How do I stake BAND?

Why just hold your BAND on your balance when you can earn passive income off of your crypto savings? By delegating your coins to a validator of your choice, you express your trust in them. That makes them more powerful in confirming various transactions on the BAND blockchain. As validators get paid for approving transactions, they, in turn, pay back to those who voted for them, and that’s how you earn your rewards. In this guide, you’ll learn how to stake your BAND with Atomic Wallet.

Contents

- BAND 101: the things you need to know
- How to stake your BAND via our desktop app
- How to stake your BAND via our mobile app
- BAND staking rewards
- How to unstake your BAND
- How to calculate when the 21 day waiting period will be over

BAND 101: the things you need to know before staking your coins

  • Staking is only available for the mainnet BAND coin. You can hold both the ERC-20 BAND token and the mainnet coin in Atomic Wallet, but only the latter can be staked. If you want to swap your ERC-20 token for the mainnet BAND, you can either use the official guide on that here or make the exchange here via our partners at ChangeNow.
  • You’ll have to pay a network fee every time you want to stake/unstake your BAND or claim your rewards. Due to that, we strongly recommend against staking all of your funds. Make sure to leave some small BAND amount on your available balance, so that you can pay the fees. Otherwise, you won’t be able to either claim your rewards or unstake your coins.
  • Beware of the risks. The main caveat to BAND staking is the ‘Hard Slashing’ model used by the BAND blockchain. If the validator goes down, gets hacked, or turns out to be guilty of fraud, the entire staking fund gets slashed. For you, that constitutes a risk of losing all of your staked coins. We take great care to only offer trusted & highly reliable BAND validators for staking in Atomic Wallet, but it’s still important to keep the risk in mind.
  • Never top up your staking deposit without claiming your rewards. Once you add more BAND to the ones you already have staked, your unclaimed rewards will go to zero. That means you should always claim your rewards first before depositing more coins.

How to stake your BAND via our desktop app

  1. Navigate to the Staking tab on the left sidebar and choose BAND Protocol from the coin list.

  2. Hit the Stake button.
  3. Set the amount to stake in either BAND or USD. We strongly recommend keeping a chunk of your BAND balance unstaked, so that you can use it, later on, to pay the network fees for unstaking your deposit or claiming your rewards.
  4. Pick the validator you want to trust your BAND with.
  5. When it’s all set, click on Stake BAND. Staking is a regular transaction to be processed on the blockchain, so you'll need to pay a network fee for that.
  6. Enter your password to proceed.
    Before you hit the Confirm button, please note that there's no way to cancel the staking transaction, and unstaking takes 21 full days in case of BAND. That's the way the blockchain itself operates, which means we won't be able to speed the process up for you.
  7. Success! Your BAND is staked now. You can click on the transaction hash to track it on the block explorer. 

How to stake your BAND via our mobile app

  1. Navigate to the Staking tab in the bottom panel and pick BAND from the assets list.
  2. Hit the Stake button.
  3. Set the amount of BAND to stake and decide which validator you want to trust your deposit with. 
  4. Enter your password. Take note of the disclaimer before tapping the Confirm button.
  5. Voila, your BAND is now staked! Relax and wait for your first rewards to arrive.

Rewards

BAND staking rewards are to be claimed manually each time. You should see your first rewards shortly after staking your coins. There are three important things to keep in mind:

  1. Claiming is a regular transaction on the blockchain, which means you'll need to pay a network fee for it. The fee will be charged from your available balance, not the staking deposit. 
  2. The minimum reward to claim is 0.01 BAND. Otherwise, the network fee you'll pay for claiming it will be higher than the reward amount itself. The Claim button will get highlighted once you have enough rewards.
  3. Your unclaimed rewards will be zeroed out if you add more coins to your staking deposit, which means you should always claim your rewards first before depositing more BAND.

You can track your rewards in the wallet app or on the block explorer.

How to unstake your BAND

  1. Navigate to the Staking tab on the left sidebar and choose BAND Protocol from the coin list.

  2. Click the Unstake button.
  3. Set the amount you want to unstake and click on Unstake. Note that unstaking is a regular transaction to be processed on the blockchain, so you'll need to pay a network fee for that.
  4. Enter your password and click Confirm.
  5. Success! You can click on the transaction hash to track it on the block explorer. Your BAND will now be displayed under Unbonding in the Staking screen, as the unstaking process itself takes 21 full days. 

When will the 21 day waiting period be over? 

  1. Fetch your BAND address from the Wallet tab, head over to the block explorer, and search for your address on the blockchain. 
  2. Browse through your transaction history. Once you find the operation labeled as Undelegate, click on it.

  3. You'll see how much time has passed since the transaction was processed. Once the count hits 21, your BAND will be deposited to your address. 


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