Staking AXL is an effecient way to gain yield from your tokens on a blockchain. It is easy to do and accessible to anyone with a wallet and some tokens.
This article will tell you about what the Axelar token is and how to stake it with the Cosmostation Wallet.
What Is the Axelar Blockchain?
Axelar is a blockchain that connects blockchains. It enables Web3 interoperability and the functions that other cross-chain networks cannot provide. It is based on proof-of-stake consensus, and messages are routed and translated using permissionless protocols. The main feature of this network is that users don’t have to own an AXL token to be able to conduct cross-chain transactions. Network services buy AXL and handle fee payments under the hood.
What is a Cosmostation Wallet?
The Cosmostation Wallet allows you to hold tokens on Cosmos, Axelar, and many other chains. The Cosmostation Wallet is available in mobile version, desktop web version, and browser extension. The Cosmostation Wallet allows you to:
- Send, receive, store, stake and unstake 30+ sovereign blockchain assets, including Cosmos, Axelar, and others.
- Connect to a range of dApps built on multiple chains.
Cosmostation supports:
- Ledger, a hardware crypto wallet.
- Keystation, an end-to-end encrypted keychain-based authenticator for decentralized applications built with Cosmos SDK.
Why Stake AXL?
The AXL token was launched on September 27, 2022. It allows for incentive and fee payments to validators and stakers and enables governance over the network. 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 extremely 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.
Step 1: Add the Cosmostation Chrome Extension
To add the Chrome extension for the Cosmostation Wallet, you can go to the Cosmostation website, click Connect Wallet.
In the window that pops up, choose Cosmostation.
On the Cosmostation page in the Chrome Web Store, click Add to Chrome.In the pop-up window, you need to click the Add extension button. The following notification will appear next:
Congratulations! The Cosmostation Wallet has been added to Chrome.
Step 2: Sign Up to Cosmostation
If you don’t have Cosmostation yet, go to the main page of the Cosmostation Chrome Extension. It looks like this:
Accept the Terms of Use and click Start. If you don’t have a Cosmostation Wallet, click Create Wallet.
Choose an account name that you will use for this wallet.
Save your mnemonic phrase in a safe place. It’s better to write it down on paper to avoid hacks. You’ll have to be able to reproduce it later if you want to open your account on a different device or if you forget your password. Remember: Don’t share your phrase with anyone.
Here you have to verify some words from your mnemonic phrase.
Select the chains that you would like to use in the Cosmostation Wallet. Cosmos is here by default. You have to add Axelar.
Finally, create your password. Make sure to come up with a safe password.
You are all set. Now you can use your wallet.
How to Stake AXL via the Cosmostation Wallet?
To stake Axelar, you will have to use the web version of the Cosmostation Wallet. To do that, go to the Cosmostation page and connect the wallet that you have just created.
Now you can see your wallet. You have to change the chain to Axelar. To do that, click on Cosmos in the upper right corner.
On the list of available chains, choose Axelar.
You will see your Axelar balance. If you don’t have Axelar tokens yet, check out how to convert AXL.
To delegate your Axelar, choose Delegate on the left black panel. Let’s delegate with Everstake. Choose a pool and click the Delegate button near it.
Set the amount you would like to delegate and click Delegate and Sign Transaction.
Your Cosmostation browser wallet will appear. Here you have to click the Sign button.
Congratulations, you’ve staked your first AXL. You will start gaining your yield soon.
In your wallet, you can view the details of your staked AXL: the validator, amount, voting power, commission, and reward amount.
How to Unstake AXL via the Cosmostation Wallet?
To unstake AXL, you have to check out the validator details on the main page of your wallet. Once there, click the Undelegate button.
Choose the amount that you would like to undelegate and click Generate & Sign Transaction.
You have to confirm this transaction in your Cosmostation browser app. Check the information and click Sign.
Congratulations, you’ve managed to unstake your AXL.
It will take a week to unstake the tokens. The main page provides you with the details of all tokens that you’ve unstaked.
Conclusion
Axelar is a prominent network for cross-chain transactions. It uses AXL to run its transactions. The AXL staking APY is high, which makes it a profitable deal. The Cosmostation Wallet allows users to hold multiple coins, including Cosmos and Axelar. You can use the Cosmostation Wallet to stake and unstake Axelar.
Everstake validates 70+ blockchains, and we dedicate a team of community, DevOps, and R&D specialists to each of them. You get your community representative with Everstake.
Feel free to contact our Axelar Blockchain Manager on Twitter.
