How to Stake Injective Protocol

24 Jan 2024 by Syed Waleed 10 min read

In the past decade, decentralised networks have surged in popularity, with the passive income stream of staking remaining a vital tool for accumulating more crypto rewards. Layer-1 project Injective ($INJ) presents one of the market’s most exciting opportunities when it comes to this, meaning how to stake Injective Protocol has become an ever-interesting query to research.

TABLE OF CONTENTS

Decoding INJ Token's Unique Magic

How Does Staking Injective Work?

Staking Injective at Cryptocurrency Exchanges

- Binance

- KuCoin

Staking Injective Protocol from Crypto Wallets

- Trust Wallet

- Atomic Wallet

- Ledger Nano Hardware Wallet

How to Stake Injective Protocol - Conclusion

How to Stake Injective Protocol - FAQ

Decoding INJ Token's Unique Magic

In simple terms, think of Injective as a flexible blockchain that works well with smart contracts - especially those designed for DeFi apps (dApps). These apps run on their own on the blockchain, and you can easily access them using a Web3 wallet like Trust Wallet. The main goal of Injective is to provide top-notch trading and smart financial solutions.

Moreover, there are over 200,000 people worldwide who are part of the Injective community, and the Injective system has more than 100 ongoing projects. Big names such as Mark Cuban, Pantera Capital, Jump Crypto, and Binance all support the project.

Built on the Injective blockchain, Injective presents a state-of-the-art, futuristic financial framework that’s also tailored for the creation of decentralised finance (DeFi) applications. These applications stand out for their complete decentralisation, speed, cross-chain capabilities, cost-effectiveness, and user-friendly security measures.

In essence, it’s an innovative web3 initiative buoyed by a growing community of cryptocurrency enthusiasts, entirely focused on the principles of DeFi.

How Does Staking Injective Work?

In broad terms, engaging in Injective staking through a wallet involves entrusting your tokens to validators responsible for overseeing the network and managing transaction processing.

Imagine a teamwork-style financial system where sharing risks and rewards is the norm. When you delegate a stake (basically lending your tokens), you have the chance to earn rewards over time. The trick is to pick validators wisely because their success ties directly to your rewards – it's like making sure your teammates are the best players for the game.

Furthermore, the returns or yield for staked tokens are influenced by factors such as the overall amount of staked INJ on the network, the uptime and commission (fee) of individual validators, and the existing inflation rate.

In simple terms, you don't need fancy tech skills or expensive equipment. Just keep your INJ coins in a wallet, and you'll make money even when you're sleeping.

Staking Injective at Cryptocurrency Exchanges

The optimal choice is to begin staking INJ if there's an existing account on Binance or KuCoin for cryptocurrency trading. The subsequent section will outline alternative options for staking Injective Blockchain on globally renowned exchanges.

Binance

Binance holds the title of the world's largest cryptocurrency exchange based on trade volumes within a 24-hour timeframe. With millions of cryptocurrency traders actively engaging with its platform on a daily basis, Binance has become a go-to destination.

Beyond trading, Binance offers a suite of feature-rich products, including custodial wallets, lending services, cryptocurrency margin trading, and the opportunity for staking and earning rewards.

By utilising this specific link for registration, you can enjoy almost negligible fees (0.075%) when engaging in trades on Binance. As an added perk, you'll also receive a lifelong bonus of 10% off your trading costs.

At present, Binance offers users the opportunity to enjoy complimentary staking benefits by simply depositing and holding coins on the platform. With a selection of over 50 staking products, including INJ, staking INJ tokens on Binance comes with no associated costs.

Step-by-Step Guide on How to Stake Injective on Binance

Initiate the process of staking Injective (INJ) on Binance by following these outlined steps:

Register for a free account on Binance.
Go to the top menu and select 'EARN,' then choose 'Binance Earn.'
Pick INJ from the Dropdown list located just below the 'Binance Earn' header.
If your wallet lacks INJ funds, either 'Market buy' some or make a deposit.
Click the 'Subscribe' button to store your INJ tokens securely.

KuCoin

Unlike Binance, KuCoin is a newer platform where people from the US and EU can trade cryptocurrencies. A group of cryptocurrency enthusiasts from Asia created this site to make sure your valuable assets are safe and trading is convenient for you.

Ranked among the top 10 largest cryptocurrency exchanges globally at the time of writing, this platform's position is determined by its trading volume over the past 24 hours. Specialising in cryptocurrency trading services, margin trading, futures trading, and cryptocurrency staking, the platform offers a diverse range of options for users.

The fee for spot trading cryptocurrency stands at 0.1%, and it's important to note that there are no charges for withdrawing funds from the platform.

KuCoin has this cool feature called 'Staking' where you can stake your cryptocurrency, and it works for 32 different types. There's also something called 'Flexible Staking' specifically for INJ.

The great part is, that if you ever want your coins back, you can release them. Just remember, it takes 21 days for your coins, along with any rewards, to come back to your exchange wallet.

How to Stake Injective at KuCoin

Initiate the process of staking INJ on KuCoin by following the steps outlined below:

Sign up for a free account on KuCoin.
Deposit a few INJ coins or acquire them through market buying.
Navigate to the Dashboard and click on the Staking feature.
Locate INJ in the list and opt to subscribe.
Engage in staking Injective Blockchain directly from your crypto wallets.

