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Learn about Band Protocol Staking
How to stake BAND?
BAND can be staked from a Ledger hardware wallet using CosmoScan — the official block explorer compatible with the latest version of the Cosmos-SDK.
Additionally, BAND can be staked through various third-party wallet partners such as IBC Wallet, Atomic Wallet, Math Wallet and more!
Please refer to the official tutorials at the bottom of this site.
How much can i earn staking BAND?
Block rewards are distributed to validators and delegators as an economic incentive for securing the ecosystem through staking. With every block produced, BandChain will be generating BAND at a dynamic annual inflation rate ranging from 7%-20% dependent on the ratio of tokens staked in the entire ecosystem.
Although the annual yield is dynamic, based on a 70% staking ratio a 19.3% annual staking yield is implied. You can calculate the current rewards in the Band Staking Calculator.
What are the requirements to stake BAND?
There are no requirements to stake BAND other than having enough token to send a transaction to the BandChain network.
Is there any risk to stake BAND?
Staking BAND carries the risk of token slashing of both independent validator and externally delegated balances in the event of malicious activity or downtime. These penalties ensure full accountability of validators to secure the oracle network and maintain high-quality control standards.
Currently, there are 2 main conditions where tokens are slashed:
- Double Signing (5%): This occurs when a validator signs two blocks at the same height on Chain A & Chain B. There will be a severe 5% penalty imposed on the validator and underlying delegated BAND tokens.
- Downtime (.01%): This occurs if validators have not been available in the last 30000 blocks. If slashed, validators are ‘jailed’ and unable to participate in signing any further blocks until a transaction is sent to BandChain to prove they are online and operational. We will slowly increase this penalty as our validator pool becomes more stable over time.
For this reason, we strongly encourage all delegators to perform due diligence before choosing a validator
Band Protocol is also not responsible or liable for the risks or security flaws of third party wallet partners. Please conduct your due diligence before using applications and transferring funds.
What is Band Protocol?
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle.
How was Band launched?
Band Protocol participated in the Binance Launchpad IEO in September 2019 where 12,368,200 BAND (12.37% of total supply) was distributed to the public.
- Seed Sale Investors comprise 10.00% of the total token supply
- Private Sale Investors comprise 5.00% of the total token supply
- Public Sale Investors comprise 12.37% of the total token supply
- Ecosystem comprises 25.63% of the total token supply
- Team comprises 20% of the total token supply
- Advisors comprise 5.00% of the total token supply
- Foundation comprises 22.00% of the total token supply.
Why do blockchains need oracles?
Blockchains are great at providing immutable storage and deterministic verifiable computations. However, they cannot access trusted real-world information available outside their networks. Band Protocol enhances smart contract functionalities by granting access to reliable data without any central authority or points of failure.
What are the benefits of building BandChain on Cosmos compared to Ethereum?
Building BandChain on Cosmos enables the oracle to have a fast block confirmation time and instant finality, which drastically improve the UX of the dApps using oracle. Cosmos also allows BandChain to significantly lower the cost of transaction, and thus allows the oracle to offer a significantly lower price comparing to other oracles built on Ethereum.
From the Staking Rewards Journal