Persistence network, part of the Cosmos ecosystem, was created to connect centralized and decentralized finance together.
At heart, the Persistence blockchain is powered by the XPRT token which offers holders - retail and major investors - the possibility to increase their XPRT supply via staking.
At the moment, the Annual Percentage Rate (APR) for staking XPRT is around 35%. It's one of the highest yields found across the available Proof-of-Stake networks.
Let’s see how we can use the Cosmostation Wallet to stake XPRT and earn rewards.
How to stake XPRT with Cosmostation Wallet
What is Cosmostation
Cosmostation Wallet was built for the Cosmos ecosystem to support Tendermint-based networks - such as the Cosmos Hub blockchain - but also numerous other projects like Binance BSC, Kava, Persistence, Akash, Sentinel, Sifchain, Osmosis, and others.
The wallet is developed by Cosmostation, an enterprise-grade level validator that runs a powerful node infrastructure. The company is located in South Korea and aims to bring together under the same roof multiple projects that use the Proof-of-Stake consensus mechanism.
Cosmostation can be considered one of the most popular crypto wallets for iOS and Android devices which token holders can utilize in an easy fashion to experience the Cosmos SDK-based chains.
Let’s see how we can install Cosmostation on a mobile device to start staking our Persistence tokens.
How to install Cosmostation
Before downloading Cosmostation, choose if you want to install the app on an iOS or Android device. If you prefer the web version of Cosmostation, you can access it here. For the purpose of this guide, we’ve used an IOS device to provide examples, but all the steps are the same for Android devices.
In order to install the Cosmostation app, simply access the AppStore and download the app.
Further on, we will present the steps you should follow if you want to create a Persistence wallet in Cosmostation to engage in staking.
How to create a Persistence wallet in Cosmostation
Cosmostation can support numerous wallets for projects that are part of the Cosmos Hub allowing users to easily access multiple networks from a single location.
To create a wallet for Persistence, launch the Cosmostation app from your device and choose Start.
You now have the option to choose from multiple networks, as you can see from the image below. Select Persistence to continue.
A pop-up will appear with several options from which you can choose. Select Create to continue.
The following step is very important as you receive your actual Persistence address and seed phrase. In order for the app to display your mnemonics select Show Mnemonics.
You are now required to add a PIN code. This PIN code can not be recovered and it is a very important factor as you will need to input it every time you want to make a transaction. Hence, we recommend that you create a PIN code that you can easily remember.
Once you’ve created your PIN code and verified it the app will display your mnemonics. Make sure you write down your mnemonic phrase and keep it in a safe place, optimally offline, known only by you. Once you are done with that select Create Wallet.
Now it’s the time to send some XPRT tokens to your Persistence wallet in Cosmostation.
How to send XPRT tokens to Cosmostation
It’s easy to receive XPRT tokens into your Cosmostation wallet. Just launch your Cosmostation app and click the deposit address at the top of the window.
A pop-up will appear with a QR code. You have the option to ‘Share’ or ‘Copy’ the address. This is your Persistence deposit address where you can send XPRT tokens.
To purchase XPRT tokens, you need to access a centralized or decentralized exchange. You can verify the available Persistence markets on a crypto aggregator that tracks cryptocurrencies.
As soon as you receive XPRT in your wallet, you should be able to start staking your XPRT tokens and enjoy the benefits of increasing your investment value.
How to stake XPRT tokens in Cosmostation
To stake XPRT in the Cosmostation wallet, you need to delegate your tokens to a validator, in our case JECO. Therefore, from the main user interface, click ‘Delegate’ .
Access ‘Top’ from the 3 options displayed at the top of the window. Here you can find the list of available validators for the Persistence network. Select JECO from the validator list by scrolling down until you see the name.
Select Delegate to begin staking your tokens with JECO.
Enter the amount of XPRT tokens you wish to delegate to the JECO validator and press Next.
For the next step you need to insert a memo if you wish to. Since this is optional we will leave it blank. Press Next to continue.
Note: Before you carry on with the delegation process, you should be aware that the XPRT unstaking process imposes a 21-day unbonding period before accessing your tokens again. So, if you just want to run a staking test in Cosmostation, don’t use all your tokens!
Further on, you need to select a transaction fee. We recommend you choose ‘Low’ or ‘Average’. Select Next to continue.
Next, you will receive your delegation details. Make sure that you’ve selected JECO and that the delegated amount and fee are correct. Select Confirm to finalize your delegation.
