How to stake Band Protocol (BAND) via Frontier mobile wallet: a comprehensive guide
Band Protocol provides a decentralized network of oracles for data exchange between various blockchains and smart contracts. BAND token holders can stake their coins and earn up to 36% per annum by delegating to a validator without having to deploy their own nodes. In this guide, we’ll show you how to stake BAND in your Frontier mobile wallet.
How to create a wallet
Frontier is a mobile multi-currency DeFi wallet where you can conveniently monitor decentralized protocols, stake cryptocurrency, and earn interest on DeFi platforms. Frontier wallet protects users’ privacy and stores private keys only on the client side. The wallet is available for download on iOS and Android mobile devices.
Note. Only the test version of the app is currently available on iPhone, this version does not yet supports the Band Protocol blockchain. You can download the wallet by installing the TestFlight app first.
To create a new wallet, launch the Frontier app. The key feature of this crypto wallet is that holders can manage their tokens by importing Trust Wallet, or create a wallet from scratch. On the app’s home page select «Add Wallet».
There will be a few options available to you:
- Watch & Manage — add an existing wallet for monitoring without transferring private keys.
- Import Wallet — integration of an already existing wallet, for example, Trust Wallet.
- Create a Multi-Coin Wallet — creating a multi-currency crypto wallet on supported blockchains. Frontier supports Binance (BSC), Band Protocol, Kava, Harmony, and other networks.
To create a new Band Protocol wallet select «Create a Multi-Coin Wallet».
Set a 6-digit pin code to protect your wallet, and then confirm it by typing it again. You will need this pin code to log in to your wallet and confirm transactions. You can’t skip this step.
Now we come to the most important part when creating a crypto wallet — creating a backup phrase used to restore access to funds. The seed-phrase is a sequence of 12 pseudo-random words and is used to restore your wallet on another device if you lose your current wallet. You won’t be able to restore access without it, so take this issue seriously.
How to save a seed-phrase:
- In the Frontier wallet, check the box to confirm that you understand that if you lose the seed phrase, your funds will be permanently lost.
- Tap “Continue” (see the screenshot) and write down the seed phrase on paper or other offline media. The Frontier wallet does not allow you to copy or take a screenshot of the screen while recording a recovery phrase for security reasons. Do not store the seed phrase on your digital device and hide it in a safe place where no unauthorized persons can reach it. When writing down the mnemonic phrase, follow the same order as on the wallet screen.
- Then enter a few words called by Frontier, for example, the first, fifth, and twelfth to confirm that you have written down the seed phrase correctly.
Backup is complete. Congratulations, you have created your first Frontier wallet! But that’s not all. By default, an Ethereum wallet (ERC-20) is created, but we need a Band Protocol wallet.
To change wallets, tap the Burger button and select the “Change Wallet” option. The list of supported blockchain networks will open. Find Band Protocol (BAND #1) and select it.
When you tap the selected blockchain, a menu opens where you can get the address for adding funds to the wallet, view the wallet details, and select the wallet as the primary one. To add BAND-wallet tap «Select as Primary».
Now in the Frontier wallet, users can monitor and manage their digital assets imported from Trust Wallet and sent directly to their new wallet. Your addresses will be displayed on the home screen, and your transaction history will be displayed when you tap on addresses.
To be able to stake BAND, you need to add funds to the new address. To quickly obtain the wallet address, click “Receive”, copy the address and send it to the sender.
After the coins arrive at your address, you can stake BAND. You will learn how to do this in the next section. Wait until the transaction is confirmed — this may take a few minutes depending on the network load.
In the same tab, you can track statistics on the coin: how many tokens are available, how many are waiting for confirmation, staked or credited for staking.
How to stake BAND
Open the “Stake” section, which is located in the lower menu on the Frontier home screen. In this section, you will see how many tokens you have staked, what reward you have already received, and the current yield in the Band Protocol network. Tap «Stake now» to continue.
The validators list will open. Find a validator in the list, Everstake, for example, and select it. It is crucial to pick a reliable validator — your yield will depend on it. Unreliable validators may stay idle, so your rewards will plummet. The Everstake validator can boast of 99% uptime.
Enter the number of BAND tokens you want to stake. The network fee will be automatically taken into account.
Check the transaction details, if everything is fine, tap “Confirm”. Your coins will be delegated to the validator and you will start to receive rewards. Note, that unstake period of BAND tokens is 21 days. During this time, you won’t be able to withdraw unstaked tokens.
You’ve staked BAND successfully. Now, staking statistics will be displayed in the «Stake» section. If you want to view more detailed statistics or unstake coins, select the validator that you delegated your tokens to and click on it.
Note, that rewards are accrued automatically. You can unstake coins only after the word “Locked” below will disappear. We wish you a profitable staking!
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