Axelar blockchain provides a secure cross-chain communication solution for Web3 designed with Cosmos SDK. Axelar’s infrastructure empowers users of decentralized applications to seamlessly interact with multiple cryptocurrency assets or applications across a wide range of chains, all with just a few clicks.
The underlined consensus mechanism provides securing Axelar blockchain by staking native AXL tokens, which could be accomplished by any AXL owner for substantial rewards.
Engaging in AXL staking goes beyond generating passive income; it represents a significant stride in bolstering Axelar's security and operational efficiency.
What is Axelar?
Axelar functions as a cross-chain platform designed to develop interoperability software, establishing connections among blockchain ecosystems, applications, and users. The network predominantly relies on its core decentralized protocols, with validators as a core part of the delegated proof-of-stake (DPoS) mechanism.
Validators operate light-client software for various blockchains, enabling them to authenticate the current state of those blockchains. Involved validators then communicate these states to the Axelar blockchain, and once a sufficient number of reports are received, the status of associated chains is duly documented on Axelar.
The Axelar Software Development Kits (SDKs) provide a comprehensive toolkit for crafting Web3 applications, ensuring developers have access to all the necessary resources. This empowers developers to create swiftly deployable decentralized applications (dApps) across all Axelar-connected ecosystems by leveraging these tools and APIs in conjunction with the Axelar network and its SDKs. For a comprehensive overview, check out our intro article on Axelar.
Why stake AXL tokens
Staking AXL tokens is not only a method for individuals to earn rewards but also plays a pivotal role in fortifying the Axelar chain's security and governance. Users lock their AXL tokens by staking, supporting the top 75 nodes that use their staked AXL as a bond to create and validate blocks and transactions. Validators, Everstake included, in turn, earn block rewards, which are then proportionally shared with the stakers based on their staked amount.
Even better, AXL token stakers also have the democratic power to shape the platform's trajectory by proposing and voting on significant decisions in Axelar Governance.
In this guide, we'll walk you through the process of staking AXL with the Exodus wallet. Specifically, we'll delve into:
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Staking AXL via the Exodus Mobile App
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The process for staking AXL on Exodus Desktop
What is Exodus Wallet?
Exodus stands out as a leading wallet, serving over 260 cryptocurrencies across 50 networks and enabling smooth swaps between numerous assets. Whether it's engaging with DeFi platforms and acquiring NFTs through its Chrome browser extension or purchasing crypto with various methods like Apple Pay, Exodus provides unparalleled convenience. Both its desktop and mobile versions are streamlined for user-friendly functionality, making it easy to monitor the market, synchronize devices, and manage assets effortlessly while on the move.
How to Fund Your Exodus Wallet
Funding your Exodus Wallet is a straightforward process. You can directly buy cryptocurrencies with a debit card or use platforms like Ramp, MoonPay, or Sardine within the wallet.
To start, simply click on Buy & Sell in the Exodus Wallet, choose your preferred platform and follow the prompts to complete your purchase. Alternatively, you can transfer cryptocurrencies like AXL from other wallets or exchanges into your Exodus Wallet. A comprehensive list of exchanges where AXL is traded is here.
Exodus provides users with handy wallets available for both desktop and mobile, allowing for a flexible staking experience. This guide is tailored to walk you through the staking process on each platform, enabling you to choose the one that suits your preferences. You don’t need to perform actions on both platforms; just pick the one that's most convenient for you and follow the respective steps outlined below to stake your AXL tokens effectively.
Getting started with Exodus Mobile Wallet
Step 1: Download Mobile App
The first step is downloading and installing the Exodus Mobile App from Exodus Download Page.
Step 2: Create a New Wallet
Once the app is installed, agree to the terms and conditions and opt to Create Wallet. A brief presentation will follow, explaining the app's functionalities. After this, you'll have immediate access to all features as your wallet is auto-created.
Step 3: Secure Your Mobile Wallet
Navigate to the dashboard tab via the menu and click on Security to access your backup phrase. It's advisable to rewrite your passphrase and set a password for bolstered security. Ensure you avoid taking a screenshot or saving this critical information in an electronic format.
Staking via Exodus Mobile Wallet
Step1: Find Axelar
To find Axelar wallet, follow the Staking tab from the main page. Scroll down to the bottom and click on AXL to proceed.
Step 2: Top up your AXL balance
Before getting started to staking you need to replenish your wallet with some AXL tokens. To do that, tap on Receive AXL at the bottom of the screen.
Copy the address or scan the QR code to send some tokens to your wallet. AXL tokens can be acquired across numerous exchanges.
