Today, we will learn how to stake Injective ( $inj ) tokens in the Leap Wallet.
If you're interested, follow along with this article.
What is staking
Staking is the process of freezing cryptocurrencies in a specific wallet to support the blockchain network and earn rewards for doing so. This system relies on a mechanism called (Proof of Stake).
Step-by-Step Staking Guide
Step 1: Download and install
Head to the Leap Wallet download page and select the version that matches your device: Web, iOS, or Android.
Step2: Create a wallet
After completing the installation, create a new wallet and save the secret phrases in a safe place so you can restore the wallet at any time.
Step3: Deposit
If you don’t have Injective ( $INJ ) coins, you will need to deposit them into your wallet. You can buy them from an exchange that supports the currency, such as Binance and many others...
Copy your address at the top of the screen and deposit the token.
Step 4: Staking method
- Click on the (stake) option in the user interface.
- Select Injective network and specify the amount you want to stake.
- Choose the validator where you want to stake your coins
After entering and reviewing the information, click the (Review Stake) to complete the process. A small fee will be required to finalize the transaction. This way, the process will be complete, and your $INJ token will be staked.
Claiming reward
You can claim rewards from your INJ tokens periodically. You will receive rewards for staking your tokens.
Go to the user interface, select the (stake) option, and click the (claim) button to add the tokens directly to your wallet.
Unstaking
You can cancel the staking process at any time, but please note that you will need a specific period to unlock the coins before you can withdraw them.
You can also change the validator at any time without needing to unlock the token.
Important Notes
Please secure your wallet with strong passwords and store your recovery phrases in a safe place to ensure the protection of your funds.
Please read the staking terms and conditions carefully, including the potential returns and the time frame.
Please keep up with the news about Injective as the value of the dollars you staked may change based on the currency's price fluctuations. Whether it rises or falls will affect the value of your tokens, (as this value is not fixed)
from Ninja to Ninja
Authored by Ninja: Rawan
Date: 14/10/2024
