Kava is a decentralized platform that serves as a bank for other digital assets. Kava is built on the Ethereum blockchain and utilises Cosmos features called zones which signifies a network of many independent blockchains. Kava helps users borrow USDX tokens and deposit collateral in return for profits. With Kava, the borrowers are availed to increased amounts of crypto assets such as Binance (BNB), Ripple (XRP) and Bitcoin (BTC). By collateralizing cryptocurrencies to mint USDX, users receive weekly rewards in KAVA, Kava’s cryptocurrency.
Here's a step-by-step guide to get you started:
First, you need to switch to the Kava chain in your Frontier Wallet that has native support for staking KAVA.
You can do this by tapping on the top left dropdown list above your wallet address and selecting the Kava chain.
Once the wallet is selected, select the ‘Stake’ option on the top of your home screen.
This will open the ongoing staking opportunities on the chain with the corresponding APR rewards. Select KAVA to proceed.
You will now open the ‘Validators’ screen, where you can browse the various validators and their uptime, commission %, number of tokens delegated, and rewards. Choose the validator you wish to use to proceed.
On the next screen, you can enter the number of KAVA tokens you wish to stake. If you wish to stake all your tokens, tap on ‘Set max.’
Once you enter the number of KAVA, Frontier will calculate the projected gains daily, monthly, and yearly. This is estimated based on the present APR and KAVA tokens you stake.
Read any notes associated with the staking cooldown period. Once you are ready, select ‘Review’ to proceed.
In the ‘Review transaction’ screen, you will see a summary of the KAVA you have chosen, its present market value, and your chosen validator.
Select ‘Stake’ after reviewing all the details.
You will be prompted to enter your Frontier passcode to verify the staking request.
Your request will be submitted to the blockchain, and you will be notified once it is completed.
Once complete, you will be able to see the staked tokens in your positions tab, or at the ‘Staked’ tab under ‘Stake’ on your wallet home screen.