Axelar’s main objective is to bring cross-chain interoperability, which is a big deal these days. Moreover, Axelar supports staking functionality, adding value to the blockchains it operates with and letting investors get passive income.
In this guide, you will learn more about how to stake $AXL with the Keplr Mobile Wallet.
What Is the Axelar Network?
Axelar is a network that connects different blockchains. It’s useful to think of Axelar as a permissionless stripe for Web3: although the platforms are connected, it makes integration easy for developers and intuitive for users. The AXL token has made the Axelar Network completely permissionless and decentralized.
It can be used by developers of blockchain platforms to effortlessly connect their blockchains to other decentralized ecosystems. Application developers can select the appropriate blockchain to host their applications on and can communicate with applications on any other chain using Axelar's cross-chain communication protocols to lock, unlock, and transfer assets. The Axelar app enables users to interact with all applications throughout the ecosystem straight from their wallets by linking dapps with various blockchain ecosystems.
What Is the Keplr Mobile Wallet?
Keplr Mobile is the most popular wallet for the Cosmos ecosystem. You can stake tokens, manage earnings, take part in governance, and connect to DeFi applications all from the convenience of your mobile device.
With the key features of Keplr Mobile, you can:
- Manage multichain accounts
- Stake and earn rewards,
- Manage delegations,
- Sync with desktop account(s), and
- Securely sign in with your Google account or unique 12 or 24-word seed phrase.
Why Stake AXL?
Staking crypto involves using your crypto assets to confirm transactions and maintain a blockchain network. It works with cryptocurrencies that handle transactions via the Proof-of-Stake mechanism.
The AXL token is the key to the Proof-of-Stake consensus that secures the Axelar network. Additionally, the AXL coin makes it possible to use features unavailable on other cross-chain networks, such as instant, any-to-any routing and one-time deposit addresses that are compatible with the onramps used by centralized exchanges. You have a great opportunity to boost your yields and maintain control over your tokens by delegating AXL to Everstake.
How to Set Up a Keplr Mobile Wallet?
Visit the Apple Store or Google Play to download the Keplr app.
We’ll show you the staking process on an iOS device. You can Import an existing wallet or Create a new wallet. Let’s figure out how to create a new one.
To create a new wallet you need to tap on Create a new wallet. Then click Create new mnemonic, and you’ll see your seed phrase.
Back up your mnemonic, type a Wallet nickname and Password. Do not share your seed phrase with anyone! This is your only way to get your funds back if you lose your password.
The next step to creating a new wallet is to verify your mnemonic. Then enter your seed phrase in the right order and tap Next.
Good! You’ve gone through the whole process of creating your Keplr Wallet. Click Done to continue to the next step.
How to Stake $AXL
Now we’re moving to the next and main step—staking AXL. To start the staking process, you need to click the Menu button in the left corner and then tap the Axelar network.
The Keplr Dashboard will open for you to see all information about your wallet and assets, including your $AXL balance. To start the delegation process tap Stake.
Then you’ll see a list of active Axelar validators. To speed up the search, enter the validator’s name (for example, Everstake) into the search box and tap Everstake.
You’ll see all details about the validator: its commission rate and voting power. Check them and make a decision. If they are suitable for you, continue by clicking Stake.
You’ve reached an important step where you have to decide how much $AXL you want to stake. Type the desired $AXL amount in and tap Stake.
Go through all details and check the validator’s fee. If everything is fine, click Approve. Remember you cannot cancel this process.
The transaction is successful! You’ve staked your $AXL. Now you know how to delegate your AXL tokens to earn passive income.
How to Unstake $AXL
Now we need to deal with the unstaking process. Go to the main dashboard and scroll down to see the Staking block with your staked assets. Click the block to continue the undelegation.
The Staking block will show your staked assets and chosen validator. Tap its name.
You’ll see all details about the validator (its commission rate and voting power) and staked tokens. Check them and click Unstake to undelegate your $AXL.
Now you need to type the number of tokens that you want to unstake. Enter the amount you want to undelegate and click Unstake.
In the next step, you need to confirm the transaction. Go through the information carefully, check the amount and fee, and Approve them.
Well done! You’ve successfully unstaked your $AXL tokens. You only need to wait seven days for the amount to become liquid. Now you also know how to undelegate your tokens.
Conclusion
You have an opportunity to boost your yields and maintain control over your tokens by delegating them to Everstake. Additionally, Everstake provides you with a community representative, Axelar Blockchain Manager. Feel free to send your questions on Twitter.
