Aug 20, 2021
How to Stake Band Protocol [BAND] in Cosmostation Wallet
Band Protocol [BAND] Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. You can stake [BAND] tokens with Band Protocol blockchain, which means that each user can deploy their node (validator) or delegate tokens to other validators and receive up to 17% APY.
We’ll explain how simple is the process of staking your [BAND] using Cosmostation Wallet browser wallet.
How to Create a Wallet
Cosmostation wallet is a very user-friendly and easy-to-use wallet. It was built on top of Cosmos SDK and supports such blockchains as Cosmos (ATOM), Band Protocol (BAND), and others.
You can download a wallet for your Apple or Android devices here:
There is also a browser version, but you cannot create a wallet on the site. You can only import an existing crypto wallet via Ledger or KeyStation.
Let’s start.
Click “Create” to add a new wallet, or “Import” if you already have a wallet. If you add an existing wallet, scroll down directly to the “How to stake BAND” section.
Then select Band network. Each network uses a different address format. If you choose the wrong blockchain, you will not use the tokens you need. Some blockchains can support multiple tokens, but this needs to be clarified before using a particular blockchain.
Attention! Save the mnemonic password in a secure place!
The mnemonic password contains a sequence of 12–24 random words and is necessary if you need to restore access to the wallet in case of loss or breakdown of the device on which the wallet is stored.
If you lose your seed phrase you won’t be able to restore access to your wallet and you will lose your funds!
When you’re ready to write down your seed phrase press “Show Mnemonics” and carefully write down the words in the same sequence as presented on the screen. Before showing the seed, you can optionally protect the wallet with a PIN code consisting of 4 numbers and one letter. To protect users, the Cosmostation wallet does not allow copying the mnemonic password and taking screenshots while you are saving it.
After you write down the seed phrase, click “Create Wallet” and your wallet is ready. Now send some [BAND] tokens to your wallet. To get the address, click on the field next to the wallet address and copy it.
When you charged your wallet with some [BAND] click “Delegate” to stake the [BAND] tokens.
Lists of validators will open. The “My” tab will display the validators to which you have already delegated your tokens. The “Top” tab shows the list of the largest validators, while the “Other” tab shows inactive validators.
Go to the “Top” tab and select the StakeCraft validator to which you are going to delegate coins. Then click on the validator to continue.
Our Validator Address:
bandvaloper1unfg2zhnssl07tql8d85zc6rx7zsfs5qh206av
The wallet will show basic staking information: annual profitability and commission charged by the validator. Click “Delegate” if you’re ready to proceed.
Enter the desired [BAND] amount to transfer. Then click “Next”.
Enter Memo if required. In our case, this is not necessary, so we skip this step.
Specify the commission fee, we suggest you leave default settings.
Check the details of the transaction and confirm if the details are correct. The Cosmostation wallet draws your attention to the fact that if you delegate tokens to a validator to whom you have already transferred tokens, the entire reward will be automatically transferred to your wallet.
Congratulations! We have successfully staked tokens. Click “Done” to return to the home page of your wallet. The staked coins will now be displayed in the “Delegated” line. The earned tokens will be displayed in the “Reward” line.
Sincerely yours,
StakeCraft team.
You can find us:
Join Coinmonks Telegram Channel and learn about crypto trading and investing
Also, Read
- YouHodler vs CoinLoan vs Hodlnaut | Cryptohopper vs HaasBot
- Binance vs Kraken | Dollar-Cost Averaging Trading Bot
- How to buy Bitcoin in India? | WazirX Review | BitMEX Review
- Bitcoin Taproot | Bitso Review | Top 6 Bitcoin Credit Card
- Gemini vs Coinbase | Coinbase vs Kraken | CoinJar vs CoinSpot
- Indian crypto exchange| Bitcoin Savings Account | Paxful Review
- Leveraged Token | Best Crypto Exchange | AscendEX Review
- Godex.io Review | Invity Review | BitForex Review | HitBTC Review
- Binance Fees | Botcrypto Review | Crypto.com Alternatives
- What are the Trading Signals? | Bitstamp vs Coinbase
- ProfitFarmers Review | How to use Cornix Trading Bot
- How to Buy Domain Name on Unstoppable Domains?
- Crypto Tax in India | altFINS Review | Prokey Review
- Blockfi vs Coinbase | BitKan Review | Binance Review
