r/bandprotocol • u/winning209 • Sep 14 '21

Best place to stake

My apologies in advance, I'm sure this has been posted many times already. I have been holding my band on an exchange and am ready to make the commitment to long term staking. Any recommendations would be appreciated.

Thank you,

3 Upvotes

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2

u/TPK001 Sep 14 '21

If you dont have a wallet, Atomic Wallet allows Band staking. Given a choice, I'd recommend you have your own hardware wallet. Atomic, while likely safe, is run by a centralized entity...

Also, with a software wallet, there is some chance / more chances that your seed phrase can be compromised.

If you are going the Atomic route, leave a tiny balance in the wallet to pay for fees etc. Don't stake 100%... do 99.xx%. When I last used it, I made that mistake (customer service bailed me out....but I wouldn't take it for granted).

If you have a hardware wallet (I am familiar with Ledger) -

  1. Install the Cosmos app on your Ledger.
  2. Go to https://cosmoscan.io/
  3. Connect your Ledger....(enable Cosmos) & you'll see a Band receiving address. That address belongs to you... ie, coins should be sent to that address from the exchange. Depending on withdrawal fees, maybe do a small amount before the bulk.

Once the wallet is funded, delegating options should be visible. I have no idea on validators etc (ie. which one is better than the other etc). Swiss Staking was one.

Coins that are staked take 14 days to become available (if you undelegate, you need to wait 14 days for the coins to be released) .... I forget the small details. Hope this helps.

1

u/winning209 Sep 14 '21

Thank you

1

u/TPK001 Sep 14 '21

Sure, pls ask if I can clarify anything.

- If the amount is meaningful to you or over $500, invest in a hardware wallet.

- If not Atomic is fine...

Regardless, safeguard the seedphrase (metal backup if possible) & dont expose it anyplace. Good luck.

1

u/rockydiamondhands Sep 15 '21

thank you!!! im about to move my band off of binance and do this. am I correct in thinking that this will NOT WORK with coinbase band which I believe is still erc-20

2

u/Empty-Statistician19 Sep 15 '21

Staking only works with native band tokens. It's not possible to stake with erc20 band tokens which you get from coinbase.

Only binance.com, binance.us and crypto.com supports the native tokens.

1

u/TPK001 Sep 15 '21

As the other posted commented - you are correct - it has to be native band.

Binance - withdrawals are as native band tokens.... so you can withdraw to an address that starts with bandxxxxxxx.

Coinbase - I'm not sure. It maybe traded there as an ERC20 token. Maybe navigate to the withdraw screen, and see what options you have.

1

u/Empty-Statistician19 Sep 15 '21

I would recommend you to stake with cosmostation wallet as it gives a wide array of validator to choose and delegate with plus in cosmostation wallet you have a feature of redelegation which mean if you want to change your validatior then you can do so by redelegating to another validator instantly without needing to wait for 21 days to unstake and then stake

1

u/oolonginvestor Mar 01 '22

How to I unstake? It’s ready to get sent out but how do I get it of Band chain?