Persistence Network, built on the Cosmos Chain, is a Proof-of-Stake protocol that aims to build a stronger connection between traditional finance and decentralized finance.
The Persistence blockchain is powered by the XPRT token that provides retail and institutional investors with the possibility to generate passive income by engaging in the staking consensus mechanism.
Since XPRT is the native governance token of the Persistence blockchain, it goes without saying that it can be used for a great number of cases, such as voting in network proposals which will aid the long term success of the project.
How to stake XPRT with Keplr Wallet
What is Keplr
Cosmos Inter-Blockchain Communication Protocol (IBC) represents an advanced system of independent networks that can communicate and exchange digital assets and various blockchain-based commodities.
In this environment, Keplr was specially imagined to respond to users’ requirements for a reliable and flexible crypto wallet that can enable them to engage in easy trading and liquidity generation activities in the Cosmos ecosystem.
Keplr can easily be installed as a browser extension in order to store, send, and receive Cosmos-based cryptocurrencies allowing users to connect to various dApps, especially decentralized trading platforms where they can acquire coins that are not listed on a centralized exchange (Coinbase, Binance, Kraken, FTX, etc.).
At the same time, the Keplr Wallet can be used to engage in staking operations where token holders can choose from the available list of validators in order to generate staking rewards.
Currently, Keplr Wallet offers access to multiple Cosmos-based networks such as Persistence, Akash, Osmosis, Kava, Sentinel, and Cosmos.
Let's discover further on how we can use Keplr to stake our XPRT tokens.
How to set up Keplr browser extension
Keplr Wallet can be installed on your desktop via Chrome web store. We need to underline that the browser extension is designed to perform optimally in Google Chrome, but it can equally be installed in the Brave browser. If you have a mobile device that runs on Android or iOS, you can look for Keplr Wallet app in Google Play Store or App Store.
To start the installation process, access the Chrome web store and click Add to Chrome.
Once you press Add to Chrome an additional pop-up will appear. Select Add Extension. Once Keplr is installed make sure you pin it to your window for easier access in the future.
Note: We recommend users to install Keplr Wallet only from the official Chrome web store. In addition, users need to remember that it is their responsibility to store the private keys or seed phrases in a safe location.
How to create a Keplr wallet
Sign in with Google
To begin, click on the Keplr extension from you google chrome window. This will redirect you to a new tab that will display the options offered by Keplr to create a wallet. Select 'Sign in with Google'.
First, you need to choose a name for your account and a password that is very difficult to uncover. Since we are talking about an important aspect of your financial security, you need to make sure your password is more than 8 characters long and contains various numbers, case letters, and special characters. It is important to have a very strong password so that your account may be almost impossible to be accessed by hackers. Click 'Next' once you've completed all fields.
A pop up will appear where you will have to connect to your Google account by entering your email address and your password. Click 'Next' and that's it.
Create new account
To begin, click on the Keplr extension from you google chrome window. This will redirect you to a new tab that will display the options offered by Keplr to create a wallet. Select 'Create new account'.
As soon as you choose to create a new account, you will receive your Mnemonic Seed, which you need to secure in a safe place. Do not store it in an online place where it can easily be accessed by malicious software or hackers. If you want to increase your security level, you can choose a 24 word mnemonic seed.
After you save your mnemonic seed in a safe location, choose a name for your account. Click 'Next' to continue.
Note: If you don’t have much experience with crypto, you don’t need to access ‘Advanced’ option.
In the following step, you will have to confirm your mnemonic seed phrase by typing it in the given order. Select ‘Register’ and that’s it.
Import existing account
If you already created a Keplr Wallet before and still have access to your mnemonic seed phrase, you can choose to import your previous wallet. Simply choose to 'Import existing account'.
First of all, you have to insert your seed phrase in the required sequence, then provide a name for your Keplr Wallet. Click ‘Next’ and enjoy your reinstated Keplr Wallet.
For the ultimate level of security in crypto, you can use your Ledger device to store and stake your XPRT tokens. To begin select 'Import ledger'.
Choose an account name and click 'Next' to proceed.
Now, the first thing you need to do is to unlock your Ledger device and access the Cosmos app. Thus, you have to connect your Ledger device to your desktop and access the Ledger Live App, if it’s not already installed. Then you have to go to the Manager tab from the menu and access the Cosmos App.
Follow the instructions to find the Persistence app. Install it first before using it.
As soon as you install the Persistence app, you can choose to use your Ledger device for sending, receiving and staking XPRT tokens.
Let’s now see how we can send some XPRT tokens to your Keplr Wallet address.
How to send XPRT tokens to Keplr
Before engaging in any staking activities, you first need to purchase XPRT tokens. If you have already done that, you need to send the tokens to the deposit address of your Keplr Wallet.
