Jul 15, 2020
Staking $BAND with Ledger Nano
A step by step guide how to stake BAND on the band chain.
Intro
This is a step by step guide how to stake mainnet $BAND with the cosmoscan.io web wallet (developed by the BAND team). It works with Ledger Nano S and Ledger Nano X.
Nice to know before delegating:
- You can stake any amount
- You can spread your stake among multiple validators
- It takes 21 days to “undelegate/unbond” (to make your coins transferable)
- Inflation rate: 7% — 20% (depends on staking rate)
- Implied Annual Staking Yield: ~20%
- You only give your staking and voting rights to Swiss Staking; We don’t have control over your funds. Your private key, your coins!
- Swiss Staking charges 0% commission
Step by Step Guide
- Install Cosmos App on your Ledger
First, open Ledger Live and install Cosmos(ATOM) app (because BAND uses Cosmos SDK) on your Ledger.
2. Visit Cosmoscan.io (developed by Band developers)
In this step open the official block explorer cosmoscan.io from the BAND developers. Press the green “connect” button and move to the next step.
3. Connect your Ledger to Web Wallet
In the third step make sure that you are on the correct website. Press “Ledger-Cosmos” on the left, open the installed Cosmos(ATOM) wallet on your Ledger and click on “Connect To Ledger”. Let the HD Derivation Path how it is.
In Brave or Chrome browser a pop up window occurs. Allow your Ledger to connect.
4. Successfully connected
Now you should see your public address. You can send your BAND tokens (NOT ERC-20!) to this address. You can use Binance, Bitmax to swap your ERC-20 Band Tokens to the “real” stakeable Band Tokens on the mainnet Band chain.
5. Select a validator
In this step select your validator. It is also possible to spread your stake among multiple validators. At Swiss Staking we charge 0% fee. This means that your whole staking reward is going straight into your wallet. I’m available on telegram @swiss_staking if you have any questions. We’ve already over 700 days of staking experience (Tezos, Cosmos and so no).
7. Delegate
After selecting your validator press the “Delegate” button.
8. Choose Amount and Submit
Choose the amount you would like to delegate. Let 0.01 BAND undelegated for fees in future transactions (claiming rewards, undelegating).
Submit your transaction and happy staking!
Swiss Staking is “Staking-as-a-Service” provider in Switzerland ran by two crypto enthusiasts. We were one of the first validators on Tezos, one of 30 validators on the Alexander Polkadot Testnet and currently also in the validator set of Cosmos. Over 700 days of staking experience.
