The ease and user-centric approach of staking KAVA via the Exodus wallet not only lowers the entry barriers for newcomers but also highlights the progressive strides the blockchain community is making toward creating user-friendly platforms. Staking your KAVAs isn't merely a passive income stream; it's a solid step towards supporting Kava’s security and operational efficiency.
Moreover, your participation extends beyond mere staking—it grants you voting rights in Kava’s governance, allowing you to contribute to a larger narrative of blockchain engagement. This proactive involvement is critical for Kava’s growth and stability.
What is Kava?
Kava stands as a solid Layer-1 blockchain platform that smartly merges the fast and scalable features of Cosmos SDK with the supportive environment that Ethereum offers to developers. Its unique co-chain architecture promotes seamless interoperability, allowing Ethereum and Cosmos-based applications to interact effortlessly.
This ensures that developers can craft projects in their preferred setting while accessing users and assets across the spectrum. Beyond its scalability, facilitated by the robust Tendermint Core engine, Kava fosters rapid ecosystem growth with transparent, on-chain reward programs to incentivize innovation. For a comprehensive overview, check out our intro article on Kava.
Why stake KAVA tokens
Staking KAVA tokens is not only a method for individuals to earn rewards but also plays a pivotal role in fortifying the Kava chain's security and governance. Users lock their KAVA tokens by staking, supporting the top 100 nodes that use their staked KAVA as a bond to create and validate blocks and transactions. These validators, Everstake included, in turn, earn block rewards and a portion of transaction fees, which are then proportionally shared with the stakers based on their staked amount.
Even better, KAVA token holders also have the democratic power to shape the platform's trajectory by proposing and voting on significant decisions in Kava Governance.
In this guide, we'll walk you through the process of staking KAVA with the Exodus wallet. Specifically, we'll delve into:
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Staking KAVA via the Exodus Mobile App
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The procedure for staking KAVA on Exodus Desktop
What is Exodus Wallet?
Exodus stands as a premier wallet tailored for all cryptocurrency needs, supporting over 260 cryptocurrencies across 50 networks and facilitating seamless swaps between a multitude of assets. From accessing DeFi platforms and purchasing NFTs via its Chrome browser extension to buying crypto using diverse payment methods like Apple Pay, Exodus offers unmatched convenience. Both its desktop and mobile versions are optimized for user-friendly operations, allowing you to effortlessly monitor the market, sync devices, and manage assets on the go.
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 within the Exodus Wallet, choose your preferred platform and follow the prompts to complete your purchase. Alternatively, you can transfer cryptocurrencies like KAVA from other wallets or exchanges into your Exodus Wallet. A comprehensive list of exchanges where KAVA is traded can be accessed 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 KAVA 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: Add Kava to your assets
Find KAVA using the search field at the top of the screen and top up your wallet. To find the address of your Kava wallet, click on KAVA from the list, and a downward arrow will appear in the upper right corner. Clicking on it will allow you to copy the address or scan the QR code for swift access.
Step 2: Navigate to Staking Tab
Click on KAVA asset and proceed to the Stake tab.
Step 3: Choose the amount and stake
Decide on the amount you wish to stake and approve the transaction to finalize the process.
Any amount of KAVA above the minimum balance requirement of 0.165 KAVA can be staked. The minimum balance of 0.165 KAVA ensures that the Kava network transaction fees for staking and unstaking can be covered.
Congratulations! Your staked KAVA is now active, and you're on your way to earning staking rewards.
Step 4: Activate Restake Feature
The Exodus Mobile Wallet champions the RESTAKE function, enhancing your staking APY by approximately 2%. This feature negates the need to manually claim and stake your KAVA staking rewards; the more KAVA you stake, the higher your earnings. Activate this feature by switching the Auto Restaking button.
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 KAVA to Your Assets
Search for KAVA using the search box and copy your wallet's address to top it up as previously described.
Step 2: Navigate to Staking Tab
Staking KAVA is supported in the wallet. Click on the Staking is Active button located in the upper left corner, then switch to Earn KAVA from the Overview tab.
Step 3: Activate Restake Feature
The Exodus Desktop Wallet supports the RESTAKE function, potentially enhancing your staking APY by ~2%. Activate this feature to automate your KAVA staking rewards claims. The principle is simple: the more KAVA you stake, the more you earn.
Step 5: Specify Amount and Stake
Choose the desired amount you wish to stake and approve the transaction.
Congratulations! Your staked KAVA is now active, paving the way for you to earn staking rewards.
What is Auto Restaking
Auto Restaking is a feature that automates the reinvestment of earned rewards into the staking pool, leveraging compound growth and potentially increasing annual percentage yields (APY) by approximately 2%.
This system not only streamlines the staking process but also augments returns by checking and auto-restaking rewards weekly. While it might entail an initial activation fee, most subsequent restakings are free of additional charges. However, users should be aware that while Auto Restaking is active, manual reward claims are disabled, and the feature might need periodic reactivation.
How to Unstake and Claim Rewards
When you choose to unstake your KAVA, you can pick the amount you want to withdraw. Once you do, that amount will start a 21-day unbonding countdown. During this time, it won’t earn any rewards, and you'll have to wait it out before you can access your KAVA again.
You get to unstake up to 7 times every 21 days. You'll need to wait for one of your earlier unstaking actions to complete before going at it again.
Note that when the restake feature is enabled, your rewards are automatically added to your stake amount. If you want to claim rewards manually, you need to turn off the restake
Unstake and Claim Rewards via Exodus Mobile Wallet
Step 1: Accessing KAVA Staking Section
In Exodus Mobile, launch your KAVA wallet, then click Stake to see your KAVA rewards section.
Step 2: Unstake and Claim Rewards
In the KAVA staking section, you have many options for managing your stake. Specifically, Unstake and Claim Rewards.
If you wish to claim your rewards, click on Claim Reward tab, and pay the transaction fee to withdraw your rewards to your wallet. Please note that with the active auto restake function, your rewards are automatically transferred to your delegated amount, and to claim your rewards, you need to turn off restake.
If you'd like to unstake your tokens, just navigate to the Unstake tab, input the amount of KAVA you want to unstake, and follow to the on-screen instructions to finalize the unstaking process.
Unstake and Claim Rewards via Exodus Desktop Wallet
Step 1: Accessing Rewards App
In Exodus Desktop, click on the Rewards app.
Step 2: Claiming KAVA Rewards and Unstaking Tokens
Navigate to where it says KAVA 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 it to your KAVA wallet.
On the other hand, if you prefer to unstake your tokens, simply head over to the Unstake. tab, enter the amount of KAVA you wish to unstake, and follow the on-screen prompts to complete the unstaking transaction.
Conclusion
It's clear how straightforward and user-friendly the process of staking your KAVA tokens in the Exodus wallet is. Not only does this simplicity encourage more users to easily stake their tokens, it also demystifies the often complex world of blockchain and cryptocurrency management. Staking your KAVA tokens in Exodus is not just a passive way to earn rewards but also a method to contribute to the chain's stability and security, making it a mutually beneficial endeavor.
Ready to get started? Head over to our dedicated KAVA 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.
With Everstake, you're not just staking; you're stepping into a community dedicated to empowering you with the tools and insights to thrive in KAVA ecosystem. Don’t just stake, stake smart with Everstake.
If you're keen on exploring more about Kava or staying updated on blockchain trends, follow our Blockchain Manager Milana page on X.
