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How to get snxUSD

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Last updated 1 year ago

$snxUSD (0xb2F30A7C980f052f02563fb518dcc39e6bf38175) is the V3 version of the Synthetix stablecoin. Until the frontend migrates to v3, you can get it at https://v3.synthetix.io -- in the future $snxUSD is expected to be renamed into $sUSD when Synthetix officially migrates to V3, which makes this nice and confusing.

The main page will look something like this:

In Synthetix V3, each user has an NFT wallet called an "Account" created. It will be created the first time you try and interact with a pool. To issue $snxUSD, you'll deposit $SNX as collateral into the pool, and be able to borrow $snxUSD:

Synthetix will let you borrow at a collateral ratio of 500% and only liquidates if the collateral ratio (C-Ratio) drops below 150%. After you have done "add collateral" with your USD, you can enter the amount of $snxUSD you'd like to borrow and hit "Borrow snxUSD"