You will receive a notice about the importance of choosing a reliable validator and that once you unbond your XPRT tokens from a validator, you need to wait for 21 days before accessing your tokens again. To finish the staking process select Continue and enter the PIN you set at the beginning.
If you take a look now at the main wallet interface, you will notice the number of available tokens and the ones that have been placed into staking.
You are now delegating your XPRT tokens to JECO through your Cosmostation wallet.
How to claim XPRT rewards in Cosmostation
Now that you have managed to place your XPRT tokens into staking to earn rewards you may wish to claim the accumulated rewards.
To claim rewards, open the Cosmostation app on your mobile device, and from the main interface select Delegate.
Now, in the next window select ‘My’ from the 3 options at the top. The validators that you are delegating too will be displayed. Select JECO to continue.
Press ‘Claim Reward’
You will receive details about your rewards. Make sure that information is correct and press Next to continue.
Again, you have the option to insert a memo. Since it's optional, leave it blank and press Next to continue.
Select the gas fee you wish to allocate to this transaction (we recommend Low or Average), and press Next to continue.
Check that your information regarding the validator that you are claiming rewards from, the reward amount, and the fee are correct. Press Confirm to continue. To finalize the process of claiming your rewards you will have to insert your PIN code.
Go back into the main dashboard of Cosmostation and see your collected rewards under Available.
How to unstake XPRT in Cosmostation
Cosmostation makes it easy for its users to access their XPRT tokens to send, receive, store, stake and finally unstake them in just a few steps.
To remove your XPRT tokens from staking, you need to open the Cosmostation app on your mobile device and from the main interface select Delegate.
In this area, select the ‘My’ tab and select JECO
This will open up the Validator details. Select Undelegate to begin unstaking your XPRT tokens.
Enter the amount you wish to undelegate from the JECO validator and press Next.
Leave the space where you can insert a memo blank as this step is optional and press Next to carry on with the process.
Select the gas fee you wish to allocate to this transaction (we recommend Low or Average), and press Next to continue.
You will now receive your undelegation details. Make sure that you are delegating from JECO and that the undelegated amount, and fee are correct. Press Confirm to continue.
Enter your PIN to finalize the process.
Note: The unstaking process takes 21 days. During this time, you will not receive any rewards and you won’t be able to speed up the procedure.
What are the risks when staking a PoS-based cryptocurrency?
Cryptocurrency projects that utilize the Proof of Stake consensus mechanism were designed to attract more of the general public to the blockchain world while setting up a more eco-friendly procedure for verifying and accepting transactions.
That’s why, right now, the Proof of Stake mechanism is considered a better solution for digital assets, while Bitcoin’s Proof of Work original protocol is seen as an antique technology that increases electricity consumption all over the world.
Nevertheless, cryptocurrency projects come with various issues and since we are talking about a less regulated industry, we need to make sure we actually understand the project we support before we invest any financial resources.
Will our token prove to be a real store of value while facing a high number of challenges and threats from inside and outside the blockchain space?
Furthermore, we need to understand the existing technical risks when choosing a validator for our tokens. For example, if the validator doesn’t succeed in preserving an optimal level of uptime, some of our own staked tokens may be slashed.
To avoid any unwanted reduction of tokens, we always have to conduct some research on the selected validators. Why would you select a particular validator over another?
As with any financial investment, we must be aware of all the risks involved and do our ‘homework’ before choosing to support a cryptocurrency project or engage in any staking activity.
If you are interested and want to learn more about Persistence, check our dedicated article about the network.
If you are unsure about how to purchase XPRT tokens, feel free to check our guide.
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Why to choose JECO as a validator
JECO aims to become a reliable validator in the Persistence network preserving high availability and providing top-notch security.
We chose Persistence after analyzing its core features and principles and understanding how exactly this project delivers real value to its community and supporters.
Persistence convinced us to support its development as we checked its market value and we actually understood this project can bridge traditional and blockchain-based finance worlds acting as a magnet for retail and institutional players that are looking to secure their investments and engage in a seamless exchange of digital assets.
We are driven to maintain a highly secure infrastructure for Proof of Stake projects that offer long-term perspectives and sustainable staking rewards.
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DISCLAIMER: This guide is not financial advice. Staking activities and cryptocurrency investment involve some degree of risk, and there is always the possibility of losing all digital assets. Furthermore, delegators are at risk of slashing in case of security or technical faults on the part of some validators who didn’t invest many resources in establishing a reliable infrastructure. We advise users to research the projects they want to support before investing.
