Staking in the crypto world can seem daunting, but with the right tools and partners, it's a breeze. At its core, staking is a win-win: you support a network by locking in your cryptocurrency and, in return, earn rewards.
In this guide, we're zeroing in on Injective, the fastest Layer-1 blockchain tailor-made for financial applications. Being an open and interoperable layer-one blockchain, it's adept at powering advanced decentralized finance (DeFi) tools such as decentralized exchanges, lending platforms, prediction markets, and more.
One of Injective's standout features is its fully decentralized, MEV-resistant on-chain orderbook. This isn't just a tool; it's the backbone that allows for comprehensive financial market operations, spanning from spot to futures and options. Moreover, its versatile decentralized cross-chain bridge seamlessly integrates with both EVM and non-EVM networks, connecting the dots with platforms like Solana, Ethereum, and IBC-compatible blockchains.
In this guide, we will show how to stake Injective’s native token, INJ, using the Trust Wallet.
What is Trust Wallet
With an impressive user base of 60 million, Trust Wallet has firmly established itself as a leading and reputable wallet in the Web 3.0 landscape. Recognized as Binance's official crypto wallet, it supports a myriad of blockchains and caters to over 9 million unique digital assets. Whether you prefer a streamlined mobile app or a desktop browser extension, Trust Wallet offers both, ensuring accessibility and simplicity.
Here’s a closer look at what Trust Wallet Extension brings to the table:
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EVM Swaps: Conduct in-browser EVM swaps, eliminating the need for third-party dApp diversions.
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Expanded Staking: Broaden your staking portfolio with Cosmos, Solana, Tezos, and other supported assets. A more diversified approach to yield.
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Auto-indexing: Newly added tokens? They're automatically tracked, so you spend less time managing and more time strategizing.
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Chain Integration: With the addition of SEI chain, opBNB mainnet, and Linea blockchain, your asset management just became more eclectic.
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Dive into dApps: Access a range of Web3 applications, from DeFi platforms to the wider metaverse, all from your browser.
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Ledger Integration: Pair with Ledger hardware for that extra layer of security. Keep those private keys safely offline.
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Manage Multiple Wallets: Streamlined processes to add, import, and switch between various wallets. Simplified but smart.
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Experiment on Testnets: Test strategies, codes, or new tokens without risking mainnet assets.
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Swift Network Connection: A more intuitive interface means quicker connections to Web3 dApps.
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Customizable: Add custom tokens, establish your own networks, and even set up your preferred Testnets.
In the pipeline, Trust Wallet is working on bringing integrated NFT features, deeper Ledger Live hardware wallet interactions, and more enhancements for the Web3 community.
Why stake INJ
Staking INJ presents a twofold opportunity for token holders. On one hand, it serves as an avenue for financial growth. By delegating INJ tokens to validators, users can earn staking rewards, paving the way for both passive income and potential asset appreciation.
Beyond individual returns, staking plays a pivotal role in the overarching health and stability of the Injective network. A well-staked network stands as a bulwark against vulnerabilities, ensuring robust security. Moreover, it aids in transaction validation and consensus building, ensuring seamless operations within the ecosystem.
Lastly, the INJ token isn’t a mere passive asset. It's an emblem of participation and influence. Token holders can wield their INJ for governance, voicing opinions, and shaping platform decisions. This active engagement, coupled with the token's utility for tasks like settling gas fees or incentivizing developers, accentuates the token's value within the Injective ecosystem.
How to stake INJ using the Trust wallet mobile app
Step 1: Download the Trust Wallet Mobile App
To get started, visit the official Trust Wallet website and download the Trust Wallet mobile app suitable for your device's operating system. Follow the on-screen instructions to install the app on your mobile device.
Step 2: Initiate the Setup Process
Once you've installed the Trust Wallet mobile app, open it. On the welcome screen, click Get Started to begin setting up your wallet.
Step 3: Set Up Your Wallet
Upon opening the app, you'll have the option to either import an existing wallet or create a new one. For the purpose of this guide, we'll focus on creating a brand-new wallet. Simply follow the on-screen prompts to establish your new Trust Wallet.
Step 4: Establish a Passcode for Security
Once you've selected to create a new multi-chain wallet, the app will prompt you to set a passcode. You'll need this passcode to secure your Trust Wallet app, ensuring that only you can access your funds and data. Choose a strong, memorable passcode and enter it as instructed.