To do just that, access the Keplr Wallet browser extension and select the Persistence network from the drop down list.
Click on the address displayed at the top. This will copy the address to your clipboard.
Another way to do this is to click the ‘Deposit’ button and scan the available QR code, if you want.
In case you don’t have any XPRT tokens, you can purchase them on a centralized or decentralized exchange. You can check the available Persistence markets on any crypto data aggregator that tracks digital currencies.
After receiving the XPRT tokens in your wallet, you can go ahead and use them for trading or staking activities.
How to stake XPRT with Keplr
Now that you have your XPRT tokens in your Keplr wallet you can begin staking them.
At the moment, the current APR (Annual Percentage Rate) offered by the Persistence Network is around 35%.
To engage in staking operations, click ‘Stake’ to access the Dashboard area where the available networks are listed.
On the left hand side of the dashboard is a list of networks. Scroll down until you find the Persistence network and select it. From the drop down menu click ‘Stake’.
The list of validators on the Persistence Network will be displayed on your screen. Scroll down the list until you find the JECO validator and click 'Manage'.
A pop-up will appear with a short description of JECO, its website, and the commission charged. Click 'Delegate' to continue.
Now add the amount of XPRT tokens you wish to delegate to the JECO validator. You can choose to delegate all your tokens or only a part of them. Click 'Delegate' to continue.
Note: Always leave a few tokens on the wallet to pay for transaction fees.
A Keplr pop-up will appear with information regarding the gas fees. We recommend that you set the gas fee to average. To finish the delegation process set the transaction fee and click 'Approve'.
As soon as you finish staking your tokens, you can check the rewards progress. You have the possibility to decide on the frequency of claiming the rewards. The token rewards can be traded any way you want, or you can put them into staking as you did previously.
The steps explained in this guide can be applied to any Cosmos-based network that appears in the Keplr Wallet.
Note: If you want to unstake your tokens, the blocking period is 21 days which means that after you undelegate your tokens you still have to wait for 21 days to actually have access to your coins.
How to claim XPRT rewards with Keplr
Keplr makes it easy for users to claim their XPRT rewards.
Just launch your Keplr wallet and access the Persistence network from the top. You can see your ‘Pending Staking Rewards’ at the bottom of the window. Click 'Claim' to receive the rewards in your wallet.
Select 'Average' for the gas fee and click 'Approve' to finalize the transaction.
How to unstake XPRT in Keplr
Users can unstake their Persistence tokens in just a few clicks. Open your Keplr wallet browser extension and click the ‘Stake’ button.
You are now in the Dashboard of your Keplr wallet. You should see the amount of staked XPRT and pending rewards. Click ‘Manage’ for more options.
This is where you can undelegate your XPRT tokens. Select 'Undelegate' from the drop down menu and click on it.
Choose how many XPRT tokens you want to undelegate. Remember that you have to respect a blocking period of 21 days for your tokens, so you will have access to your tokens after these three weeks. Read the message for more details. Click on 'Undelegate' to continue with the transaction.
A Keplr pop-up will appear with details about the transaction and information about the gas fees. Select 'Average' as your gas fee and click on 'Approve' to finalize your undelegation.
How to stake XPRT with Keplr and Persistence Web Wallet
What is the Persistence Web Wallet
Persistence token holders have multiple options for where to store their XPRT tokens, either for trading or staking purposes.
They can use the Keplr app, a browser extension specially designed for simplicity and speed, or they can take advantage of Persistence’s own web-based wallet that offers multiple security options to users who want to run transactions and engage in staking activities on the network.
Since its launch, the Persistence Network has become one of the most popular networks in the Cosmos ecosystem, delivering an annual yield of 35% and attracting investors who want to secure their financial resources for the foreseeable future.
Even though simplicity is a core attribute for Persistence, the web-based wallet they built offers the possibility to download and keep the private keys on your computer for an increased level of security. Users can access the Persistence wallet with Ledger, the Keplr browser extension or via a KeyStore File that safeguards the private keys and which can be secured with a password.
How to connect Keplr and Persistence wallets
To use the wallets together, users need to access https://wallet.persistence.one/ and choose to Sign In from the top right corner of the window and select ‘Use Keplr’.
A Keplr pop-up will appear with a connection request between the two wallets. In order to authorize this connection, click on 'Approve'.
You will use your Keplr Wallet from that moment on for staking XPRT via the Persistence web wallet.
How to stake XPRT with Keplr in Persistence
If you followed the previous steps above, you should now be in the interface of the Persistence web wallet. Access the ‘Staking’ section at the top of the window.
This is the staking interface where the list of validators offered by the Persistence Network is displayed. Make sure that you are viewing the list of active validators and not the list of inactive validators.
