STRD is the native governance token of the Stride appchain with a total supply of 100M STRD coins. STRD holders get to vote on important decisions regarding the network while staking STRD helps secure the network. You can help secure the Stride network by delegating your STRD tokens stakes to the Everstake platform to receive a portion of the rewards that validators receive.
This guide introduces Stride and explains how to stake your STRD tokens from Leap Wallet.
What is Stride?
Stride is a liquid staking protocol for the Cosmos ecosystem that lets users stake tokens from any Cosmos chain to earn yields. Liquid staking lets users earn yields on their locked assets through an equivalent number of new tokens. Stride is one of the few protocols that offer liquid staking on the Cosmos blockchain.
When you stake any tokens with Stride, you receive stTokens in exchange. The staked tokens can also earn an auto-compounding staking yield through liquid staking. Plus, your tokens continue to accrue value through lending and by providing liquidity. The stTokens, which act as a placeholder for the staked asset, can be used in DeFi applications or sold for instant liquidity. For example, users can stake Cosmos native token ATOM in exchange for stATOM. stATOM can then be offered as liquidity to ATOM/stATOM on Osmosis. Stride also allows users to redeem the stTokens for the original asset at any time (at a 1:1 ratio).
What is Leap Wallet?
Leap is a non-custodial crypto wallet that allows users to swap tokens, trade NFTs and access DeFi applications across the Cosmos ecosystem. It aims to be a “super wallet” that brings dApp access, DeFi, NFTs, social gaming, and staking into one platform. Leap integrates directly with the Stride protocol, allowing users to stake STRD securely without leaving the wallet. As a non-custodial wallet, Lead gives you complete control over your private keys and access to your crypto assets.
Why Stake Stride (STRD)?
By staking STRD, you get to earn yield from rewards as an incentive to stake and provide security to the network. Staking rewards are generated and distributed to users via transaction fees collected by the network and through the inflation rate.
How to Create a Leap Wallet?
Go to the official Leap Wallet website and click the Install Leap for Cosmos button. Currently, the Leap Wallet is only available as a Chrome browser extension, so you may have to switch to Chrome.
On the extension page, click the Add to Chrome button to approve the installation of the plugin.
Open the Leap Wallet extension and click the Create new wallet button.
If you already have a Cosmos Wallet, you can import your wallet seed phrase instead to log in and proceed to the next step. You’ll be asked to provide a wallet name and password and enter your seed phrase.
On the next page, you will see your Secret Recover Phrase. These randomly generated words that are the keys to your wallet. No one has access to this phrase. If you forget it, you will lose access to your funds. Write it down on a piece of paper or a notepad and keep it safe. Next, click I have saved it somewhere safe. Please do not store this seed phrase on your computer or share it with anyone.
Now choose a strong password to protect your wallet. You’ll use the password to sign in to your Leap account. Memorize or keep it in a secure place. Click the Proceed button to complete creating your wallet.
Congratulations! You’ve just created your Leap wallet. Don’t forget to pin the Leap wallet extension to the toolbar for easy and fast access.
Top Up Your Leap Wallet
Before you can start staking, you need to fund your wallet with STRD tokens. But if you already have a positive balance in your wallet, you can skip this and move directly to staking. Follow these steps to add funds to your Leap wallet.
Step 1. Select Stride in the List of the Chains
Click on the icon in the top right corner to switch between chains and select Stride.
Step 2. Send the Funds to Your Wallet
Click on the wallet address to copy it (you will send STRD to this address). Next, head over to CoinGecko website and buy STRD tokens from any of the cryptocurrency exchanges on the list. After the transaction is done, come back to your Leap Wallet.
How To Stake STRD
STRD uses a delegated proof-of-stake consensus method for validating transactions on its blockchain. That means you can delegate your STRD with an approved validator, such as Everstake, and earn staking rewards.
The following steps explains how to stake STRD from Leap Wallet.
Step 1. Go to the Stake Tab
Click the Stake button at the bottom of the navigation bar, then again click the pink Stake button to begin the process.
Step 2. Stake Tokens
You will be redirected to the “Choose a Validator” window. Enter “Everstake” in the search field and select it from the list. You can also find Everstake by scrolling down the list of validators.
Enter the amount of STRD you want to stake. You can also select the Delegate All button to stake all your balance (minus transaction fee). Once done, Click Review.
Step 3. See the Transaction Details
A dialogue box will pop up. Review the transaction and then click Stake STRD to confirm. After you’ve delegated the tokens, go to the “Activity” tab, where you can see the history of your transactions.
If you want to unstake or redelegate your tokens, you need to click the Unstake tab followed by the Unstake button. Please note, however, that once you’ve staked STRD, you can unstake the tokens only after 21 days.
Claim Your Rewards
To claim rewards, go to the Stake tab and click Claim under your rewards. Note that you can’t claim rewards when the yield is too low.
Conclusion
Staking is a great way for STRD holders to earn passive income and help validate the Stride blockchain. You may stake your STRD by delegating to Everstake validator and benefit from 100% uptime, active community, and trustworthy service.
Please note that staking carries some risk. Should a validator encounters downtime or underperform, a percentage of STRD delegated may be forfeited.
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 you may have.
