Axelar is an interoperable platform that powers a decentralized ecosystem to connect multiple blockchains. It is a routing system for various chains where validators run light-client software and hold threshold signature accounts. This way, validators communicate with other chains to verify their state.
This guide will walk you through the process of staking AXL from setting up the Ledger to earn staking rewards.
What is Axelar?
Axelar’s main goal is to build the essential infrastructure to onboard billions of people onto Web3. It aims to make it easy for decentralized app (dApp) developers to interact with other blockchains. Eventually, dApp users will smoothly connect with applications across various chain systems.
What Is the Keplr Wallet?
The Keplr Wallet is designed specifically for inter-blockchain ecosystems. It was created to be compatible with Cosmos’s IBC (Inter-Blockchain Communication Protocol). Keplr is an open-source browser extension wallet that allows users to move digital assets across multiple chains. It offers highly flexible account management functionality for all Cosmos SDK-based blockchains.
What Is Ledger?
Ledger wallets are the leading hardware multicurrency wallet devices used to store private keys offline. When it comes to safety, hardware wallets are a standard fully approved by the crypto community. They provide complete isolation for users’ private keys so nobody can reach them via the Internet.
Why Stake AXL?
AXL staking is a simple way to earn income on your crypto savings. When staking on Axelar, delegators get AXL rewards every six seconds. Once received, they should be withdrawn and re-staked to make use of compounding returns. Unstaking takes seven days to complete and requires, normally, 5 AXL to be paid in transaction fees. The number, however, may change depending on the market conditions.
How to Set Up Ledger and Install the Cosmos App
Let’s go through a step-by-step process of setting up the Keplr Wallet for Axelar staking via Ledger.
Connect your Ledger hardware device to your PC. Then go to Ledger’s official website and install the Ledger Live app.
Once installed, open the My Ledger tab on the left-hand side panel of the Ledger Live app and then plug the device into your PC. Proceed by confirming the connection.
Follow the instructions on the screen and enable Ledger Manager, if needed. Select My Ledger from the left-hand bar in Ledger Live. Next, navigate to the App Catalog, type Cosmos and press Install.
How to Add Ledger to the Keplr Wallet
Having the Cosmos app installed, open it on your Ledger device. Then open the Keplr Wallet browser extension and unlock it with your password. Please see our guide on how to download the Keplr Wallet if you have not installed it yet.
In the Keplr extension, hit Import Ledger. Then type your account name and press Next.
Next, the Keplr Wallet will ask you to unlock and connect your Ledger to the Cosmos app. Open the app on your device, follow the prompts, and then click Next on the wallet extension.
Your Ledger device’s name will appear on the wallet screen. Proceed by clicking Connect.
Finally, your Ledger has been connected to the Keplr Wallet. Please click Cosmos Hub and then Axelar to have this blockchain added to your wallet.
How to Stake AXL
Now you are ready to start staking AXL. Firstly, check the onboarding information on the Axelar dashboard that appears after you’ve added the network: your available balance, amount staked, and APY. Then click Stake to proceed.
Here you can see a list of validators. Select the one you would like to delegate AXL to (for example, Everstake) by typing the name into the search box. The validator’s conditions will show up there as well. Press Manage to proceed.
Review everything and click Delegate to initiate staking.
On the next page, specify the amount of AXL you would like to stake. Then click Delegate.
Make sure everything is correct and click Approve.
That’s it. You have successfully started staking AXL. Now, let’s go over the unstaking process. Remember: Axelar takes seven days to unstake. Navigate back to the Keplr Dashboard. There you can see the Staking tab where you can check your staked assets. Press Manage beside the validator’s name.
On the next screen, click Undelegate to proceed.
Now you need to check all the details. Please note that during the unbonding period you will:
- Not receive rewards.
- Not be able to cancel the undelegation.
- Need to wait seven days for the funds to be returned.
Then go over everything again and click Approve.
Conclusion
Both delegation and undelegation are straightforward processes. Overall, Axelar staking allows you to easily earn rewards on your savings with the high level of security provided by the Ledger device.
Everstake is a validator for over 70 blockchains and has a dedicated team of community, DevOps, and R&D specialists. You get your blockchain community representative with Everstake.
Feel free to contact our Axelar Blockchain Manager on Twitter.
