[Archives] Kava StakeDrop Tutorial Using Trust Wallet: How KAVA Holders Can Participate in Persistence’s StakeDrop
Persistence’s second StakeDrop campaign on Kava will launch on the 26th of November, 2020.
Magic Transactions went live at 12:00 AM PST 23rd November. KAVA holders can stake their tokens today and send the Magic Transaction to earn XPRT rewards right from the start of the campaign.
The steps to participate in the Kava StakeDrop campaign are identical to that of the Cosmos Network campaign. The Cosmos Network Campaign was a huge success, with less than 24 hours to go as of the time of writing.
This tutorial shows KAVA holders how to stake their KAVA tokens using the Trust Wallet and earn staking rewards. It also walks them through how to send the Magic Transaction to also begin earning XPRT tokens, on top of their KAVA rewards, as part of Persistence’s StakeDrop.
How to Participate?
Participation in StakeDrop is a simple two step process:
- Stake your KAVA tokens on the network (not via exchanges- exchange stakers will not be eligible to earn XPRT rewards)
- Send the Magic Transaction
How to Stake KAVA Tokens?
KAVA holders can earn staking rewards, thereby increasing their KAVA holdings by simply staking their KAVA tokens with any one of the active validators on the network.
To stake KAVA tokens you must first buy some KAVA tokens and send them to a wallet that supports staking.
Once you’ve transferred your tokens to a stake-supporting wallet, you may proceed with staking your tokens on the network to earn staking rewards.
We’ve used the Trust Wallet for this tutorial, but you may use any wallet that supports KAVA staking.
Step 1: Choose a Validator and Delegate
Once you have KAVA tokens in your wallet, click on the ‘More’ icon and click ‘Stake’.
Select a validator of your choice to delegate your tokens to.
We suggest you do your due diligence before delegating to any validator. Some validators recommended by Persistence can be found on our homepage at Persistence.one.
Step 2: Insert Delegation Amount
Input the number of tokens you want to delegate in the ‘KAVA Amount’ field and click ‘Next’.
Step 3: Confirm and send your transaction
You have now staked your KAVA tokens and will begin earning staking rewards!
To earn XPRT rewards as well during the StakeDrop, follow the steps below.
Begin Earning XPRT Rewards: Send Magic Transaction
To earn XPRT tokens on top of staking rewards, you need to send a small transaction of 0.001 KAVA to the designated wallet address provided on our website in the Kava StakeDrop section.
Step 1: Click on ‘Send’ icon
Step 2: Insert Recipient Address
Find the designated address provided on the Kava StakeDrop page of our website.
Scroll down and click on ‘Send Magic Transaction’ then read and accept the Terms & Conditions.
Copy the designated address shown on your screen.
Paste this designated address into the ‘Recipient Address’ field in your Trust wallet.
Step 3: Insert send amount
Please enter “0.001” as the amount (number) of KAVA tokens to be sent (enter in the ‘KAVA Amount’ field).
Step 4: Insert Memo
This is the most important step of the process. If the “memo” field is left empty your registration in StakeDrop won’t be valid.
Please input your own ERC20 (Ethereum) wallet address in the “memo” field. This ERC20 address will be the wallet in which you will receive your XPRT rewards after the TGE (Token Generation Event). This field should not contain any text or additional characters. It should only contain your ERC20 wallet address.
Now click ‘Next’.
Step 6: Confirm and send your transaction (Magic Transaction)
Before confirming your transaction, please ensure the “memo” field contains the correct ERC20 wallet address (your ERC20 wallet address in which you’d like to receive your XPRT rewards).
Click on ‘Send’ to send your Magic Transaction.
Once your transaction has confirmed, you’ve now successfully registered your participation in our Kava StakeDrop campaign!
There are additional rewards for delegating your KAVA tokens to the AUDIT.one validator. Wallets that support AUDIT.one delegations:
About Persistence One
Persistence is a protocol powering institutional open finance by facilitating the borrowing of cryptoassets (stablecoins) using real-world assets, such as invoices, as collateral. This bridges DeFi and traditional finance and uses the features of DeFi to solve real-world financing problems.
Kava is a cross-chain DeFi lending platform built on the Kava blockchain that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield.
The Kava DeFi hub operates like a decentralized bank for digital assets, allowing users to access a range of decentralized financial services, including its native USD-pegged stablecoin USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto assets.
We are always on the lookout for connecting with individuals or organizations who wish to take advantage of the opportunities present in the blockchain space and want to learn more about Persistence. If you wish to get in touch, please do not hesitate to reach out to us.
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