How to Delegate your $AKT via Keplr, Cosmostation & Ledger wallets (full Ledger Guide) & Staking FAQ

This is a guide to staking your $AKT (AKASH Network) tokens with Keplr, Cosmostation & Ledger wallets brought to you by Citizen Cosmos Podcast.

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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:

You may also subscribe on the announcement channel on Telegram:

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.

Soon a marketplace will be enabled whereby users will be able to sell or buy compute. Token holders — in turn — will be eligible to receive take income (a suggested 20% of the revenue generated within the decentralised network).

For more info on take income see:

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:

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 50%+ 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:

  1. inflationary rewards;
  2. as mentioned previously, 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

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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

Please always leave 0.5 $AKT available in the wallet to allow transactions for delegating to go through as well as claim rewards after you have delegated!!

  • 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;
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  • Upon having a balance available your browser will automatically navigate to:
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  • On that page you will see the following:
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  • 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;
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  • 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;
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  • A window will pop up asking you to set the fee. We would leave it on average and click on the Set Fee button;
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  • Next a new window will pop up asking you to Approve the transaction;
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  • Once the transaction is approved you are set!

Staking with Cosmostation wallet

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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.
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  • 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;
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  • 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;
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  • On the next screen you decide how many $AKT you wish to delegate to the said validator and press Next;
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  • Next on you can insert a memo although you are not required to do so and press next;
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  • You can then approve your Transaction fee for the delegation and press Next;
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After a few seconds the transaction will be confirmed and a transaction hash will be provided.

Compounding Rewards with Cosmostation & Keplr

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 on e.g. Cosmostation, 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.

Using Ledger

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You basically need to have the Cøsmos app installed on your Ledger. Then log into your Cosmos Wallet on your Ledger.

  • Navigate to Cosmostation website on your browser at:
  • while your logged into your Ledger, navigate to the Cosmos app that needs to be installed on your Ledger click on the “Connect Wallet” option in the middle of the page;
  • This will get you to a screen where you can see an option on the top right with a drop-down menu (please note you may be given a link thus, if so, Copy the link it gives you about chrome experimental features and Paste into the address bar for your supported explorer);
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  • Navigate to akashnet-1 so that you find the AKASH address corresponding to your Cosmos app. You will be able to see your $AKT address as per the image below.
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  • This is the address where you can send $AKT on your Ledger device! You can send and receive tokens in that address.

PLEASE NOTE:

While pressing on Connect Wallet you may be asked/given a link related to Chrome experimental features.

i. Copy the link it gives you about chrome experimental features.

ii. Paste into the address bar for your supported explorer.

iii. Restart Chrome and then Connect Ledger. Unlock your Ledger

iv. Then the window to connect to your device should pop-up. Click on it and then click the Connect button

Delegating/Staking with Ledger

  • Whole on your $AKT wallet on Ledger (you must have followed the instructions above):
  • Click on the option Reward
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  • On the next page you will be able to choose the validator to whom you wish to delegate to!
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  • Click on Delegate on your desired validator, specify amount while there is no need/obligation to put a memo unless you wish too.
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You are done!!

FAQ on Staking

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  • Do i have to claim my rewards or are they auto-claimed by my wallet?

For security reasons, a wallet will never auto-claim your rewards unless you commence an action e.g. when you initiate undelegation of your tokens.

  • What is meant by compounding?

Compounding rewards means that you claim you rewards and delegate/stake them too, increasing to your stake in the network. On AKASH Network compounding can help you skyrocket your APY from 50% currently to 70%+ APY.

  • How often should i claim my rewards?

Anything between once every day to a week guarantees that you get the highest rate of compounded rewards.

  • How do i calculate my rewards?

Staking Rewards offers an awesome tool for calculating $AKT rewards and can be found in the link below:

  • What is meant by inflation and how does it affect my rewards?

Inflation is one of the coefficients that affect your rewards. The other one is the bonded tokens ratio i.e. the amount of tokens bonded/staked.

For example if the total supply is 100 million tokens and the inflation is 50%, 50 million tokens are generated by default annually.

However, this amount is only shared by the tokens that are locked in staking. So your rewards would be 50% only if all tokens were staked. Since 90% of the tokens are staked 50 million tokens will be distributed to 90 million tokens staked! As such the APY will be higher than 50%.

  • Will the inflation be 50% forever?

No, as a matter of fact inflation keeps dropping every day. $AKT also has a capped max supply of around 388 million tokens.

The privilege of enjoying high staking rewards is there for people who joined early in the network like all us now.

Please see the below schedule including data on inflation and token unlocking schedules:

https://docs.google.com/spreadsheets/d/1MUULetp59lgNq0z4ckVI51QdtMGvqtKOW8wRfX5R8yY/edit#gid=2130333819

  • But…but i am here for the fat rewards what happens when the inflation is 10%?

Well good news moonbois and moongirls. $AKT is much more than an inflationary PoS token. AKASH Network is a marketplace for the sale and purchase of cloud compute. Through take income, you will be able to share a suggested 20% of the revenue generated in the marketplace! This is going to be effected later on in 2021. For more info see:

  • How long are my tokens locked in staking?

Once you stake your $AKT tokens are locked. They never leave your possession but they are locked into staking with the chosen validator. You can initiate the unbonding process anytime and takes 21 days for the tokens to unlock and become available to your wallet.

  • I want to get to another validator do i have to unlock my tokens?

No! Thus, you can redelegate from Validator A to Validator B at any point in time after you first delegate your tokens (e.g. after you sent them to your wallet from an exchange or after they were undelegated and you changed your mind).

However this is not an option that is unlimited, namely you cannot engage in validator hopping.

Therefore, redelegating from Validator A to Validator B, then consecutively redelegating from Validator B to Validator C is not allowed. There is a 21 day cooldown that applies to a subsequent redelegations.

  • What is the difference between “Commission rate”, “Max Rate” and “Max Change Rate”?

Commission rate is the commission a validator charges against your rewards;

Max rate is the maximum commission the validator has set to charge;

Max Change Rate is the maximum incremental daily increase that the validator has set against their limits.

It is advised that you check your wallet periodically or follow the validators’ channels.

  • I need to learn more about staking is there a guide?

If you need a full guide on staking on Cøsmos chains check:

Blockchain advocate & sceptic | Cøsmos denizen & degenerate ⚛️ | Organic grower & physiolater 🍃

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