by locking up SNX collateral
from the Synthetix Network
Mintr is a dApp for SNX holders to perform a variety of actions in the Synthetix Network. It provides a clean and intuitive interface that allows users to mint and burn Synths, manage their collateralisation ratio, collect fees generated by circulating Synths, send sUSD to a selling queue, view their balances and Mintr history, unlock escrowed SNX, and more.Visit the dApp
How it works
Connect a wallet (e.g. MetaMask, Trezor) containing SNX tokens
Click “Mint” and decide how much sUSD you would like to mint
Use your new sUSD to trade, or stake SNX, to claim weekly rewards
Minting Synths and the Collateralisation Ratio
Synthetix allows synthetic assets (Synths) to be minted against the value of SNX tokens. This is done by locking SNX into a smart contract as collateral at a ratio of 750% to the Synths minted. For example, this means that if 1000 SNX is locked at a value of $0.10 USD, 13.3 sUSD can be minted against it. 750% has been chosen to provide ample protection against price fluctuations.
Your Collateralisation Ratio affects the proportion you receive of fees generated by Synth transactions. If your Ratio drops below 750%, you will not be able to claim fees until you have brought it back above 750%. This is to incentivise SNX holders from maintaining the entire Network Collateralisation Ratio (i.e. value of total locked SNX against value of total Synths) as well as keeping Synth prices stable.