What is Staking?
Staking is a process integral to securing blockchain networks, operating under a non-custodial framework. It involves locking up digital assets, in this case, QSR tokens, to support the network’s operations. In return, stakers are rewarded, aligning with the current Staking Annual Percentage Rate (APR) of approximately 5.85%. Unbonding period for QSR is 21 days.
Choosing a Validator: Key Considerations
When staking QSR, selecting the right validator is crucial. Here are key factors to consider:
- Commission Rates: Validators charge commission on rewards. A typical rate is around 5%, which is average. Be cautious of validators charging 100% commission, as this implies no rewards for stakers. Anything over 10% is generally considered high.
- Uptime: The reliability of a validator is indicated by their uptime. A figure below 95% can be a red flag, suggesting potential unreliability. Should a validator’s uptime drop significantly, they risk being ‘jailed’, leading to stakers being ‘slashed’ and missing out on rewards.
- Contribution to the Ecosystem: Validators who actively engage in the development and support of the Quasar chain ecosystem are preferable, as they help in maintaining and evolving the network.
- Accessibility: Ensure your validator is easily reachable, ideally through platforms like Twitter, Telegram, or their website. Active engagement and support availability are key.
Supporting Decentralization
Consider staking with validators outside the top-tier list. This approach supports decentralization and smaller validators playing significant roles in the Quasar chain’s growth and stability.
Staking Process: Wallet Options
For staking QSR, users can choose from several wallets:
- Keplr Wallet
- Leap Wallet
- Citadel.one Wallet
- Cosmostation Wallet
Each of these wallets has a mobile version, though not all support QSR tokens on mobile. Their functionalities differ significantly. This guide will focus on the staking steps using their web wallet versions. And in the next series of guides, we will share the mobile staking guide!
Keplr Wallet: Step-by-Step Staking Guide
Keplr is a popular wallet for interacting with many blockchains and decentralized applications (dApps) in the Cosmos Ecosystem. It’s available on Chrome, Brave, Firefox, and Edge browsers. While also available on mobile, it currently does not support Inter-Blockchain Communication (IBC) transfers.
Step 1: Download Keplr
- Go to the Keplr download page: Download Keplr.
- Choose the version that suits your browser.
Step 2: Set Up Your Wallet
- Upon installation, you can create a new wallet with a seed phrase, import an existing one, or connect a hardware wallet. For hardware wallet connection, refer to Connecting Ledger with Keplr.
Step 3: Access the Staking Interface
- Open the Keplr Web3 Extension.
- Click on “Manage Portfolio in Keplr Dashboard.”
Step 4: Locate the Quasar Chain
- In the Keplr dashboard, search for and select the Quasar chain in the left sidebar.
Step 5: Choose a Validator
- Find and click the Quasar chain interface's “Stake” button.
- From the list of validators, choose one based on the “Key Considerations” previously discussed.
- Click on “Stake” next to your chosen validator.
Step 6: Finalize Staking
- Carefully review the staking information.
- Enter the amount of QSR you wish to stake. Ensure you leave a small amount, such as 0.5 QSR, available for future transaction fees.
- Confirm the details.
- Sign and approve the transaction in the Keplr wallet.
Congratulations, you have successfully staked your QSR tokens using the Keplr Wallet!
Leap Wallet: Step-by-Step Staking Guide
Leap Wallet, known for its user-friendly interface, offers a seamless experience for interacting with Cosmos Ecosystem blockchains and dApps. It is known for its advanced mobile app capabilities, broad dApp support, crucial notifications, and insightful data presentation. Leap is accessible via Chrome, Brave, and Edge browsers.
Step 1: Downloading Leap Wallet
- Navigate to the Leap Wallet download page: Download Leap.
- Select the appropriate version for your browser.
Step 2: Wallet Setup
- After installation, you can either generate a new seed phrase, import an existing one, or link a hardware wallet. For instructions on connecting a hardware wallet, visit Connecting Ledger with Leap.
Step 3: Access Staking Interface
- Launch the Leap Web3 Extension.
- Look for and select the Quasar chain in the app’s upper right corner.
- Click on the “Stake” button within the Quasar chain interface.
Step 5: Validator Selection
- Choose a validator, considering the “Key Considerations” mentioned earlier in the guide.
- Once decided, click on “Stake” next to your chosen validator.
Step 6: Validate and Stake
- Enter the amount of QSR you wish to stake. Retaining a small balance, like 0.5 QSR, is advisable for subsequent transactions.
- Review the information, input the staking amount, and press “Stake” to proceed.
- Authorize and sign the transaction using your Leap wallet.
Congratulations, your QSR staking via Leap Wallet is now complete!
Citadel.one Wallet: Step-by-Step Staking Guide
Citadel.one stands out as a web-based wallet, eliminating the need for downloading extensions. It’s especially user-friendly for those who prefer using email or social media accounts like Google, Apple, or LinkedIn to sign up. Citadel.one is not just a staking wallet but also supports a variety of popular blockchains such as Bitcoin, Polkadot, and various EVMs, along with a selection of dApps accessible within the app.
Step 1: Wallet Setup
- Visit Citadel.one and choose your preferred sign-up option.
- After signing up, you can create a new seed phrase, connect Web3 wallets, import an existing seed phrase or private key, or connect a hardware wallet. For hardware wallet instructions, refer to Using Ledger with Citadel.one.
Step 2: Choosing a Validator
- Go to the “Stake” tab in the interface and click on “Stake”.
- Browse the list of available validators.
- Remember the “Key Considerations” from earlier in this guide while selecting a validator.
Step 5: Finalise Staking
- Enter the amount you wish to stake and then press on “Stake”.
- Double-check all the details of the transaction.
- Confirm the transaction by entering your wallet password.
Congratulations, you have successfully staked your assets using Citadel.one!
Support and Assistance
In case of difficulties, links to each wallet’s support and social media should be included. Additionally, our support is available through our web platform (look for the Support Chat widget in the lower right corner), on Telegram via @quasarfibot, or on Discord under #create-a-ticket.
Conclusion
Remember, staking is a strategic process that contributes to the strength and security of the Quasar blockchain. Choose your validator wisely and stay informed to maximize your staking rewards.
Happy yield chasing!
About Quasar
Quasar is building the primary asset management hub of the Cosmos ecosystem, representing the gateway to IBC-enabled yield opportunities. We’ve co-developed key IBC implementations such as interchain queries and pioneered IBC-enabled CosmWasm contracts for interchain vaults. We’ve recently launched our native token, QSR.
Quasar is striving to become the premier yield aggregator across all of IBC. We are a global team passionate about improving the Cosmos UX by pushing forward IBC technology while abstracting away its unwieldy technical details for users.
