How to Stake Ki Chain XKI in the Cosmostation Web Wallet: A Detailed Guide for Newbies

The Ki Chain blockchain platform is a Cosmos  based network designed to provide crypto investors with the infrastructure to conveniently interact with crypto assets across CeFi and DeFi markets. 

Customers can stake their Ki chain tokens (XKI), helping the platform develop and getting rewards in exchange. XKI can be staked in the Cosmostation Web Wallet, Cosmostation mobile wallet or Ki Desktop Wallet. In this guide we walk you through staking XKI via Cosmostation Web Wallet.

Read our article on Ki Chain and staking via Ki Desktop Wallet:

Ki Chain: Platform Review and XKI Staking Guide 

Before You Start

To connect to the Cosmostation Web Wallet, you may use Keystation or a hardware wallet. We will go through the process of connecting a wallet using an example of Keystation.

How to get your key

Keystation does not require installation. Using it, you can easily access a Cosmostation Web Wallet application. To log into the Cosmostation Web Wallet, you first need to create a Cosmostation mobile wallet and get a mnemonic password. Download the app for your OS version:

• iOS;
• Android.

Creating a wallet

Launch the Cosmostation Wallet mobile application and click CREATE.

In the list of blockchain networks, select KiChain Mainnet and click on it to continue.

The next important step is to create a backup of your wallet. Without it, you will not be able to restore access to your crypto assets in case you forget your password or lose the device on which the crypto wallet is stored. You will need to write down the 24-word seed phrase on paper.

Important: do not store the seed phrase on digital devices and do not copy the seed phrase, because that is not secure. If the backup phrase is compromised, attackers can quickly steal your funds. Be careful. You can read about safe seed storage rules here:

Crypto Security Guide: How Not To Lose Your Funds When Using Cryptocurrency how not to lose your money, when you use cryptocurrency 

When you’re ready to write down the words, click Show Mnemonics to display them on the screen. After you write down the phrase, click Create Wallet.

The wallet is created and ready to go. To move on, you need to add funds to your wallet.

Funding your wallet

Just copy the address located at the top of your home screen by clicking on the icon on the right. 

Send coins to this address. After the validators confirm the transaction (usually up to 1 min), the XKI tokens will appear in the wallet.

If you do not have XKI tokens, you can purchase them using Liquid.com cryptocurrency exchange.

Now you can proceed to staking in the Cosmostation Web Wallet.

XKI Staking

First you need to connect your Ki Chain Cosmostation wallet to the Cosmostation Web Wallet application.

Connecting Ki Chain Cosmostation Wallet

Go to the Cosmostation wallet website and select the Ki Chain network in the top right corner to log in.

Then click Connect Wallet and select Connect to KeyStation.

In the window that opens, click the button Import Wallet to log in to the previously created Cosmostation mobile wallet.

Enter your wallet name and seed to get access to the web client. Then click Next.

Enter a 4-digit, 1-letter PIN. Please note that if you forget and lose your PIN-code, then it will be possible to restore access to the crypto-wallet only by entering the seed-phrase.

Copy the encrypted mnemonic phrase and paste it in the box below, then click Next. It will be securely stored in KeyStation’s password manager, so you don’t need to enter your private credentials every time you need to log into your wallet, and you can do it quickly.

Now we need to save the encrypted mnemonic to the KeyStation. To do this, click Connect.

Excellent! You have successfully logged into the Cosmostation Web Wallet. Now we will explain to you how to stake XKI tokens.

To stake XKI, go to the Reward tab located in the menu on the left.

Scroll down the page to select a validator. Find the required validator and click Delegate.

Important: Choose only reliable validators like Everstake. Our validator is online 100% of the time, and its work is ensured by high-quality efficient servers so that our delegates can get the most profit from staking coins with no slashing risk.

Enter the amount of XKI coins you want to stake. Please note that you need to leave a few tokens in order to pay transaction fees with – at least 0.1 – 1 XKI. 

To quickly enter the amount, you can click on the button 1/2 or MAX. After entering the amount, click Generate & Sign Transaction.

Allow the wallet to delegate coins by clicking Allow. Then enter your PIN to continue.

Done! You have successfully delegated XKI and will now receive rewards. Click Confirm to close the window. By clicking on the button View on Explorer, you can view the details of the transaction and its status.

To manage your delegations and accrued rewards go back to the Reward tab where find Delegated Amount, Reward, and button for rewards withdrawal Claim all rewards. 

Claiming rewards results in replenishing the dedicated address with the rewards amount.

Note that the address for receiving rewards is your Cosmostation wallet address by default, to change it just click on Change claim reward address and fill in another address.

You can undelegate XKI tokens at any time, but the unlocking period is 21 days. Afterward, you can freely use your XKI assets.

 

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