Injective is a pioneering blockchain focused on finance. It enables the development of futuristic DeFi applications and allows users to stake its native token, INJ. Staking contributes to blockchain security and offers investors a passive income opportunity.
This guide will walk you through the process of staking your INJ tokens step-by-step, utilizing the MetaMask wallet in conjunction with the Injective Hub.
What is Injective
Injective is a layer-1 blockchain that provides a robust framework for creating next-generation DeFi products. With an array of features such as an on-chain MEV-resistant order book, cross-chain bridging infrastructure, and compatibility with both CosmWasm and EVM, Injective is highly interoperable and appealing to both users and developers. To learn more about Injective, be sure to check out our detailed overview.
What is INJ Token
The Injective ecosystem is powered by its native token, INJ, which serves multiple purposes. INJ can be used to pay for gas fees, participate in governance, incentivize developers building on Injective, and secure the network through staking.
What is Injective Hub
Injective Hub is a versatile platform that brings together various functionalities for the Injective community, including bridging, staking, governance, and more. Designed to offer an intuitive user experience, Injective Hub features multiple sections, each dedicated to addressing the wide range of requirements of its users.
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Dashboard: Displays injective metrics and real-time updates on blocks being added to Injective by validators.
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Wallet: Enables you to view your balance, delegations, re-delegations, rewards, and make transfers on Injective. Injective Hub supports a range of wallets, including Keplr, Leap, MetaMask, Ledger, Cosmostation, Trezor, and Torus.
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Bridge: Provides a simple way to transfer cross-chain assets directly to Injective.
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Staking: Access the list of all active validators on the Injective network, delegate your INJ, and view detailed information about each validator within just a few clicks.
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Governance: stay informed about past and ongoing proposals on Injective, learn more about each submission, and participate in governance. You can also create new proposals via the New Proposal button, as anyone in the Injective community can contribute.
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Insurance Fund: designed to protect margin traders during liquidations.
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Auction: monitor the fees collected on Injective (60% of all exchange fees are automatically burned every week).
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FAQ: find answers to common questions about browsing through Injective Hub, bridging assets to Injective, staking, and more!
Why Stake Injective (INJ)?
Injective employs a Proof-of-Stake consensus mechanism based on Tendermint, enabling all users to contribute to the network's security and decentralization. Users can do this by delegating their tokens to a validator, thereby earning rewards from staking.
How to Stake Injective (INJ)?
Staking Injective (INJ) tokens provide a prime opportunity to participate in the network's consensus mechanism while earning potential rewards. This guide provides a detailed breakdown of the process, including connecting MetaMask to Injective Hub, transferring tokens to the Injective Chain, and delegating to a validator, ensuring an efficient and straightforward staking experience.
1. Connect MetaMask to Injective Hub
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Go to Injective Hub and connect your MetaMask wallet.
2. Transfer INJ ERC-20 Tokens to the Injective Chain
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Navigate to the Bridge section.
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Set parameters for transferring tokens from Ethereum to Injective.
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Set Allowance, giving permission to the bridge contract to use your INJ.
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Adjust spending cap as needed.
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Have a small amount of ETH in your wallet for transaction fees.
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After approving the allowance, transfer your INJ ERC-20 tokens to the Injective Chain.
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Review and confirm the transaction, and pay the transaction fee in ETH.
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Wait for the transaction to complete.
3. Stake Injective (INJ) Tokens
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Navigate to the Staking section.
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Review staking APR, total staked amount, and available INJ balance.
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Choose a validator and click on Delegate Now.
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Enter the amount to delegate, leaving some INJ for transaction fees.
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Confirm the transaction in your MetaMask wallet.
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Wait for the delegation process to complete.
4. Check Your Staking Status
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Verify successful delegation and monitor staking rewards.
Below is a detailed step-by-step guide along with screenshots to help you get it right the first time!
1. Connect MetaMask to Injective Hub
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Go to Injective Hub and connect your MetaMask wallet by clicking on the Connect button located at the top right corner.
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Select MetaMask.
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Approve the request to connect MetaMask to the Injective Hub.
2. Transfer INJ ERC-20 Tokens to the Injective Chain
To start staking, you need to transfer your INJ ERC-20 tokens to the Injective Chain. To do so, go to the Bridge section.
Set the needed parameters, ensuring that you are transferring your tokens from Ethereum to Injective. Specify the desired amount you wish to transfer.
To initiate the transfer, the first action required is to Set Allowance, which gives permission to the bridge contract to use your INJ. This will require you to sign a transaction through MetaMask.
During the process, you will be asked to set a spending cap for your INJ tokens. This involves setting a limit on the amount of INJ that the contract can access presently or in the future. You have the flexibility to adjust the spending cap at any point in the future, allowing you to increase the limit if needed.
Please ensure that your wallet contains a small amount of ETH to cover the transaction fee for approving the allowance. This will be necessary to successfully complete the transaction.
Once approved, you can move on with transferring your INJ ERC-20 tokens to the Injective Chain. Go back to the Injective Bridge section, review the parameters set, and if everything is correct, click on the Transfer Now button.
Review and confirm the transaction.
Upon confirmation, you will be prompted to verify and approve the transaction in MetaMask. Please note that you will be required to pay the transaction fee in ETH to successfully process the transaction.
Wait until the transaction is completed.
Once completed, you will see both your INJ ERC-20 tokens balance as well your balance on the Injective chain in the Wallet section.
3. Stake Injective (INJ) Tokens
Head over to the Staking section.
Here you can view the current staking APR, the total amount staked, and your available INJ balance for delegation. You also have the option to review the details of validators before selecting the one to which you intend to delegate your tokens. When you have made your decision, simply click on the Delegate Now button to proceed with the delegation process.
Enter the desired amount you wish to delegate. Make sure to leave a small amount of INJ in your wallet to cover the transaction fees. Click Delegate.
To proceed, please confirm the transaction in your MetaMask wallet. Verify the details and approve the transaction to finalize the delegation process.
That’s it! You have successfully delegated your tokens and have initiated the process of earning staking rewards.
4. Manage your delegation
For easy management of your delegation(s), go to the Wallet page.
The Wallet page consists of the following sections:
Overview: This section shows your overall balance, including both native INJ and ERC20 INJ tokens. Additionally, it displays the delegated amount of tokens and any rewards that are available for you to claim.
Delegations: In this section, you can view all of your active delegations. You have the option to unstake your tokens or redelegate them to a different validator.
Note that the unstaking period is 21 days, and staking rewards do not accrue during this time frame. However, redelegating to a different validator will not affect your staking rewards. But it’s also worth mentioning that after redelegating from validator A to validator B, you must wait 21 days to be able to redelegate from validator B.
Rewards: Here, you can track your staking rewards and withdraw them once you have accumulated enough to make a withdrawal. Unlike the 21-day unbonding period, rewards are immediately available for further transactions once withdrawn.
Unbonding Delegations and Redelegations: here, you will find details of your unbonding delegations and active redelegations, if any.
The network metrics and details of Injective validators can be accessed using the following blockchain explorers:
Everstake is a responsible validator with more than 625k users on 70+ blockchain networks. Comprising a team of dedicated engineers, Everstake operates a vast network of over 8,000 nodes encompassing various blockchain protocols, including bridges and oracles. Everstake not only offers liquid staking solutions like Eversol but also invests in promising early-stage blockchain startups through Everstake Capital. With a successful investment track record of over 25 projects, notable ventures include Solana, Wormhole, Metaplex, Pyth, and The Graph.
If you have any questions related to staking INJ, please feel free to contact our Injective Blockchain Manager on Twitter.
