How to stake Kava in cosmostation?
What is Kava?
Kava Chain is a decentralized, permissionless, censorship-resistant blockchain built with the Cosmos SDK. This means it operates very similar to other Cosmos ecosystem blockchains and is designed to be interoperable between chains. Learn more about Kava.
Kava Protocol is the set of rules and behaviors built into the Kava Chain that permits Advanced Decentralized Finance (Defi) functionality like permission-less borrowing and lending.
The KAVA token is an asset on the Kava Chain. Kava Chain is secured by its token KAVA and it is used across the full chain as a transport and a store of useful value. It is given as a gift for minting USDX on the Kava app.
What is staking?
Staking cryptocurrencies may be a process that involves buying and setting aside a particular amount of tokens to become a lively validating node for the network. By simply holding these coins, the customer becomes a crucial piece within the network’s security infrastructure and is compensated accordingly.
Staking income is obtainable within the sort of interest paid to the holder, while rates vary from one network to the opposite counting on several factors including supply and demand dynamics.
As the number of PoS-based networks continues to grow, new alternatives to stake crypto have emerged including the launch of group staking, also refereed to as staking pools, staking providers and cold staking.
What is a validator node?
A validator node may be a special sort of full node that participates in “consensus.” By participating in consensus, validator nodes become liable for verifying, voting on, and maintaining a record of transactions.
Validator nodes underpin the safety of any blockchain or DLT network.
What is a delegator?
People such as you, who stake their tokens with a validator node are called delegators. You “delegate” your tokens to a validator.
The validator node never takes custody of your tokens. They are held in a smart contract on the blockchain that delegates their voting power to a node. This helps secure the blockchain and entitles you to staking rewards.
How to create a wallet?
Cosmostation may be a lightweight mobile wallet that supports Kava storage, transfers, and staking. To create a wallet, install it on your iOS or Android mobile device.
- Download from the App Store
- Download from Google Play
Launch your wallet and tap “Create” on the main screen to feature a replacement wallet, or ”Import” if you have already got a Kava wallet.
Select the Kava to connect to Cosmostation is a multi-chain client that supports such blockchains as Akash, osmosis, SecretNetwork, Band Protocol, and a number of others.
In the next step, you would like to write down the seed phrase that will be used to restore your wallet. Once you are ready, click “Show mnemonics” and write down the seed phrase on paper or somewhere else. Do not take screenshots or store your mnemonic password digitally — this is often not a secure way and your wallet could also be compromised.
Important! If you forget or lose the seed phrase, you’ll not be ready to restore access to funds, and your tokens are going to be permanently lost. Write down the seed phrase on paper, reserve it in a safe place that is not accessible to 3rd parties, and don’t pass it on to anyone other than the people you trust.
After you write down the seed phrase, create and ensure a PIN code to log in to the Cosmostation wallet app, consisting of 4 digits and one A — Z character. Your wallet is now ready. Now you can top it up and stake Kava tokens.
How to top up the Kava wallet?
There are 3 ways to top up any Cosmostation mobile wallet:
- Just copy the Kava address and tell it to the sender or the crypto exchange that will transfer the tokens to you.
- Share the address via messenger or email. You will send a payment request, that people can use to send you Kava tokens.
- Create a QR code that can be scanned in the app to quickly send you tokens.
Once you have KAVA in your wallet, you can start the staking process.
How to stake kava tokens in cosmostation wallet?
- Click “Delegate” on the app’s main screen.
2. This opens a list of validators. Go to theToptab, find a reliable validator, eg Smartnodes, and select it.
4. Enter the quantity of coins you would like to delegate. You can enter the worth manually or select one among the available options, as shown within the screenshot below. Then click “Next“.
5. You can add a memo (optional). This parameter identifies the user, but if you use it, you will need to specify a memo to withdraw coins — without it, you will not be able to get your Kava back, but this can serve as additional protection for your wallet. We’ll skip this step and advance to the next part.
6. Select the fee amount per transaction. The larger it will be, the faster the validators will confirm the transfer. (you can simply choose high as always)
7. Check the transaction details again and confirm them.
Congratulations! Your kava tokens are now staked and will be displayed as “Delegated” which means your tokens are delegated to a validator(smartnodes) that will deliver rewards to you every 5–7 seconds (according to the block time) into your rewards balance. Please also note that if you withdraw coins, they are going to be unlocked only after 21 days, after which are going to be available again within the Cosmostation wallet.
Why choose SmartNodes as your Validator?
- Active in the community. Smartnodes Validator can usually be found in the Telegram and Discord chats answering questions and providing support to the community.
- The Infrastructure used by Smartnodes is only the Best of the Best with 10 Layers of security in place to protect your assets.
- Smartnodes Validator offers 100% Fully refunded Slash and double sign protection
- We are highly active in the cosmos and lend support where we can. We are community-driven. Smartnodes validator actively Votes on proposals to help ensure proper governance.
- 100% support to the Cosmos ecosystem. Smartnodes Validator has given out over $5000 in tokens to help people get started in the cosmos space using our very own Faucet Bot https://t.me/smart_y_bot
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How to stake kava in cosmostation? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.