Scroll down the available list to find JECO and select ‘Actions’.
A pop-up with the validator information will appear. Choose ‘Delegate’ to continue
Select the amount you wish to delegate to the JECO validator and click on 'Submit'.
A Keplr pop-up will appear with details about the transaction and information about the gas fees. Select average as your gas fee and click on 'Approve' to finalize the delegation.
You managed to stake XPRT with JECO on the Persistence wallet.
How to claim XPRT rewards with Keplr in Persistence
We’ll assume that your Keplr and Persistence wallets are still connected. If not, go to the section ‘How to connect Keplr and Persistence wallets’ and reconnect the wallets before you proceed.
To claim your rewards with Keplr via Persistence, access the main interface from the Persistence web wallet.
As you access the Persistence wallet, take a look at the top right corner of the page to see your staking rewards. Click ‘Claim’ to access your XPRT rewards.
Choose the JECO validator and click on 'Next'.
A Keplr pop-up will appear with details about the transaction and information about the gas fees. Select average as your gas fee and click on 'Approve' to finalize the claiming your rewards.
Staking rewards in the Persistence network are distributed every block - this means approximately 5 seconds - which takes the annual percentage rate at circa 35%.
Note: The rewards go directly to your wallet address and you can take any action you see fit. You can choose to store them in your wallet, send them to a trading platform or place them into staking.
How to set up another deposit address for rewards withdrawal in Persistence
Persistence wallet allows you to set up a different address for the rewards withdrawal.
This is an interesting option as you may want to receive your XPRT tokens in the deposit address of a centralized or decentralized exchange, where you have the possibility to trade the tokens.
To make this change, access the main interface and select 'Claim'.
Now from the pop-up with details about your rewards, click on ‘Setup Address for rewards Withdrawal’.
Input the address where you want to send your rewards under ‘Revised Address’. Make sure that it's the correct address and select ‘Next’.
A Keplr pop-up will appear with details about the transaction and information regarding the gas fees. Select 'Average' as your gas fee and click on 'Approve' to send your rewards to the desired wallet.
How to unstake XPRT with Keplr in Persistence
We will assume that your Keplr and Persistence wallets are still connected. If not, go to the section ‘How to connect Keplr and Persistence wallets’ and reconnect the wallets before you proceed.
We would first like to emphasize that the unbonding process for XPRT tokens takes 21 days. During this time you will not receive any rewards and you’ll not be able to accelerate the unstaking operation.
To unstake your XPRT tokens, open the Persistence wallet and go to the ‘Staking’ section at the top of the window.
To see how much XPRT you have at stake, click ‘Delegated’
You will now see the validator that you are delegating to (in our case JECO), the delegated amount, and the status. Click on the ‘Actions’ button to proceed.
A pop-up will appear with details about the validator. Click on 'Unbond' from the options displayed.
Under 'Unbonded amount' insert the amount of XPRT tokens you wish to undelegate (we recommend that you leave about 1 XPRT tokens in your wallet to cover the gas fees). Click on 'Submit' to continue.
A Keplr pop-up will appear with details regarding the transaction and information about the gas fees. Select 'Average' as your gas fee and click on 'Approve'. The unstaking period of 21 days begins once you click approve.
What are the risks when staking a PoS-based cryptocurrency?
Crypto networks that are built on the PoS protocol emerged in an attempt to attract more of the general public to the blockchain space and set up a more environmentally friendly method of verifying and accepting transactions.
That’s why, these days, the Proof of Stake mechanism is considered as a better solution for the future of digital assets, while Bitcoin’s Proof of Work consensus mechanism is seen as a power-hungry technology that increases electricity consumption throughout the world.
Still, Proof of Stake-based crypto networks are far from perfect as some networks may suffer from a lack of decentralization or could be prone to various schemes in the market.
So, though it is a great idea to hold a cryptocurrency for a long time, you always need to actually understand the project you support before you invest any financial resources.
Is it worth it to stake a particular coin for multiple years? Will that token prove to be a real store of value?
Furthermore, you need to understand the existing technical risks when choosing a validator for your tokens.
For example, if the validator doesn’t succeed in preserving an optimal level of uptime, some of your staked tokens may be slashed.
It could be a soft slash for several hours of inactivity that results in losing 0.01% of the total tokens, or it may be a hard slash in case of a double-sign event, which is something more dangerous for the security of the network and the validator may lose around 5% of the tokens at stake.
To avoid any unwanted reduction of your amount of tokens, you always have to engage in a bit of research on the selected validators. Do they have a website or are they connected to the public via any other social media channel? Why would you select a particular validator over another?
As with any financial investment, as a user you must be aware of all the risks involved and do your ‘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.
. . .
Why 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 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.
. . .
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.