How to Stake Band Protocol (BAND) in Cosmostation Wallet: A Detailed Guide
Band Protocol (BAND) is an open decentralized network of oracles that bridge data between the outside world and smart contracts. The Band Protocol blockchain supports BAND token staking so that each user can deploy their node (validator) or delegate tokens to other validators and receive up to 17% per year without doing anything.
In this guide, we’ll show you how to stake BAND using the Cosmostation Wallet browser wallet.
How to Create a Wallet
Cosmostation is a simple and convenient crypto wallet built on top of Cosmos SDK to work with supported blockchains such as Cosmos (ATOM), Band Protocol (BAND) and others.
The wallet is available on iPhone and Android mobile devices:
There is also a browser version, but you cannot create a wallet on the site. You can only import an existing crypto wallet via Ledger or KeyStation. So, download the app from the link according to your system and run it.
Click “Start”. Then select Band. Each network uses a different address format. If you choose the wrong blockchain, you will not be able to use the tokens that you need. Some blockchains can support multiple tokens, but this needs to be clarified before using a particular blockchain.
Click “Create” to add a new wallet, or “Restore with...” if you already have a wallet. If you are adding an existing wallet, then go directly to the “How to stake BAND” section.
Save the mnemonic password
The mnemonic password contains a sequence of 12–24 random words and is necessary if you need to restore access to the wallet in case of loss or breakdown of the device on which the wallet is stored.
Pay attention to this stage because without a seed phrase you will not restore access, and the funds will be lost forever. Also, follow the simple rules for storing your seed phrase safely:
- Don’t store the seed phrase on digital devices or in the cloud. Hackers can get into a device or account and steal a mnemonic password.
- Do not give out or share your seed with anyone, otherwise, your funds may be stolen.
- Record the mnemonics on an offline medium: paper or something else.
- Move the mnemonic to a protected place that only you and those closest to you know.
- Make a copy to avoid damage and loss of the seed phrase.
Now press “Show Mnemonics” and carefully write down the words in the same sequence as presented on the smartphone screen. Before showing the seed, you can optionally protect the wallet with a PIN code consisting of 4 numbers and one letter. To protect users, the Cosmostation wallet does not allow copying the mnemonic password and taking screenshots while you are saving it.
After you write down the seed phrase, click “Create Wallet” and your wallet is ready. Now top it up with BAND tokens to stake it later. To get the address, click on the field next to the wallet address and copy it.
The crypto wallet has been topped up. Now click “Delegate” to stake the BAND tokens.
Lists of validators will open. The “My” tab will display the validators to which you delegated tokens. The “Top” tab shows the list of the largest validators, while the “Other” tab shows inactive validators.
Go to the “Top” tab and select the validator to which you are delegating coins, for example, Everstake. Then click on the validator to continue.
The wallet will show basic staking information: annual profitability and commission charged by the validator. Click “Delegate” if you’re ready to proceed.
Enter the desired BAND amount to transfer. You can enter the amount manually, use the counter or the buttons “Half” and “Max” to transfer half or all of the amount at once. Then click “Next”.
Enter Memo if required. In our case, this is not necessary, so we skip this step.
Specify the desired commission. The higher the commission, the faster the validators will confirm the transaction and the coins will be staked.
Check the details of the transaction and confirm it if the details are correct. The Cosmostation wallet draws your attention to the fact that if you delegate tokens to a validator to whom you have already transferred tokens, the entire reward will be automatically transferred to your wallet.
Hurrah! We have successfully staked tokens. Click “Done” to return to the ATOM wallet. The staked coins will now be displayed in the “Delegated” line. The earned tokens will be displayed in the “Reward” line. Have yourself profitable staking!
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