In the rapidly evolving world of blockchain, cross-chain interoperability has become increasingly important. Axelar addresses this need while also offering staking capabilities, creating a unique opportunity for investors to strengthen blockchains and generate passive income using Frontier Wallet.
In this guide, you will learn how to stake $AXL using Frontier Mobile Wallet.
What Is the Axelar Network?
Axelar is a cross-chain platform for creating interoperability software that connects blockchain ecosystems, applications, and consumers. The majority of the network is composed of its core decentralized protocols. The network elects validators through a delegated proof-of-stake (DPoS) mechanism.
The Axelar SDKs offer a complete kit for creating Web3 applications, making sure that developers get all the resources they want. That means, developers may create dApps that are quickly deployable across all Axelar-connected ecosystems by using these tools and APIs in conjunction with the Axelar network and its SDKs.
What Is the Frontier Wallet?
Frontier is a crypto, DeFi and NFT wallet where you can transfer, store, and stake in more than 4,000 different digital assets. By staking or providing assets in DeFi applications you may get passive revenue from your crypto. Frontier is a non-custodial wallet, which means you only have control of your private keys, that in turn controls your cryptocurrency and proves that the funds are yours. The good news is that Frontier has undergone security testing and auditing by several independent companies that are regarded and trusted by business leaders.
Why Stake AXL?
Staking Axelar with Everstake is a productive approach to increase your Axelar (AXL) holdings and support the network. Delegators receive AXL rewards every six seconds for Axelar staking. In order to benefit from compounding returns, rewards should be withdrawn and re-staked.
How to Set Up a Frontier Mobile Wallet?
Step 1: Visit the App Store or Google Play to download the Frontier wallet.
Step 2: Open the Frontier app, read and agree to Frontier’s terms of use and privacy policy. Tap Continue.
Step 3: Choose an appropriate option for you in setting up the wallet. We’ll show the process of creating a new wallet. Click on Create a new crypto wallet.
Step 4: Create the Frontier’s passcode. Be sure not to forget it.
Step 5: Save a recovery phrase. Frontier recommends writing down your recovery phrase and storing it in a secure offline location.
Your recovery phrase is here. Never share your recovery phrase with anyone. This is your only way to get your funds back if you lose your password. Click on I have noted to proceed.
Verify the recovery phrase and enter the required words. Tap Confirm.
Step 6: Add your wallet details, write a nickname and click on Confirm. Your wallet will be successfully created.
How to Stake AXL
Finally, let’s dive into AXL staking flow.
To get started, go to the Homepage of the Frontier wallet and click Stake.
You’ll see Stake assets in the Opportunities section, choose AXL to proceed.
Here you’ll see a list of active validators. You can scroll down and choose a validator or enter the validator’s name (for example, Everstake) into the search box.
Here you can find all of the details about the staking process (fee, APR, approx rewards).
Important: Unstaking requires a 7 days cooldown period. If you agree, enter the AXL amount you want to stake and click on Review.
Review the transaction and tap Stake.
To continue enter your Frontier wallet password.
Wait a bit to initiate the transaction.
Well done! You’ve successfully staked your AXL.
How to Unstake $AXL
Let’s also talk about the unstaking process. To undelegate your AXL go to the Homepage and click on Stake.
In the next section tap Staked, and you’ll see your delegation and validator. Click on AXL to proceed.
Here you can check the details; remember that the unstaking period lasts 7 days. To continue, click Unstake.
Now you need to type the number of AXL that you want to unstake. Enter the amount and click Review. Don’t forget that rewards will not be generated during the unstaking period.
Take a look at the transaction details and then tap Unstake.
Approve your unstaking process one more time. Click Yes, unstake to continue.
To continue enter your Frontier wallet password.
Wait a bit to initiate the transaction.
Good job! You’ve successfully unstaked your AXL.
Conclusion
In summary, delegating your tokens to Everstake presents a fantastic opportunity to increase your yields and maintain control over your assets. Furthermore, you’ll have access to a community representative in the form of Axelar Blockchain Manager, who can answer any questions you may have and keep you up-to-date on the latest developments. Feel free to ask your questions and be aware of the latest news on Twitter.
