If you would like to learn more about staking before we proceed, we recommend watching this following video which provides valuable information about what staking is and how it works.
Are you ready to stake?
It’s important to remember that throughout this process, you’ll have complete control over your assets. You’ll never be asked to withdraw your funds or give permission to manipulate your assets. When you install and create a new wallet, you are the unique owner of it. Even when staking your tokens with a validator, your assets will remain in your wallet and can’t be lost if you keep your seed phrase safe.
Before starting, you need to set up a wallet. Already have one? if not, click here
Let’s get started!
SWAP token to BCNA
Let’s swap some token into the native token from Bitcanna project named BCNA. For that, let’s go to osmosis zone website.
Click on “Connect Wallet” on the top right menu and a new window will pop up. Choose “Keplr Wallet“.
After successfully connecting your wallet, navigate to the left-menu and click on the “Swap” button. From there, select the token of your choice (in our example we have chosen OSMO) and proceed to exchange it for the native token from Bitcanna, the BCNA. It’s important to remember to keep a small amount of OSMO in your wallet to cover any gas fees associated with your transactions. It’s important to note that using the MAX button to swap your OSMO tokens will exchange the entire balance in your wallet, leaving you with no tokens to process transactions. So, to avoid this, it’s recommended to manually select the amount of OSMO tokens you wish to swap instead of using the MAX button.
After you click on the “Swap” button, a new window will appear, prompting you to confirm the transaction and pay a fee to complete the swap. Click “Approve“.
As you can see, you tokens BCNA are displaying there. Congratulations.
From Osmosis to Bitcanna Native blockchain
Now we will need to transfer thoses token from the blockchain OSMOSIS to the native chain of Bitcanna. For that, click on the button “Withdraw“.
A new window will pop up asking you to accept to add this new native chain to your wallet KEPLR. Click “Approve“.
A new window will appear showing up that you are transferring tokens from the OSMOSIS blockchain to the native Bitcanna blockchain. The receiving address is automatically generated and begins with “bcna…” – there is no need to edit it. Simply enter the amount of tokens you wish to transfer, and they will be sent to the native chain of Bitcanna.
Before processing, if you want to be sure about the Bitcanna reception adress, open your wallet KEPLR and choose the network Bitcanna as following :
Compare the adress displayed on your wallet and the one generated automatically during transfer. Both should be the same!
Click on “Withdraw BCNA” and confirm the transaction as following :
Your token should appears on your wallet KEPLR in the native chain of Bitcanna. Good job!
Staking BCNA token and generate a Yield
Today, staking your tokens BCNA will give you a yield of 37.95%. Click on “Stake” button. A new window will open up. Choose “Keplr Browser Extension“. Welcome to Bitcanna Portal!
Select the “Validators” option from the left menu, and you will see a list of the top 100 validators of the native blockchain.
Select Aviaone 🟢
Click on “Delegate” and select the amount of token.
After clicking on “Next”, a transaction prompt will appear, and upon approving the transaction, you will officially start earning a yield on your staked tokens. Congratulations!
Claim your rewards
You have the flexibility to claim your rewards anytime, as they are automatically reflected in your KEPLR wallet, where you can click on the “Claim” button to initiate the process. However, keep in mind that each time you claim, you will have to pay transaction fees. Hence, make sure that the transaction fee is not higher than the amount of reward you are claiming.
Congratulations on using crypto like a pro! By doing so, you’re not only generating a yield, you are also contributing to the health of the network.
Want to know more about Bitcanna? here