Staking Injective Protocol from Crypto Wallets

Explore these alternative venues where you can engage in staking Injective Blockchain, especially if you're a seasoned cryptocurrency user open to taking on a bit more risk with these particular coins.

Trust Wallet

Trust Wallet, a widely recognized decentralised cryptocurrency wallet, offers users a secure means to store, send, and receive various cryptocurrencies. A standout feature of Trust Wallet is its ability to facilitate token exchanges directly within the app.

This means users can convert one cryptocurrency for another without the need for a third-party exchange, adding convenience to their crypto transactions.

Trust Wallet operates on a non-custodial model, granting users complete autonomy over their assets. This stands in contrast to custodial wallets such as Binance, where users depend on the exchange to safeguard and manage their funds.

Ultimately, Trust Wallet empowers users not only to transmit and receive tokens but also to engage in cryptocurrency staking, including assets like Injective Blockchain (INJ).

How to Start Staking on Trust Wallet

Learn how to earn without the fuss and start growing your money effortlessly. Ready to begin your staking adventure? Let's get started.

Head to the Trust Wallet website, download and install.
Acquire INJ by making a purchase or depositing it here.
Navigate to the menu, select 'Staking,' scroll to locate INJ, and click on 'Stake.'
Complete the transfer of the desired amount here.

Atomic Wallet

Featuring compatibility with more than a thousand coins and tokens, Atomic Wallet stands out as a decentralised online cryptocurrency wallet accessible on both desktop and mobile platforms. This user-friendly wallet provides a secure and straightforward solution for storing digital assets, catering to cryptocurrency investors of all experience levels.

With its built-in exchange feature, Atomic Wallet not only allows users to stake but also enables them to purchase new cryptocurrencies directly from the wallet. However, it's essential to note that this feature involves a third party, Changelly.

If you choose to buy through this method, there's an additional cost of 2%, and the minimum purchase amount is $10.

Among the 25(+) diverse coins available for staking on Atomic Wallet, INJ stands out by boasting the highest annual return on investment in the market, reaching an impressive rate of 17% when staked on the Atomic platform.

How to Start Staking on Atomic Wallet

Here is a step-by-step guide to start staking Injectives on Atomic Wallet.

Explore the Atomic Wallet website, kick off the download, and complete the installation process.
Initiate the acquisition or deposit of INJ into your wallet.
Navigate to the menu and select 'Staking'; then, scroll to locate INJ and click on 'Stake.'
Complete the transfer of your desired amount.

Ledger Nano Hardware Wallet

For those who prioritise absolute control over their cryptocurrency assets, the Ledger Nano hardware wallet emerges as the top choice. Specifically, the Ledger Nano wallet is a Bluetooth-enabled USB storage wallet. However, it's important to note that this option comes with a price tag, with the Ledger Nano X priced at around $149.

Moreover, opting for this method allows you to store your cryptocurrency offline, providing an extra layer of security. Additionally, the wallet offers a range of functionalities, including the ability to transfer and receive Bitcoin from blockchains, as well as the convenience of running third-party apps directly on the device.

In addition to staking, users can acquire new cryptocurrencies directly from the Ledger wallet, thanks to its integrated exchange feature.

It's important to note that this functionality involves a third party, namely Coinify, and comes with a cost: 1.7% for bank transfers or 4.5% for credit card transactions.

How to Stake Injective Protocol with Ledger Nano

To start staking INJ using the Ledger, you've got to do two things. First, set up and configure your Ledger device. Then, make sure to lock down your INJ tokens within it.

Next, to kick off the process of Injective staking, head over to the Hub Injective website and establish a connection with a staking validator node. Here's a breakdown of the steps you need to take:

Visit Injective.com.
Go to the Individuals section and select Staking INJ.
You'll be directed to the INJ staking website.
Click the Connect button on the page.
Opt for Ledger from the available options and click on it.
Select a derivation path and click Get addresses.
Connect your Ledger device and unlock it.
Open your Ethereum app and wait until it indicates that the application is ready.
Lastly, choose and connect to a validator from the provided list.

How to Stake Injective Protocol - Conclusion

In the current landscape, staking Injective has become a favoured method for crypto enthusiasts to secure risk-free, passive INJ income. Delving deeper, you can explore the incentives and lock-up durations across various platforms, to further uncover how to stake Injective protocol more effectively.

Moreover, with the escalating value of this cryptocurrency coin, even a small ownership stake can yield a substantial impact over time.

Opting for INJ staking presents a fantastic opportunity to accumulate more INJ while you sleep, regardless of your specific choice.

How to Stake Injective Protocol - FAQ

Is staking Injective safe?

Staking is crucial for fortifying the security of the Injective blockchain. Validators are driven to validate transactions accurately, as any malicious actions or negligence on their part could result in the slashing or forfeiture of their staked tokens.

How long does it take to unstake the Injective?

While INJ is staked, it is not available for sending or swapping. Nonetheless, you retain the flexibility to unstake your INJ at your convenience, a process that takes 21 days to complete. Staking your INJ is not only a personal investment strategy but also an active contribution to the stability and resource allocation of the Injective network.

Is there a minimum and maximum amount of INJ tokens to stake for Injective?

Staking with Injective's INJ token starts with a minimum of 1 INJ.

Is Injective staking non-custodial?

When you delegate your INJ tokens, preferably from a Ledger hardware wallet, to a validator for staking rewards, you retain complete ownership and control of your funds. There is no surrender or contribution of these assets, including any earned rewards, to the validator.