Celestia introduces an innovative network that propels web3 applications through a modular blockchain architecture. By focusing on specialized tasks, modular blockchains offer a simplified approach for users to deploy their own blockchains, with data availability as a key feature. The recently launched mainnet enables users to stake TIA, Celestia's native token. Explore our guide on staking TIA using the Cosmostation mobile wallet.
What Is Celestia?
Celestia is a layer-1 blockchain that uniquely focuses on ordering and publishing transactions, not executing them. This streamlined approach allows for a modular design, simplifying the process for developers to independently create and deploy their own blockchains or layer-2 protocols with ease. Celestia’s platform supports the infrastructure necessary for ensuring data availability and shared consensus, thereby encouraging innovation in decentralized app development
What Is Cosmostation Mobile Wallet?
Cosmostation Mobile is a non-custodial cryptocurrency mobile wallet supporting over 50 interchain networks. It is tailored for interaction with blockchain networks, especially those within the Cosmos ecosystem, such as Cosmos, Kava, Injective, and the recently added Celestia network. The wallet offers users a secure and user-friendly interface for managing digital assets, engaging in staking activities, and more.
Why Stake Celestia (TIA)?
Participating in the staking process not only enhances the security and stability of the Celestia network but also allows users to earn substantial rewards through the appealing Annual Percentage Rate (APR). Furthermore, with the recent Mainnet launch, it's an ideal moment to participate in staking, getting an attractive APR of 21%.
How to Create a Cosmostation Mobile Wallet?
The Cosmostation mobile wallet is available for both iOS and Android platforms. For this guide, we'll focus on the iOS version. However, the steps are largely similar for Android users as well.
Step 1: Download the App
1. Access the Cosmostation mobile wallet for iOS by visiting the wallet's website and clicking on the Download on the App Store button. Once downloaded, open the app.
2. After downloading the app to your device, open it to begin the setup process.
Step 2: Create a Wallet
1. Proceed by clicking Start, then select Create.
2. Next, set a mnemonic name for your wallet and click OK. It's crucial to securely store your 24-word mnemonic phrase and never share it with anyone. Loss of this phrase could mean loss of your assets. After securing your phrase, press Add Wallet.
Step 3: Set Up a PIN
Generate a new PIN for your wallet, keeping it confidential yet memorable. This PIN is vital for transaction confirmations and cannot be recovered if lost. After setting it, verify the PIN by entering it again.
Step 4: Add the Celestia Network
1. Search for Celestia in the app's search bar. Click Add Wallet and confirm your choice by pressing Confirm.
Congratulations! Your Cosmostation Mobile wallet is now ready for use. You can seamlessly send, receive, stake, and manage your assets directly within the app.
Top Up Your Cosmostation Wallet
Before staking, ensure you have TIA tokens in your account. If you already possess the necessary funds, you can skip this step. Otherwise, please follow the instructions below:
Step 1. Copy Celestia (TIA) Address
The Celestia network will appear in the app. Copy your address by clicking on it at the top of the screen in the middle.
Step 2. Send Funds to Your Wallet
The next step is to go to the CoinGecko or Coinmarketcap website and buy TIA from any of the listed exchanges. After purchasing on the exchangem send the tokens to your Cosmostation Mobile wallet address.
How To Stake TIA
Staking in Celestia is a secure process. Follow the instructions below to proceed. Please remember, it's crucial to have some amount of TIA to cover transactions.
Step 1. Access the Main Menu
With TIA tokens in your account, click on the Delegate button in the main menu to begin staking.
Step 2. Choose a Validator
Select your preferred validator by clicking on the Top Validator button. Scroll through the list, choose one, and on the subsequent screen, review the validator's details. Then, press Delegate.
Step 3. Initiate Staking
Specify the amount you wish to stake and click Next. Adding a memo is optional. After skipping or completing this step, choose the transaction fee (Celestia network supports a fixed fee) and press Next. Confirm the transfer details in the next step.
Step 4: Transaction Charges
1. Select the TIA transaction fee by clicking on the TIA field, then confirm the transaction fee by tapping on the Fixed button. Press Next to advance to the delegation confirmation screen.
2. On the confirmation screen, check the delegate amount and ensure ‘Everstake’ is the chosen validator. After reviewing the warning message about delegating to a previously selected validator, click Confirm to complete the staking process.
Step 5. Confirm the transaction
Double-check the transaction details, click Confirm, and enter your previously created PIN. Your transaction is now complete.
Step 6. Check transaction details
Click Explorer to access detailed information about blockchain transactions, including their statuses, block confirmations, and relevant network activity. This feature is particularly useful for tracking the progress and confirmations of your recent transactions.
Please note: If you unstake TIA tokens, there's a 21-day waiting period before they're available for use. Once this unbonding time is up, you're free to use your tokens however you choose.
Conclusions
Staking in Celestia offers numerous benefits. Firstly, it actively contributes to the enhancement of network security. Secondly, it provides one of the simplest methods to generate passive income in the crypto space. Once you've staked TIA, your rewards are automatically accumulated without the need for active involvement.
Everstake, a key contributor to the Celestia ecosystem and a Genesis validator, also serves as a validator for more than 70 different blockchains, including Celestia. With a presence in 17 blockchains within the Cosmos network, Everstake boasts a proven track record, notably securing 3rd place in the Cosmos Hub. The organization is supported by a dedicated team of specialists in community engagement, DevOps, and research and development. Choosing Everstake means gaining a committed representative for your blockchain community needs. Feel free to reach out to our Celestia Blockchain Manager on X.
