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Review on Synthetix Network Token by Ryan Posey
Good Token, Expensive Transactions
I purchased SNX tokens with the intention of staking on the Synthetix network. I was prepared to commit the asset to the staking process in order to learn minting, burning, maintaining collateral and all the steps involved. However, every time I tried to mint USD, the gas fees were very high. Prohibitively high so that it would negatively impact the real return that is realizable. Compared to holding the token and trading it on an exchange, the real return available in staking appears inferior. I intend to continue to hold and trade SNX in the meantime. Should the fees associated with staking come down, I plan to revisit the staking my SNX.
Pros
- Token Value Growth
- Graphical User Interface Attractive
Cons
- Expensive Gas Fees