Step 5: Backup Your Secret Phrase
After setting your passcode, the app will provide you with a secret phrase. This is a series of words that act as a recovery tool for your wallet. It's crucial to write down this phrase and store it in a safe and secure location.
Make sure you read and understand the importance of your secret phrase. This phrase will be essential if you ever need to restore or recover your wallet, so handle it with utmost care and confidentiality.
Step 6: Safeguard Your Secret Phrase and Proceed with Setup Process
Once you've securely noted your secret phrase, click on Continue in the app to proceed with the next steps of the setup process.
Step 7: Verify Your Secret Phrase
For added security, the app will ask you to confirm that you've saved your secret phrase correctly. You'll be prompted to arrange the words in the exact order they were presented to you. Carefully input the words in the correct sequence to verify your backup and move forward in the setup process.
Step 8: Wallet Setup Complete
Congratulations! With the verification of your secret phrase, your Trust Wallet is now fully set up and ready for use. You can now start sending, receiving, and managing your cryptocurrencies within the app.
Step 9: Add INJ Tokens for Staking
To stake using the Trust Wallet, you'll first need to add INJ tokens. To do this, click on Add Tokens within the app. Search for Native Injective in the provided list. Once you find it, select and add it to your collection of tokens in the wallet. With the INJ tokens added, you're now prepared to proceed with staking.
Step 10: Top Up Your INJ Balance
After adding INJ to your list of coins, click on its icon. Next, tap on Receive. This will display your unique wallet address for INJ tokens. Copy this address, and use it to transfer or top up INJ tokens to your Trust Wallet from an exchange or another wallet.
Step 11: Initiate the Staking Process
With your INJ tokens securely in your Trust Wallet, it's time to stake. Navigate to the INJ token within your list of coins and tap on it. You'll then see an option labeled Stake. Click on it to begin the staking procedure for your INJ tokens.
Step 12: Review Staking Details and Confirm
Upon clicking Stake, you'll be presented with a detailed overview, as shown below.
It's essential to understand that even though your tokens are locked during staking, they never leave your wallet. They remain yours, under your full ownership and control, throughout the staking period. Once you've reviewed all details and are ready to proceed, click "Stake" to finalize the process.
Step 13: Set Amount and Pick a Validator
Input the number of INJ tokens you want to stake. Then, select a validator from the list. Once done, click Next.
Step 14: Confirm and Stake
Review your staking details one last time. Ensure the amount and chosen validator are correct. If everything looks good, click "Confirm" to finalize the process and begin staking your INJ tokens.
Step 15: Staking Complete
Congratulations! You've successfully staked your INJ tokens. You can view the details of your staking transaction on the homepage of your Trust Wallet. Keep an eye on your rewards, and happy staking!
Managing Your Staked Tokens
Within the Stake section of your Trust Wallet, you have several options to manage your staked INJ tokens:
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Unstake: If you decide to withdraw your staked tokens, you can use the "unstake" option. Remember, there's a 21-day unstaking period during which you won't earn any rewards.
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Redelegate: Want to switch validators? Use the "redelegate" option to change your chosen validator without unstaking.
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Claim Rewards: As you earn rewards from staking, you can claim them directly from this section.
Stay informed and manage your staking effectively with these tools at your fingertips.
Injective blockchain explorers
For those keen on diving deep into the Injective network's metrics and obtaining detailed information about Injective validators, several blockchain explorers are at your service:
Conclusion
Staking INJ tokens is a rewarding endeavor, especially when you have the right tools at your disposal. Trust Wallet offers a seamless staking experience, especially for those looking to stake INJ tokens. Adding to this ecosystem is Everstake, a leading validator that stands out with its impressive credentials.
Boasting a user base exceeding 625k across 70+ blockchain networks, Everstake is powered by a team of committed engineers. They manage an expansive network of over 8,000 nodes spanning a myriad of blockchain protocols, inclusive of bridges and oracles. Beyond offering liquid staking solutions like Eversol, Everstake is also an active investor in budding blockchain ventures through Everstake Capital. Their investment portfolio, featuring over 25 projects, includes notable names like Solana, Wormhole, Metaplex, Pyth, and The Graph.
As you embark on your INJ staking journey, remember that you're backed by the best in the business. And if questions arise, our Injective Blockchain Manager on X is always at your service.
