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How to stake on Band protocol and other content related to Band network by Chorus One |
Band Protocol staking can be done through Ledger hardware wallets. When you stake your BAND tokens with Chorus One you can earn rewards up to 11.2% per annum.
Please follow the guide below explaining how to stake BAND tokens using a Ledger Nano S/Nano X hardware wallet.
You will first need to install the Cosmos application (ATOM) from the Ledger Live Directory as the Band Protocol uses Cosmos SDK.
Go to the block explorer website Cocmoscan.io and click the “Connect” _****_button in the upper right corner as shown in the image.
Now choose a connection method. In our case it’s “Ledger — Cosmos”. Ledger will verify that the site you are connecting the hardware wallet to is genuine. Leave HD Derivation Path unchanged and click “Connect to Ledger”.
Confirm the action on the Cosmoscan.io Band Protocol browser page to use the Ledger device in that browser. Copy the address chrome://flags/#enable-experimental-web-platform-features by clicking the OK button in the pop-up window.
Then enable the “Experimental Web Platform Features” option.
Restart your browser.
Once opened, Cosmoscan.io will ask for permission to connect to the HID device. Click “Connect”.
Success! The hardware wallet is successfully connected.
To get the BAND address, on the main page of the Cosmoscan.io browser, click on the profile icon in the upper right corner, copy the displayed address and send tokens to it.
After the coins arrive in the wallet, you can proceed to BAND staking.
If you do not have your own node, you will not be able to directly stake tokens. You need to delegate BAND to the selected validator. Go to the “Validators” tab (which you saw in the screenshot). Then select a validator from the list, or just start typing its name. We suggest voting for Chorus One— a reliable and proven validator present on over 25 networks. We have highly available infrastructure and high uptime (uninterrupted functioning time).
Click on the validator to continue.
On the page, click “Delegate”.
Enter the amount of tokens you want to delegate manually, or just click “Max” to stake the entire amount at once. Enter any amount: Band Protocol has no limits. Usually you don’t need to enter a Memo, but if the validator has this parameter, then you need to enter it as well. After that click “Next”.
Click the “Broadcast” _****_button. A notification will appear on your Ledger device and you need to confirm the transaction on the device by pressing two buttons simultaneously.
If you have successfully staked Band tokens, you will see the following message:
Done! After the delegation, by clicking the “View Details” button, you can open a page with detailed information about the transaction.
Please note that the unstake period is 21 days. This means that you can only unstake and withdraw coins to your wallet after this time has passed. We wish you profitable staking!