Staking $AKT to Power the World’s First Decentralized Cloud for DeFi and High Growth Organizations
In today’s article, we have a look at quickly and easily staking your Akash $AKT. But before we do that, let’s have a quick look at the Akash Network and what it’s all about.
Akash is the world’s first decentralized open-source cloud, and DeCloud for DeFi (Decentralized Finance) and other applications. So, what does that mean? Akash is a fast, efficient, and low-cost cloud built for DeFi, decentralized projects, and high-growth companies through advanced containerization technology and a unique staking model to accelerate adoption. The network provides scale, flexibility, and price-performance up to 10x lower than the market costs. Additionally, the serverless computing cloud platform is compatible with all cloud providers and all applications that run on the cloud, easily integrating with a company’s existing technology stack.
As the world’s first decentralized cloud computing marketplace, Akash can be used to distribute 85% of underutilized cloud capacity in 8.4 million data centers globally. Akash enables anyone to buy and sell cloud computing.
- If you’d like to learn more about why DeCloud is important for DeFi, click here.
- For the full whitepaper of Akash Network, click here.
Akash Network is a Proof-of-Stake chain built on the Cosmos Hub, the network’s native asset is the Akash Token (AKT). $AKT is used as the primary means to govern, secure the blockchain and provide a default mechanism to store and exchange value. Additionally, $AKT acts as a reserve currency in the multi-currency and multi-chain Akash ecosystem, all the while ensuring economic security of the platform’s public blockchain through staking.
AKT holders can stake $AKT to secure the Akash PoS network; in exchange, they receive rewards. Rewards comprise inflationary rewards and will also include a share of the total network spend (Take Income) that users pay. At Genesis, the initial inflation is set to 54% APY and gradually decreases each month and halves every 3.75 years. The model maximizes reward for early stakers as an incentive to secure the Akash blockchain longevity.
- 100.000.000 $AKT are pre-mined at Genesis with a maximum supply of 388.539.008 $AKT according to the Akash Website.
Let’s Get To Staking!
Step 1 — Install the wallet extension
If you haven’t downloaded the wallet yet, go to https://wallet.keplr.app/; a pop-up will appear as soon as you enter the website. Click on the pop-up; it will lead you to the Chrome extension store. Select: “add to Chrome”.
Once you’ve added the extension, click on it on your screen’s top-right menu to open the Keplr web page.
Step 2 — Create Your Wallet
On the Keplr web page, select “Create New Account” to start setting up your account. There is also an option to Sign in with Google, powered by Torus. In case you already have a Keplr wallet, select “Import Existing Account”.
If you’ve selected “Create New Account”, Keplr will ask if you’d like to have a Mnemonic Seed of 12 or 24 words. Remember to store your seed phrase securely offline and never share it with anyone. If you lose your seed phrase, you will lose the assets within the wallet.
Once you’ve copied your seed phrase, fill out your account name, desired password and confirm by selecting “Next”.
You will then be asked to fill out your seed phrase in the proper order to register. Click on the words to create the sentence, then select “Register”. That’s it! You’ve now created your Keplr wallet. Select “Done” to close the registration webpage, and your wallet should now be opened in the extension. Go to: https://wallet.keplr.app/#/dashboard to continue.
Step 3 — Start Staking
After you’ve opened the Keplr dashboard, copy your account address to send Akash $AKT from the previously mentioned exchanges to your wallet. Now it’s time to get started with staking!
On the left dropdown menu, select ‘Akash’ and then ‘Stake’ (see image below).
After selecting ‘Stake’, the validator overview is shown. In the overview, scroll down to look for the validator of your choice. Then, select ‘Manage’ on the right side of their name.
A popup will appear asking you to fill out the amount of $AKT that you’d like to delegate. Fill out the amount you’d like to delegate and then select ‘Delegate’ to continue.
You will be asked to confirm the transaction and the gas prices, then select ‘Approve’.
And that’s it! You have now staked your $AKT.
As the staking yield is very high, and staking rewards on Akash does not compound automatically, make sure to come quite often in order to manually withdraw and restake your rewards, so that you can get the highest possible APY!
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.