How to stake KardiaChain
Important information: Deadline for swapping your ERC-20 KAI tokens to native KAI is 9th of April 2021. Read more here!
Swapping ERC-20 to native KAI
At the moment of writing this guide (20th of Feb 2021) Kucoin.com supports the tokenswap bridge, which means they accept ERC0–20 version of KAI as deposit and you can withdraw native version of KAI, while at Gate.io you can only purchase native version of KAI but you can not send ERC-20 version of KAI. If you are not familiar with what this means, it basically means that KardiaChain is moving from ERC-20 token to native KAI version. Please consider buying from one of these 2 exchanges (Kucoin & Gate.io) as the fees will be way less than the ones that support only ERC-20 token as withdrawal.
(For reference, the withdrawal fee on Bittrex is (1,883 KAI) which at the current ratio of KAI/USDT pair it is almost $70. Bittrex only supports the ERC-20 version of KAI which is the old version)
Just for reference the withdrawal fee for the native version of KAI on Kucoin is (25 KAI) and withdrawal fee on Gate.io is (0.01 KAI), it depends on you, from where you are going to buy the KAI and transfer to the main wallet.
However the rest of the exchanges are already working on supporting the native version of KAI and they should be announcing when this is completely done. Stay tuned for more information!
Or, if you have already bought KAI on Uniswap, please go to https://swap.kardiachain.io/ and follow the instructions on how to swap your ERC-20 KAI to native KAI.
Step 1:
Let’s say you bought your KAI off one of the exchanges that support the token swap. (either Kucoin or Gate)
What we need to do right now is go to http://wallet.kardiachain.io/ , it will redirect us to https://explorer.kardiachain.io/wallet-login . Click on Create a new wallet
Step 2:
It’s totally up to you how you want your wallet to be created. You have 3 options:
Option 1: Create with private key
Option 2: Create with keystored file
Option 3: Create with mnemonic phrase
I will choose the option 3, since it is easier to remember the 12 mnemonic phrase.
Once you have written down the phrases click on Create wallet.
You will get a prompt that the wallet has been successfully created. Click on Access Now to continue.
Step 3:
Once you have successfully created your wallet, by following the above steps. It is time to access the wallet.
Once you have clicked on Access Now you will be prompted with 4 options on how to access the wallet.
Option 1: Kardia Extension Wallet Connect
Option 2: Private Key
Option 3: Keystore File
Option 4: Mnemonic Phrase
Since we have decided to use mnemonic phrase, we will choose the last option (option 4).
Now, we will be prompted with another window called Create A New Pass Code.
This is another layer of security that the KardiaChain team has implemented so that you don’t need to enter every single time the mnemonic phrase when you login, instead, you will be typing the pass code. Once our pass code has been written we click on Create
and confirm by typing the 12 word phrases that we recently chosen while creating the wallet.
Upon typing the 12 word phrase, you will be prompted with the pass code that has been created earlier to finally access the wallet.
Finally we are done with creating/securing our KardiaChain wallet. We are almost ready to start staking.
Step 4:
Once you are in the wallet you can just copy the address or scan the QR code and send the native version of KAI tokens.
Only send or withdraw KAI Token from the Exchanges that support native KAI Token.DO NOT send or withdraw KAI Token from ERC20 Wallet to this Wallet. We’re NOT responsible for any token lost.
Step 5:
Our KAI have just arrived from the exchange. We are ready to start staking.
For this, we click on the Staking tab. (At first this might be confusing, but once you get the feel of it, it will be very easy to navigate).
If we scroll down we will find all the Validators from which we can choose to whom we will delegate our coins.
Delegating our coins is super easy. All we have to do is choose which validator we will be using from the list below and click on delegate.
As we can see, there is a bunch of information, such as: validator name, rank, staked amount, voting power, delegators and commission.
Once we click on Delegate we don’t have to change anything (like gas limit or gas price) because the transaction will arrive in a few seconds and the fees are almost free. Just make sure that you save 1 KAI aside for the fees (even though it’s not even this much but still to be safe).
Another thing to point out is that the minimum amount for staking is 1000 KAI. Once we have written the desired amount for staking we hit on Delegate.
Step 6:
In order to claim the rewards we have to navigate to the Staking tab and then click on For Delegator.
In here we can find all the information regarding our delegated coins towards validators. We can see how much we are staking, to whom we have delegated our coins and our claimable rewards.
Simply by clicking on Claim Rewards we can claim the rewards and they will be available in the Balance that we see above within a second.
You can use the staking calculator to see how much you will be earning with the amount you want to delegate. For this just click on Staking calculator, choose the validator, enter the amount of KAI and click on Calculate.
Notes
You can claim the rewards whenever you like. Once you have earned 1,000 KAI you can delegate those 1,000 KAI again.
Your undelegated amount will be marked as “Unbonded”. Your current “Rewards” will be withdrawn to your wallet immediately.
After 168 hours (7 days), your “Unbonded” KAI will be marked as “Withdrawable” and can be claimed to your wallet.
Official KardiaChain telegram group — https://t.me/kardiachain
Unofficial KardiaChain investor group — https://t.me/kai_investors
If you have any questions regarding staking or anything in general, feel free to drop a message on Telegram. Just beware that scammers might PM you right away. Don’t trust anyone!
HAPPY STAKING
