Discover the staking process on Aura Network, a high-performance Layer 1 ecosystem. Learn how to set up your wallet, select validators, and earn rewards by securing the network. Explore the benefits of staking with Aura Network and the support provided by Originstake.
What is Aura Network?
Aura Network is a robust Layer 1 blockchain ecosystem designed to drive the mass adoption of Web3 in emerging markets through high performance and built-in modularity. The protocol allows users to mint, rate, track, and trade NFTs, providing a streamlined platform for managing trading assets in the crypto market.
- Aura Network Foundation collaborates directly with brands and IP owners to transition their web2 portfolios to web3.
- User Experience Focus: Prioritizes a superior user experience.
- NFT Adoption: Accelerates the adoption of NFTs in real-life applications.
- Developer Tools: Offers open-source, scalable tools to expedite software development.
- Technology: Built on the Cosmos SDK, the most widely used framework for creating blockchains.
Learn more about Aura Network.
What is staking?
Staking involves locking up a digital asset, such as Aura on the Aura Network, to secure and maintain the blockchain. This process allows participants to earn rewards and play a role in network governance.
Purpose of Staking:
- Chain Security: By staking Aura, users contribute to the network’s security and governance.
- Earn Rewards: Choose validators on the Aura Network and start earning rewards.
- Vote on Proposals: Stakers can vote on network proposals and influence its future direction.
Aura holders who don’t operate validators can still participate in network security through delegation. By staking their Aura, they delegate it to one or more validators. These validators earn rewards but face the risk of slashing if they misbehave. Before starting the staking process, Aura holders need to set up their wallet, transfer Aura, and select validators.
Staking on Aura Network
Setup your wallet
Choose your wallet provider. Aura Network supports Leap Wallet, Coin98 Wallet, and Keplr Wallet. Follow the respective guides to set up your wallet:
If you’re using a hardware wallet, you can use the Cosmos app through Keplr.
If you don’t know which one to choose, you can follow this comparison:
Create Aura Network Wallet
For this guide, we’ll use the Keplr Browser extension. Connect your Keplr wallet to Aurascan to add the Aura Network.
Select your validators
Review information on Aura network explorers like Aurascan before selecting validators. Consider factors like:
- Validator Name and Description: Identity and details of the validator.
- Commission Rate: The initial commission rate on rewards.
- Minimum Self-Bonded Amount: The minimum amount of Aura the validator must maintain.
Delegate to a validator
Once AURA holders have identified a validator they trust, they can begin delegating their AURA through delegation transactions (with transaction fees as any other transactions).
To maintain the security and decentralization of the network, it is recommended to delegate AURA to multiple validators instead of just one or a few.
- Multiple delegations prevent any one validator from having too much voting power, which could pose a risk to the network’s integrity.
- Additionally, delegators should be mindful of the commission rates charged by validators, as higher rates mean fewer rewards for the delegators.
By spreading their delegation across multiple validators with reasonable commission rates, delegators can maximize their staking rewards while contributing to a more secure and decentralized network.
After delegating successfully, staking rewards are generated to staked Aura holders in both ways:
- Transaction fees
- Block provisions: the total supply of Aura is inflated to reward stakers. Aura holders who do not stake do not receive rewards.
Claim rewards
Staked Aura holders can claim their rewards by sending a claim reward transaction. The rewards will then be automatically transferred to their wallet.
Conclusion
Aura Network provides excellent staking opportunities, but selecting a reliable validator is essential. Originstake is a trusted partner, offering support services and ensuring safety and profitability in staking activities. With Originstake, users can stake on Aura Network with confidence.
About OriginStake
Originstake is your professional and trusted validator that assists you in your staking activities. We provide full support services, a reward management dashboard, rewards sharing, and much more!
With Originstake, staking is safe, profitable, and extremely cost-effective!
