Fom ERC-20 to Native Tokens: A Guide to Staking on Injective Protocol

3 min readJul 27, 2023

Introduction

Staking on Injective Protocol offers an exciting opportunity for crypto enthusiasts to participate in network consensus, secure the network, and earn rewards for their contributions. In this article, we'll walk you through the process of staking on Injective and how you can delegate your tokens to a validator to maximize your rewards.

Step 1: Accessing the Injective Hub

To begin your staking journey on Injective, head over to the Injective Hub by clicking on the following link: https://hub.injective.network/. Once you arrive at the hub, you'll be greeted with a user-friendly dashboard that serves as your central command for interacting with the platform.

Step 2: Connecting Your Wallet

To interact with the Injective Protocol, you'll need to connect your crypto wallet. Injective supports multiple wallet options, including MetaMask, Ledger, Keplr, Trezor, and Torus. Choose the wallet that you prefer and connect it to the hub securely.

Step 3: Bridging ERC-20 INJ Tokens

Before you can stake, you need to bridge your ERC-20 INJ tokens to receive native INJ tokens. The native INJ tokens are required for staking on the platform. This process ensures that your tokens are compatible with the Injective ecosystem.

On the left side of your dashboard, look for the option to bridge your ERC-20 INJ tokens. Keep in mind that bridging tokens will incur ETH gas fees, so ensure that you have enough ETH in your wallet to cover the transaction costs.

Once you've located the bridging option, select the INJ token and proceed to set the allowance for bridging. This will enable the platform to facilitate the token swap securely.

Step 4: Choosing the Amount of Tokens to Bridge

At this stage, you'll be prompted to choose the desired amount of INJ tokens that you want to bridge. Carefully select the number of tokens you wish to convert into native INJ tokens. Take into consideration your staking goals and the amount of capital you're comfortable staking.

Step 5: Delegating Your INJ Tokens

With your native INJ tokens in hand, you're now ready for the staking process. Staking on Injective Protocol involves delegating your INJ tokens to a validator of your choice. Validators are responsible for verifying and validating transactions on the network, and in return, they receive rewards for their efforts.

Within the Injective Hub, navigate to the section where you can select your preferred validator. Choose a validator that aligns with your goals and has a strong track record of reliability and performance.

After picking your validator, click on the 'Delegate Now' button. A popup window will appear, allowing you to specify the amount of INJ tokens you wish to stake. Be mindful of the amount you delegate, as it will impact your potential rewards.

Step 6: Claiming Rewards and Re-delegation

As an active participant in the network, you'll start earning rewards for your delegated tokens. These rewards are distributed continuously with each new block. You can monitor and claim your rewards through the Wallet page on the Injective Hub.

Additionally, you have the flexibility to re-delegate your staked tokens at any time. Re-delegating allows you to switch to another validator if you believe they offer better incentives or if you want to diversify your staking strategy.

Conclusion

Staking on Injective Protocol presents a fantastic opportunity for cryptocurrency holders to actively participate in network consensus, secure the network, and earn rewards for their contributions. By following the steps outlined in this guide, you can confidently stake your INJ tokens and delegate them to a validator of your choice. Remember to stay updated with the platform's latest developments, as the DeFi landscape is constantly evolving. Happy staking and good luck on your journey with Injective Protocol!

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