in my wallet
When you "claim" in the Rewards tab on Staking dAPP you are assigned your % of SYN in an escrow record in the RewardEscrow Contract. Your rewards will not show in your wallet address but they are assigned to your wallet address to be vested in 12 months from their claim date.
You will now be able to mint from those escrowed SYN as they are also used as your collateral. So mint away if you can and compound your next weeks SYN rewards.
I can't transfer my SYN , what do I do?
If you try to send more SYN than is transferrable, the transaction will fail. In the Staking dapp, if you go to the mint page it will show you how much of your SYN is transferrable and how much is in escrow.
To unlock your locked (staked) SYN, you need to 'burn' the sUSD active debt you owe. Go to the burn section of the xSynth dapp to unlock SYN.
Where can I buy SYN ?
There are several centralized and decentralized exchanges where you can buy SYN. View the centralized markets on CoinGecko
Why does my xUSD debt (active debt) fluctuate over time?
When you stake XSYN and mint xUSD, you create a 'debt,' which is how much xUSD you need to burn to unlock your XSYN again. Your debt represents a proportion of all the debt in the system. Whenever someone makes a gain through Synths, they make it against all the debt in the system.
Therefore, if the system debt increases, your debt will proportionately increase as well. When you mint xUSD, the xSynth smart contract will work out how much debt you represented in the network at the time you joined. For example, if you minted $1000 sUSD and the total xUSD value of all Synths in circulation is currently $1 million, your debt ratio owed to the network is 0.1%. However, as the total xUSD value of Synths increase (such as when sBTC or sETH increase in value), your debt ratio owed to the network remains constant at 0.1%.
Imagine if total xUSD value of all Synths suddenly doubles due to price increases in Synths such as sBTC or sETH, and now gets to $2 million, you will need to repay $2000 sUSD in order to unlock all your SYN. Why does this happen? This is because every staker needs to share the debt in proportion to their initial ratio so that the monetary policy balances out.
There is no free money created out of thin air. Every sUSD gain generates a corresponding debt value.
How do I increase my Colletrization Ratio (C-Ratio)?
There are three ways to increase your C-Ratio:
Burn some xUSD to clear some of your debt.
Stake additional XSYN.
Wait for the price of XSYN to increase.
How do I transfer SYN (and other synths) between Polygon and Mainnet Ethereum?
Please use the exchange.
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