Risk Advisory:
Staking tokens does carry certain risks. It's crucial to fully understand these before you proceed.
High-Level View of Kava and KAVA Token:
Kava, a cross-chain DeFi platform, offers collateralized loans and stablecoins to users possessing major crypto assets such as BTC, XRP, BNB, and ATOM among others. Users can collateralize their crypto assets in return for Kava's stablecoin, USDX. KAVA token, anchoring the governance and staking aspects, plays a pivotal role in securing the network and voting on crucial parameters.
Understanding Delegating:
Delegating translates to bonding your tokens with a validator, and in exchange, you earn rewards from that validator. The validators, through a consensus-based protocol and transaction confirmation mechanism, govern the network. Block rewards are paid to validators and delegators in newly issued KAVA tokens as a motivational gesture for staking. To simplify terminologies, the delegation process is often referred to as Staking, a term widely accepted by users.
Note on Staking Process:
Upon staking your tokens, rewards are auto-generated. If you unstake your tokens, they get locked for 21 additional days during which no further rewards are generated and the tokens remain unmoved.
Insight on Reward Calculation:
Individual Kava rewards hinge on Block Rewards, Block Time, Daily Network Rewards, and Total Staked. Proposed inflation might be at 7%, but actual inflation will be influenced by average Block Time and actual Block Reward. Use the KAVA Staking Calculator https://trustwallet.com/staking from StakingRewards to estimate potential rewards.
Process of Staking KAVA on Trust Wallet:
You can easily stake KAVA on Trust Wallet via the following steps:
Step 1 - Acquisition and Loading of KAVA Tokens:
Secure KAVA from exchanges and deposit in your Kava Wallet. Make sure the balance reflects correctly. Alternatively, from the main wallet screen, navigate to the Finance tab to reveal all stakable tokens. Look for Kava(KAVA) and tap on it.
Step 2 - Accessing the Earn Menu:
Tap on 'Earn' for the Staking Menu. Here you can view details about your staking status, stake more tokens, unstake your tokens or claim staking rewards.
Step 3 - Selection of Validator:
Enter the stake amount or tap 'Max' for all tokens. Note that the minimum amount is 0.01 KAVA and a minor KAVA balance is needed for network fees. Choose your desired validator, then tap 'Next'.
Step 4 - Initiation of Network Transaction:
Review transaction details and hit 'Send' when ready. A pending message pops up as the network confirms the transaction.
Step 5 - Transaction Confirmation:
Verify the results by tapping on 'More' and then 'Stake Details'. Congratulations, you are now staking your KAVA tokens!
Additional Resource:
To survey your staking status, visit Kava Blockchain Explorer, https://kava.mintscan.io, and search for your KAVA address.
To ensure you have the latest features, be sure to get the most updated version of Trust Wallet: trustwallet.com/download