This is a guide to staking your $AKT (AKASH Network) tokens with Keplr & Cosmostation wallets brought to you by Citizen Cosmos Podcast.
This guide is brought to you by Citizen Cosmos podcast, a podcast hosting awesome people from the Cosmos ecosystem. For an overview or listening to the episodes, please see the link below:
Discover the masterminds of the Cosmos blockchain ecosystem and web3
You may also subscribe on the announcement channel on Telegram:
Citizen Cosmos: a web3 brand and a podcast about the masterminds of the Cosmos blockchain ecosystem and web3
A few words about AKASH Network
Akash Network is a sovereign Byzantine Fault Tolerance delegated proof-of-stake (PoS) blockchain built on Cosmos Hub, that leverages Akash Token ($AKT), a native utility token, as the primary means to govern, secure the blockchain, and provide a default mechanism to store and exchange value. $AKT will act as the reserve currency in Akash’s multi-currency and multi-chain ecosystem, while ensuring economic security of the platform’s public blockchain by means of Staking.
Akash Network are currently boasting a ratio of 88.5% of the holders’ tokens locked into staking and 54% APY on staking rewards before validator’s commission. This ratio is the biggest of any other project in crypto space.
Akash Network utilises breakthrough technologies: Cøsmos SDK/Tendermint Core/IBC . The upcoming Stargate upgrade and the launch of IBC ( Inter-Blockchain Communication protocol), marks the completion of the three layers of the Cøsmos stack. For more information on the technology and the upgrade (AKASH Network is one of the core contributors) please see:
The Cosmos-SDK is a framework for building blockchain applications in Golang. It is being used to build , the first…
Purpose of AKASH Network
With 70% market share, four centralised cloud service providers (CSPs) namely: AWS, Microsoft Azure, Google Cloud & Alibaba Cloud dominate the cloud computing market today. With the centralised CSPs, services are inflexible and come at a high recurring cost.
The market is currently in a state of oligopoly.
Akash Network saw an opportunity in the field and is currently building the necessary infrastructure so that companies and developers are offered with an attractive alternative.
The principle behind The Unstoppable Cloud is a fully sovereign cloud infrastructure that cannot be challenged or taken down by adversaries and hackers.
Advantages of AKASH Network over centralised CSPs
- Akash claims to be the world’s first decentralised cloud computing marketplace, leveraging 85% of under-utilised cloud capacity in 8.4 million data centres. Akash enables anyone to buy and sell unused compute;
- Akash DeCloud claims to accelerate scale and price performance for DeFi, decentralised organisations, and high-growth industries like machine learning/AI;
- Efficiency: With Akash you shall pay for what you need, when you need it;
- Flexibility: Akash’s technology is compatible with all existing cloud applications;
- Price Advantage: 10x lower in cost for developers; up to 4x more earnings for compute providers;
- Security: Encryption at rest, run time, transit; web of trust model (PGP) through accreditation.
AKASH envisions a world where cloud computing is permissionless, sovereign, and open, where builders of the internet have greater freedom to improve the human experience.
Benefits & Advantages of Staking $AKT
$AKT holders stake $AKT in order to:
a. secure the Akash PoS network and
b. earn staking rewards in exchange.
Early adopters gain higher rewards (inflation gradually drops) which currently amount to a staggering 55% APY or 70% if rewards are compounded. Compounding rewards means that one reinvests rewards on a daily/weekly/monthly basis thus achieving higher yields.
Rewards comprise of 2 types:
- inflationary rewards;
- in the near future (expected Q3 2021), rewards will include a share of the total network spend (Take Income) users pay!!
AKASH Network’s users will thus be directly benefited from real world adoption of the network. The rewards will not merely be inflationary but — on top — delegators will earn rewards from the income made from providing cloud services!!!
Whom is this guide for
The same basic functions explained for $AKT staking below in this guide, apply for all other tokens such as ATOM, CYBER, KAVA, SCRT, IOV, etc., supported by Keplr and/or Cosmostation wallets.
Staking with Keplr wallet
Keplr is an ambitious project and a wallet (currently available in the form of a Chrome browser extension) developed by Chainapsis. It is anticipated that Keplr will be central to the Cosmos ecosystem post IBC protocol’s implementation. We can safely assume that Keplr will be to Cosmos what Metamask is to the Ethereum ecosystem.
Keplr is also the first decentralized wallet with access recovery available in the Cosmos ecosystem, marking a milestone for the entire Cosmos community!
Steps for delegating $AKT with Keplr
- At first you need to have your Keplr extension installed on your Chrome browser.
- You will then need to click on the extension and a window will pop-up;
- Navigate to the $AKT wallet from the top drop-down menu (as more than one wallets are supported) and click on the blue Stake button;
- Upon having a balance available your browser will automatically navigate to:
- On that page you will see the following:
- The above is a list of all validators with their details, voting power and commission;
- You can review the validators and when ready to delegate, click on Manage;
- Upon clicking you will see some more details about the validator including a small description and their website (on some like the one we selected randomly here)
- Click on Delegate so that you delegate your tokens to the said validator;
- On the example below you have 3 $AKT available to delegate; type the amount you wish to delegate on the box below the available balance and make sure you leave at least 0.1 $AKT for fees for delegating, voting on proposals or claiming rewards; Click on the blue Delegate button again;
- A window will pop up asking you to set the fee. We would leave it on average and click on the Set Fee button;
- Next a new window will pop up asking you to Approve the transaction;
- Once the transaction is approved you are set!
Staking with Cosmostation wallet
Cosmostation is another great wallet with a second to none interface available also on iOS and Android. It is fully featured too and was the first decentralized mobile wallet for the Cosmos hub. For more info and guides on Cosmostation please visit:
The current benefit of Cosmostation is that it also offers participation on governance (voting on governance proposals) to anyone who delegates their tokens to a valdator.
Steps for delegating $AKT with Cosmostation
- At first you need to navigate to your token’s wallet, in our case $AKT.
- You will then need to press on Delegate.
- Next on you get to the screen where you can choose your validator;
You are then presented with a list of validators that can be sorted by Name, APR or Voting Power (atoms delegated to them).
It is always advisable to delegate to smaller validators (some prior due diligence is always required) so that you help decentralise the network. Too much voting power on one validator or just a few could potentially hurt the network.
- Press on the validator you want to delegate to;
- On the next screen you can see details about the total amount of $AKT bonded with this delegator, the self bonded rate, the estimated APR and their commission. You can then press on Delegate;
- On the next screen you decide how many $AKT you wish to delegate to the said validator and press Next;
- Next on you can insert a memo although you are not required to do so and press next;
- You can then approve your Transaction fee for the delegation and press Next;
After a few seconds the transaction will be confirmed and a transaction hash will be provided.
Compounding Rewards with Cosmostation
One of the great features of staking on PoS networks is that you have the option to compound rewards when staking. This means that you can delegate the rewards every few days, week, month. Compounding means that instead of 50% APY you will be generating in excess of 70% if you compound every week!!
In order to compound, while on the initial screen of your $AKT Cosmostation wallet, you press on the Delegate button.
On the next screen you will be presented with the Validator or Validators you have delegated tokens to. Click on the icon of the validator you wish to claim rewards from.
Next on you are presented with a screen where you can opt to Claim Reward if you do not require to redelegate to them but to another one or Re-Invest if you want to delegate to the same validator.
You follow the instructions on the next screens and the transaction will be completed within seconds.
Please Note: Always leave some spare $AKT available so that you claim rewards or transfer tokens to other addresses.