How do I stake BAND?

Stake your BAND with Atomic Wallet to receive interest on your deposit! Here, we'll guide you through everything you need to know to stake your BAND and earn rewards. 

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Getting started with staking

Staking looks pretty straightforward as a process—instead of just keeping your BAND deposit on your balance, you're choosing to stake it and earn interest. Where does the interest come from, though? 

By delegating your BAND to a validator of your choice, you're expressing your trust in them, which makes them more powerful on the BandChain blockchain. As validators get paid for confirming blockchain transactions, they in turn pay back to those who supported them. That's how you earn your rewards!

By staking your BAND in Atomic Wallet, you're choosing us as your validator.

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

First reward In 24 hours
Regular rewards Every 24 hours
Yearly yield 13%
  • 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 use the official guide on that here.
  • 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.
  • 0.005 BAND will be reserved on your address for future fees for claiming/unstaking transactions when you stake. That means that these funds are still on your address and are available to send away or swap, but are not available for staking. It is done in order to avoid a situation in which you accidentally stake all of your funds and are unable to unstake your coins or claim your rewards.
  • 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 in Atomic Wallet 

  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;

  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 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. Enter your password. Take note of the disclaimer before tapping the Confirm button;

  6. 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. Go back to the BAND staking interface;
  2. 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;

  3. Enter your password and click Confirm;
  4. 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. Scroll down a little and find the 'Unbonding' tab just below your balance;

  3. You'll see exactly how much BAND you've got unstaking, along with the time and the date when the unstaking will be complete (in the 'Unbonded At' column). 

     

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