The Axelar Network is dedicated to creating a multi-chain world and enhancing both the user and developer interaction environments. This blockchain also enables staking capabilities, expanding the blockchains it uses and generating passive income for token holders.
In this guide, you will learn more about how to stake $AXL with the Leap Wallet.
What Is the Axelar Blockchain?
Axelar is a cross-chain platform for developing interoperability software that links blockchain ecosystems, apps, and users. Its fundamental decentralized protocols form the majority of the network. The network uses a delegated proof-of-stake (DPoS) mechanism to elect validators. These validators are required to bond their stake to take part in the consensus and uphold the high-quality service. With strong incentives to ensure validators maintain bridges and share cryptographic threshold techniques, this is meant to enable the maintenance of huge decentralized validator sets.
What Is the Leap Wallet?
Leap is a crypto wallet for Cosmos blockchains that offers access to dApps, staking, DeFi, NFTs, and more on one platform. Leap will make it simple and secure for you to store, send, stake, and transfer different tokens. It’s a non-custodial wallet (your private keys are safely saved on your device and only you have access to them). Leap concentrates on the following to give users the greatest wallet experience:
- User experience.
- Convenience.
- Trust and security.
- Composable and modular architecture.
- Decentralized stablecoins as the future of money.
Why Stake Axelar?
Staking Axelar with Everstake is an efficient way to grow your Axelar (AXL) holdings and support the network by delegating the stake to us. To get higher profits from AXL staking, delegators need to prolong the staking period. Let’s see how anyone can stake AXL with the Leap wallet.
How to Create a Leap Wallet to Stake Axelar?
You need to install the wallet extension. Go to the Leap Wallet’s website and tap Install Leap for Cosmos.
Then go to the Chrome Extensions page and download the Leap extension. Choose how you’d like to set up your wallet: Create new wallet or Import an existing wallet.
Next, you’ll see your Secret Recovery Phrase (Mnemonic). Do not share your seed phrase with anyone! This is your only way to get funds back if you lose your password. Write your mnemonic on paper and click I have saved it somewhere safe.
Choose a password for your wallet. Pay attention to the security recommendations: Always choose a strong password. Re-enter your password and tap Proceed.
Congrats! Your Leap Wallet is ready, and you can move to the next step: Staking.
Staking Axelar (AXL) with the Leap Wallet
You need to add the Axelar chain to the Leap Wallet first. Open your wallet, tap the Cosmos icon in the top-right corner and click Axelar.
To start delegating your AXL tokens, go to the wallet’s main menu and tap Stake.
Then you will see your deposited amount (if you haven’t staked before, the balance will be $0.00). Read the information about staking and click Stake.
Now you can find a list of validators. To speed the search up, enter the validator’s name (for example, Everstake) into the search box. You will see the staking conditions of the validator. Click the validator’s name to continue.
Specify the number of AXL tokens you want to stake, check the transaction fee, and then click Review.
Review the transaction and please note that unstaking will take seven days. If everything is fine, tap Stake AXL.
Well done! You’ve delegated your AXL tokens. Also, you can check your transaction on Axelarscan.
Unstaking Axelar (AXL) with the Leap Wallet
To undelegate your AXL, go to the Stake section in the Leap Wallet and tap your validator’s name.
Check all details and click Unstake to undelegate your AXL.
Enter the amount you want to unstake, and don’t forget about the transaction fee. Click Review to proceed.
Go through the transaction details and check the amount. Please keep in mind that the unstaking period will be seven days. Click Unstake AXL to continue.
Great! You’ve unstaked your AXL. Also, you can check your transaction on Axelarscan.
The Leap Wallet Dashboard
Leap’s Dashboard has recently become available in public beta for the Cosmos ecosystem. There you can:
- Check your portfolio and assets to dive deeper into a particular token to get a historical overview, allocation details, and more.
- Stake and claim rewards easily with a single click and enjoy a comfortable staking process.
- Vote on governance proposals with an ability to view and vote on active proposals across all Cosmos chains.
- Set up Telegram notifications for sending and receiving tokens, staking, voting, and using more features that are coming soon.
Also, you can connect your wallet to the Dashboard. Go to Leapboard and tap Connect Wallet.
Then choose Leap Extension from the list of wallets.
Read the information carefully, and if you’re ready, tap Approve.
Great! You’ve successfully connected your wallet to Leapboard. Now you’re able to check the details of your Cosmos assets.
Everstake validates 70+ blockchains, and we dedicate a team of community, DevOps, and R&D specialists to each of them. You also get your community representative with Everstake.
Feel free to contact our Axelar Blockchain Manager on Twitter.