Step 3: Navigate to Staking Tab
Once your AXL wallet is topped up, you will see that the staking option is active inside the staking tab. Click on Stake AXL to proceed.
Step 3: Choose the amount and stake
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Decide on the amount you wish to stake and approve the transaction to finalize the process. Any amount of AXL can be staked, but the more you stake the more rewards you will get.
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Enter the sum to stake and hit Stake AXL.
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Read notification of unstaking period and confirm stake.
Please note: Make sure to leave some tokens to cover transaction fees. As seen below, the fee for staking is 0,1AXL
Congratulations! Your AXL stake is now active, and you're on your way to earning staking rewards.
Getting started on Exodus Desktop Wallet
Step 1: Download Desktop Wallet
Initiate your journey by downloading the Exodus Desktop Wallet from Exodus Download Page. Note that the application will automatically create a new wallet for you upon installation. However, if you wish to access an existing wallet, simply click on the home screen button to log in.
Step 2: Manage Your Desktop Wallet
It's essential to secure your backup phrase to have an option to restore access to your wallet in the future and to protect the application with a password. To access this data, click on + at the top of the main screen and navigate to the Backup tab.
Staking via Exodus Mobile Wallet
Step 1: Add AXL to Your Assets
Search for Axelar using the search box and copy your wallet's address to top it up as previously described.
Step 2: Navigate to Staking Tab
Staking AXL is supported in the wallet. Click on the Staking is Active button located in the upper left corner, then switch to Earn AXL from the Overview tab.
Step 2: Navigate to Staking Tab
Staking AXL is supported in the wallet. Click on the Staking is Active button located in the upper left corner, then switch to Earn AXL from the Overview tab.
Step 3: Specify Amount and Stake
Choose the desired amount you wish to stake and approve the transaction.
Congratulations! Your AXL staking is now active, paving the way for you to earn staking rewards.
How to Unstake and Claim Rewards
When you choose to unstake your AXL, you can pick the amount you want to withdraw. Once you do, that amount will start a 7-day unbonding countdown. During this time, it won’t earn any rewards, and you'll have to wait it out before you can freely access your AXL tokens.
Unstake and Claim Rewards via Exodus Mobile Wallet
Step 1: Accessing AXL Staking dashboard
In Exodus Mobile, you can reach the staking dashboard in two ways:
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Selecting Axelar in the Staking section as before;
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From the Assets section through the AXL wallet, displaying AXL price, your balance and recent transactions. Hit Stake inside the wallet to reach the dashboard
Step 2: Unstake and Claim Rewards
In the Axelar staking section scroll down to find available options for managing your stake. Specifically, Unstake and Claim Rewards.
If you wish to claim your rewards, click on Claim Reward to withdraw your rewards to your wallet, paying a negligible fee for that. Then, you can stake these rewards in order to enlarge your total stake and further yields.
If you'd like to unstake your tokens, just navigate to the Unstake tab, input the amount of AXL you want to unstake and follow the on-screen instructions to finalize the unstaking process.
Unstake and Claim Rewards via Exodus Desktop Wallet
Step 1: Accessing the Rewards Tab
In Exodus Desktop, click on the Rewards tab.
Step 2: Claiming AXL Rewards and Unstaking Tokens
Navigate to where it says AXL on your Exodus Desktop, then click on Get Reward. Once there, you'll find two tabs at the top: Claim Reward and Unstake.
If you wish to claim your rewards, click on the Claim Reward tab and then click Claim Reward again to initiate the process. A summary of your claim amount will be shown, and you can tap OK to return to your Axelar wallet.
On the other hand, if you prefer to unstake your tokens, simply head over to the Unstake tab, enter the amount of AXL you wish to unstake and follow the on-screen prompts to complete the unstaking transaction. Remember that you will stop receiving rewards at the moment of unstake enabling, and unstaked assets will be available in seven days.
Conclusion
The simplicity and user-friendliness of staking your Axelar tokens in the Exodus wallet are evident. Staking your AXL tokens in Exodus goes beyond a passive approach to earning rewards; it's a means to actively contribute to the chain's stability and security. This makes it a mutually beneficial endeavor for all involved.
Ready to get started? Head over to our dedicated Axelar staking page. Take advantage of a robust staking platform that's engineered for performance, security, and ease of use. Engaging with a reliable validator is crucial for an optimized staking experience.
Everstake, boasting over 8,000 nodes, a dedicated clientele of over 625k users, and services across 70+ blockchain chains, stands as a straightforward yet powerful gateway to the staking world.
If you're keen on exploring more about Axelar or staying updated on blockchain trends, follow our Blockchain Manager Vadim page on X.
