A Step-by-Step Guide To Staking BAND
We’re excited to bring this step-by-step staking guide to you! Today, we’re staking Band Protocol’s $BAND with one of our favorite wallets, Atomic Wallet. But before we get started, let’s quickly recap the Band Protocol and what they stand for.
🕵️♂️ What is The Band Protocol? Quick Recap
Band Protocol is a cross-chain oracle data network that aggregates real-world data and APIs to smart contracts and links them together. Users may create and manage on-chain oracles, credibility ratings, token issuance, and token curated registries with the Band Protocol.
The network’s goal is to ensure interoperability between smart contracts and blockchain technology and the rest of the world. Its purpose is to link blockchains and smart contracts to trusted data and services in the real world or off-chain. So, how does it work? Smart contracts rely on external price feeds, events, and values provided via traditional web APIs to resolve its logic and enable secure transfers.
The Band Protocol provides a data governance framework for Web 3.0 applications that operates as an open-source standard and offers a framework for decentralized data management. Therefore connecting smart contracts with trusted off-chain data and effectively creating a trusted information bridge between Web 2.0 and 3.0.
🧐 Staking Guide
Step 1 — Download the Atomic Wallet
Before you can get started with Atomic Wallet, you’ll have to download it, which you can do on their website. Atomic Wallet is available for both desktops as well as iOS and Android.
Step 2 — Open Your Wallet
Once you’ve downloaded the wallet, it’s time to create your wallet in two simple steps. First, click on “New Wallet”, which will open the creation of your wallet for many different cryptocurrencies. Simply fill in your desired password, and you’re ready to go. When you create your wallet, you will also receive a key sentence. Make sure to save this either offline or on an external drive for safekeeping.
Step 3 — Buy or Deposit BAND to your wallet.
After you’ve opened your wallet, you’ll need to either buy BAND assets if you don’t have any yet. Or, you can deposit them from another wallet by using your wallet address. After you’ve deposited your BAND assets, search for “BAND” on the homepage.
❗️Side Note: Atomic Wallet used to support two different types of BAND assets. However, this is now limited to just the mainnet BAND.
Click on “Band Protocol” to open the wallet. Next, click on “receive” a new page will open where you can scan the QR Code or paste the address to send the BAND from another wallet or exchange.
Step 4 — Time To Stake BAND!
Now that you’ve got your BAND on your BandChain address, it’s time to delegate to a validator of your choice and start earning rewards! Click on the “staking” tab on the left of the screen in the menu. Next, select “Band Protocol”.
A display will open, showing the yearly yield, your available balance, and the number of BAND assets in unbonding as well as the amount you’ve received in rewards. Click on “stake” to continue.
After selecting “stake”, you’ll see a new display showing the amount you can stake, along with all the different validators. Make sure to do your research before selecting any validator as there are slashing risks for downtime or malicious actions.
Enter your password, click on “confirm” and that’s it! You’ve now staked BAND.
If you’re wondering how much rewards you would receive with Atomic Wallet, there is a staking calculator (as seen below) on the Atomic Wallet website.
👉 To claim your rewards, all you have to do is go back to the staking menu. Then, click “Claim” on the staking interface. If you want to unstake your BAND, simply press unstake.
📖 More Information & Sources
DISCLAIMER: This is not financial advice. Staking and cryptocurrencies investment involves a high degree of risk, and there is always the possibility of loss, including the loss of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some PoS protocols. We advise you to DYOR before choosing a validator.