Step-by-step guide on how to stake AKT on the Akash Network using your Ledger Nano S.
Learn how to stake AKT, the native token of the Akash Network, in this step-by-step guide. We are using the Keply wallet together with Ledger Nano S in this guide.
Keplr is an ambitious project and a wallet by Chainapsis. With Keplr you can generate and access your free, non-custodial, digital wallet and easily stake your AKT.
At the moment of writing this article, Keplr supports 2 options to access your wallet and stake, namely:
· Using Mnemonic Seed or Private key
· Using Ledger Nano S or Ledger Nano X
This guide will focus on Staking AKT by using Ledger Nano S. We highly suggest using hardware wallets for your staking operations especially if you are holding a decent amount of AKT.
Staking your AKT via the Keplr wallet with Ledger Nano S involves three main steps:
1. Installing the Cosmos App on Ledger Nano S
2. Accessing your wallet in Keplr
Step 1: Installing the Cosmos App on Ledger Nano S
Make sure to install the Ledger Live before you get started. You can download the application in their website.
- Once you’ve successfully installed the application, open it. Input your password and go to “Manager”
2. Once you’re in Manager, search “Cosmos” in the search bar.
3. You should see Cosmos below then click “Install.”
4. Once it’s done installing, you should see “Installed.” If you see it, then you are ready for the next step.
At the moment of writing the latest version of Cosmos application is v2.16.3. If you have an older version make sure to update it to the latest version.
Step 2: Accessing your wallet in Keplr
Once you are done with Step 1, go to https://wallet.keplr.app/
- You have to download Keplr browser extension first before proceeding further. Click “Install for Chrome” then “Add to Chrome”
2. Once installed, click the Keplr extension.
3. It should take you to Keplr wallet. You can access your ledger wallet by clicking on “Import ledger”
4. Before we go to the next step, select “Cosmos” in your Ledger Nano S by clicking both buttons simultaneously. It should say “Cosmos ready.”
5. Once, it’s done. Input your account name and password then click on “Next.”
6. A pop-up will come out and tick on the box and then click on “Next”
7. Another pop-up will appear then select “Nano S” then click on “Connect”
8. You have successfully imported your ledger to Keplr and created a wallet. Select “Done”
9. You can open your Akash wallet by selecting the Keplr extension. Change the network from “Cosmos” to “Akash” by selecting the down arrow. Then copy your wallet address and send your funds.
Step 3: Staking
Once you have your wallet address funded, then you are ready to stake.
- Open your Akash wallet by pressing the Keplr extension, then press on “Stake”
2. It will take you to the Keplr website and here you can see all Akash validators with their stats like voting power and commission.
3. You will be given options to choose from multiple validators. Choose the validator you want to delegate and click on “Manage”
4. It will show you website information of the delegator. Select “Delegate” to stake with the validator of your choice.
5. Input the amount of AKT that you want to stake then click on “Delegate”.
6. There will be a pop-up by Keplr to set the fee. Choose which fee you are willing to pay. We suggest Average or High then click on “Set Fee”
7. It would show something like this. Approve the transaction in your ledger
8. Once it is done confirming the transactions, you have successfully staked your AKT.
Staking is complete! At the time we are writing this, you can enjoy your AKT rewards with an inflation of 42.86% per year.
Bonus Info: Staking multiple accounts to different validators is a step towards stake decentralization and further increase the network security.