Hey Readers,
In today’s article, we have a look at staking your Akash $AKT. But before we do that, let’s go over Akash Network and what it’s all about.
Akash is the world's first decentralized open-source cloud, and DeCloud for DeFi (Decentralized Finance) and other applications. So, what does that mean? Akash is a fast, efficient, and low-cost cloud built for DeFi, decentralized projects, and high-growth companies through advanced containerization technology and a unique staking model to accelerate adoption. The network provides scale, flexibility, and price-performance up to 10x lower than the market costs. Additionally, the serverless computing cloud platform is compatible with all cloud providers and all applications that run on the cloud, easily integrating with a company’s existing technology stack.
As the world’s first decentralized cloud computing marketplace, Akash can be used to distribute 85% of underutilized cloud capacity in 8.4 million data centers globally. Akash enables anyone to buy and sell cloud computing.
- If you’d like to learn more about why DeCloud is important for DeFi, click here.
- For the full whitepaper of Akash Network, click here.
Token Economics
Akash Network is a Proof-of-Stake chain built on the Cosmos Hub, the network’s native asset is the Akash Token ($AKT). $AKT is used as the primary means to govern, secure the blockchain and provide a default mechanism to store and exchange value. Additionally, $AKT acts as a reserve currency in the multi-currency and multi-chain Akash ecosystem, all the while ensuring economic security of the platform’s public blockchain through staking.
$AKT is available to buy on Osmosis (DEX) for more info you can refer to https://www.coingecko.com/en/coins/akash-network#markets. And you can stake on Keplr Wallet and Cosmostation.
$AKT holders can stake $AKT to secure the Akash PoS network; in exchange, they receive staking rewards. Rewards comprise inflationary rewards and will also include a share of the total network spend (Take Income) that users pay. At Genesis, the initial inflation is set to 54% APY and gradually decreases each month and halves every 3.75 years. The model maximizes reward for early stakers as an incentive to secure the Akash blockchain longevity. For more information about the token economics of $AKT, have a look at the Akash Token website or Mintscan.
Let’s Get To Staking!
Step 1 – Install the wallet extension.
Go to https://wallet.keplr.app/; a pop-up will appear as soon as you enter the website. Click on the pop-up; it will lead you to the Chrome extension store. Select: “add to Chrome”. Make sure you are downloading the official app.
Once you’ve added the extension, click on it on your screen’s top-right menu to open the Keplr web page.
Step 2 – Create Your Wallet
On the Keplr web page, select “Create New Account” to start setting up your account. If you already have a Keplr wallet, select “Import Existing Account”.
If you’ve selected “Create New Account”, Keplr will ask if you’d like to have a Mnemonic Seed of 12 or 24 words. Remember to store your seed phrase securely offline and never share it with anyone. If you lose your seed phrase, you will lose the assets within the wallet.
Once you’ve copied your seed phrase, fill out your account name, desired password and confirm by selecting “Next”.
You will then be asked to fill out some of your seed words correctly, then select “Register”. That’s it! You’ve now created your Keplr wallet. Select “Done” to close the registration webpage, and your wallet should now be opened in the extension.
Go to: https://wallet.keplr.app/ to continue.
Step 3 – Start Staking
Now it’s time to get started with staking!
On the left side of the screen, select ‘Akash’ and then ‘Stake’ (see image below).
After selecting ‘Stake’, the validator list is shown. You can type the name of your preferred validator or scroll down. Then, select ‘Manage’ on the right side of their name.
A popup will appear with the options to redelegate and delegate, click on “delegate”.
Fill out the amount you’d like to delegate and then select ‘Delegate’ to continue.
You will be asked to confirm the transaction and the gas prices, then select ‘Approve’.
And that’s it! You have now staked $AKT.
Staking rewards on Akash does not compound automatically, make sure to come frequently to manually withdraw and restake your rewards so that you can get the highest possible APY!
Bonus: You can automatically compound your rewards, try Stakin on the Restake app.
To claim your rewards, just open Keplr wallet extension and click on “claim” then select fee and click on “approve”, that's it, you just claimed your rewards.
In case you want to reinvest your rewards, click on “stake” then look for your preferred validator, in this case Stakin.
Click on “manage” then “delegate”.
After you set the amount and click on “delegate”, that should be all.
Remember that depending on the network, there will be a locking period when you want to unstake your funds.
If you’re interested in keeping up-to-date with Akash developments and latest news, follow them on Twitter or join the Telegram group.
If you’d like to know more about Stakin, have a look at our Twitter or connect with us through Telegram, Discord and Reddit.
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.
