BandChain: Guide to Staking BAND
If you have BAND tokens, they will likely need to be converted from Ethereum-based ERC-20 tokens to the native BandChain token in order to stake and delegate. You can swap liquid BAND tokens back to ERC-20 at any time. The Band Protocol team has published this guide for swapping BAND tokens.
If your BAND tokens are on an exchange, you’ll need to transfer them to your Ledger hardware wallet to prepare to stake. Once your tokens are in your control (ie. not on an exchange), you can begin to simple process of delegating stake to the validator(s) of your choice. CosmoScan, BandChain’s native explorer, will enable you see to transaction and validator activity on the BandChain network, and also to delegate.
If you’re prepared to delegate, this is Figment’s validator address:
Otherwise, follow these steps.
Connect your Ledger hardware wallet, enter the pin code, and open the Cosmos app. If you’re not prepared for this step, check out our guide for using your Ledger here. Then click ‘connect’ in the top right corner of CosmoScan.
Once connected, you’ll see your BAND address at the top right side of the screen:
If your tokens are on an exchange, begin by sending a small number of BAND tokens to your new BandChain address. If your tokens are ERC-20, you’ll need to swap your tokens before you can stake them. Once you have tokens, you can select your validator(s) and delegate.
Select the Figment validator from the validator list or head there directly if you want to delegate to Figment Networks. Once on your validator’s page, click ‘Delegate.’
Choose the number of BAND tokens to stake and delegate. Remember that it will take 21 days to unbond once you are staking. Click next, and then confirm your transaction on your Ledger hardware wallet.
Looking to know more about BandChain? Head to our page here to understand what BandChain is and what to expect from participating in staking BAND tokens. The Band Protocol team published their own guide for staking here.