STRD is the governance token of the Stride appchain. As an STRD holder, you can vote on important decisions that impact the network while also contributing to network security by staking your tokens.
This guide will introduce the Stride and walk you through staking your STRD tokens using Cosmostation Wallet. Whether you are new to crypto or a seasoned veteran, our step-by-step instructions will help you start staking your STRD tokens in no time.
What is Stride?
Stride is a staking protocol designed for the Cosmos ecosystem that enables users to earn yields by staking tokens from any Cosmos chain. One of the main advantages of Stride is that it offers liquid staking, which means that users can make yields on their locked assets through an equivalent number of new tokens. This unique feature distinguishes Stride from other staking protocols in the Cosmos blockchain.
When you stake tokens with Stride, you receive stTokens in return, which can earn an auto-compounding staking yield through liquid staking. Additionally, your tokens continue to accrue value through lending and by providing liquidity. These stTokens are a placeholder for the staked asset and can be used in various DeFi applications or sold for instant liquidity.
What is a Cosmostation Wallet?
Cosmostation wallet is a non-custodial mobile, web, and extension wallet that supports a wide range of PoS networks. With a user-friendly interface, Cosmostation allows easy access and transaction signing across various networks and decentralized applications.
Cosmostation integrates directly with the Stride protocol, allowing users to stake STRD securely without leaving the wallet. Cosmostation wallet is a powerful tool for managing your crypto assets across a wide range of networks. You have complete control over your private keys and access to your assets.
Why Stake Stride (STRD)?
To ensure the security of the Stride network, consider delegating your STRD tokens to the Everstake platform, which allows you to earn a portion of the rewards validators receive.
Staking STRD tokens provides a yield on the rewards, serving as an incentive to contribute to the network’s security. The staking rewards come from transaction fees generated by the network and the inflation rate distributed to users who have staked their tokens.
How to Create a Cosmostation Wallet?
Step 1. Install the Cosmostation Wallet Extension
To create a wallet, install it on your iOS or Android mobile device or download Cosmostation Wallet Extension for your browser. Go to the official Cosmostation Wallet website and choose the best option. This guide will show you how to stake STRD via the Cosmostation web version.
On the extension page, click the Add to Chrome button to approve the installation of the plugin.
Step 2. Create a Cosmostation Wallet
Open the Cosmostation Wallet extension, click the Create Wallet button, and create the account name.
If you possess a Cosmos Wallet, you can utilize your wallet seed phrase to access your account and continue with the following phase. You will be prompted to enter a wallet name and password and provide your seed phrase.
Step 3. Write Down the Mnemonic Phrase
After advancing to the following page, you will encounter your Secret Recover Phrase, consisting of randomly generated words that serve as the access keys to your wallet. The phrase is confidential and cannot be accessed by anyone else. It is crucial to note this phrase on a piece of paper or notepad and keep it secure, as forgetting it could result in losing your funds. Once you have done so, click on Next. It is imperative to refrain from storing the seed phrase on your computer or sharing it with anyone.
Step 4. Verify Seed Phrase
Now fill out the empty spaces with your seed phrase to verify it. Click the Next button.
Step 5. Select Chains
In this step, you should select chains to use with a Cosmostation Wallet. Choose Stride and click Next.
Step 6. Create Password
At this point, selecting a strong password to safeguard your wallet is essential, which will be utilized for logging in to your Cosmostation account. Ensure that you commit the password to memory or store it in a secure location. Click on the “Next” button to finalize the creation of your wallet.
Done! You’ve just created your wallet. Remember to pin the Cosmostation wallet extension to the toolbar for easy access.
Top Up Your Cosmostation Wallet
To begin staking, you must first add STRD tokens to your wallet. There are two methods to top up your Cosmostation wallet:
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Copy the Stride address and provide it to the sender or the cryptocurrency exchange from which you will receive the tokens.
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Scan the QR code.
How To Stake STRD
The STRD blockchain utilizes a delegated proof-of-stake consensus algorithm to validate transactions. This implies you can delegate your STRD with a recognized validator, such as Everstake, and earn staking rewards.
The subsequent steps outline the process of staking STRD from your Cosmostation Wallet.
Step 1. Go to the Delegation Tab
Open the web version of the wallet, click Connect Wallet, and choose Cosmostation.
Step 2. Stake Tokens
Click the Delegate tab, and find Everstake in the list of Validators. After that, click the Delegate button.
Enter the amount of STRD you want to stake. You can also select the MAX button to stake all your balance or ½ to stake half of the balance. Once done, Click Generate & Sign Transaction.
Step 3. See the Transaction Details
A dialogue box will pop up. Review the transaction and then click Sign to confirm.
Perfect! You staked your STRD tokens. After that, you will see the confirmation.
Claim Your Rewards
Go to the Stake tab and click Claim All Rewards to claim rewards. Note that you can only claim rewards when the yield is high.
Conclusion
Staking is an excellent way for STRD holders to earn passive income and help validate the Stride blockchain. You may stake your STRD by delegating to an Everstake validator and benefit from 100% uptime, active community, and trustworthy service.
Please note that staking carries some risk. A percentage of STRD delegated may be forfeited if a validator encounters downtime or underperform.
At Everstake, we employ enterprise-level hardware to run nodes on Stride and ensure high security and reliability. We also have a dedicated customer support team on standby 24/7 to help with any issues that may occur.
Feel free to contact our STRD Blockchain Manager on Twitter for any questions.
