Today high expectation users get interested in chains and tokens other than Ethereum and Bitcoin. One of the new promising projects is Axelar. A decentralized network of validators powers the ecosystem in which anyone can join, use, and participate. Byzantine consensus, cryptography, and incentive mechanisms are designed to achieve high safety and liveness requirements unique for cross-chain requests, where all the users can stake AXL and earn.
This article will tell you about the Axelar token and how to stake it with the Cosmostation Mobile Wallet.
What Is the Axelar Blockchain?
Axelar is a chain to connect different chains. It allows for Web3 interconnection and unique functions unavailable on other cross-chain networks. Axelar is a proof-of-stake blockchain. You don’t have to own an AXL token to conduct transactions on the Axelar network. Network services get AXL and pay transaction charges without user involvement.
What Is the Cosmostation Mobile Wallet?
The Cosmostation Mobile Wallet is a wallet where you can manage Cosmos, Axelar, and many other chains. This is a mobile version of the Cosmostation Wallet and is also available in the desktop web version and as a browser extension. The Cosmostation Mobile Wallet allows you to:
- Manage over 30 blockchain assets using your smartphone, including Cosmos, Axelar, and others.
- Connect to a range of dApps built on multiple chains.
Cosmostation supports:
- Hardware crypto wallet Ledger.
- Keystation.
Why Stake AXL?
Axelar launched the AXL token on September 27, 2022. It was created to make incentive and fee payments to validators and stakers and enable network governance. Axelar is built using battle-tested proof-of-stake consensus. It has a diverse and dynamic validator set. Anyone can join and contribute. This makes the Axelar network interesting for validators and stakers.
Staking AXL generates high APY returns making it highly profitable compared to other coins. Combined with the network robustness, it makes staking AXL a lucrative deal. You can compare staking APY rates for different tokens here.
How to Create a Cosmostation Wallet?
This section will show how you can create a Cosmostation Wallet. Follow these steps, and the process will be easy and fast. To add the Cosmostation Mobile Wallet, you can go to the App Store, look up Cosmostation and download it.
Open the Cosmostation Mobile Wallet app.
You are on the Cosmostation Mobile start screen. Tap Start.
In this window, you can either restore your existing wallet or create a new one. To create a new one, tap Create.
To create a wallet, you have to memorize a mnemonic phrase. It is a sequence of 12 or 24 English words. It is needed to restore access to your wallet or to import it to other devices. Store your mnemonic phrase in a safe place and tap Add Wallet.
Choose the Axelar chain to add it to the wallet and tap Add Wallet.
Create a PIN for your wallet. It must be of four digits and one letter.
Congratulations, you’ve created your Cosmostation Mobile Wallet. This screen displays the details of your funds for a particular chain.
How to Stake AXL via the Cosmostation Mobile Wallet?
To stake Axelar, you will have to use the web version of the Cosmostation Mobile Wallet. To do that, go to the details of your Axelar chain. To delegate your Axelar, tap on the Delegate button. This screen displays a list of all your validators. To choose a new validator, go to Top Validator.
Let’s try to delegate with Everstake. Choose and tap on the pool.
In this screen, you can view the details of the validator: their voting power, estimated APR, and commission, as well as a history of your transactions with the validator. Tap Delegate to proceed.
Choose the amount you would like to delegate and tap Next.
Insert a memo if you need, and tap Next.
On this screen, you can choose a token to pay the transaction fee that is displayed there, too. Tap Next to proceed.
Here you can see the details of your transaction. Tap Confirm to proceed.
This window displays a Delegation Notice: if you want to undelegate, there is an unbonding period of seven days. Tap Continue to proceed.
Congratulations, you’ve delegated your first Axelar with the Cosmostation Mobile Wallet. Here you can see your transaction details.
On My Validator list, you can now see all validators to which you delegated your Axelar.
How to Unstake AXL via the Cosmostation Wallet?
To unstake AXL, you must check out the validator details on the main page of your wallet. Once there, tap the Undelegate button.
Choose the amount you would like to undelegate and tap Next.
Insert a memo if you need, and tap Next to proceed.
On this screen, you can choose a token to pay the transaction fee that is displayed there, too. Tap Next to proceed.
Here you can see your transaction details. Tap Confirm to proceed.
Congratulations, you’ve unstaked your AXL. Please keep in mind that you won’t be able to use your assets within the unbonding period.
Here you can see the details of your validator, including the assets that are currently unbonding.
Axelar is a new network for cross-chain transactions. It uses AXL for fees and transactions. The AXL staking APY is high, which makes it commercially attractive.
Conclusion
The Cosmostation Mobile Wallet allows users to hold multiple coins, including Cosmos and Axelar. You can use the Cosmostation Mobile Wallet to manage Axelar with your smartphone.
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.
