How to stake your $INIT tokens with BlueStake, on Initia Testnet
Disclaimer: The information contained in this article and the resources available do not constitute financial advice and should not be construed as such.
What is Initia?
Initia redefines the multi-chain network experience by seamlessly integrating architecture, product, and economic systems. It offers a comprehensive blockchain solution that enhances how networks operate and interact, making it a prime example of a network designed for interwoven rollups.
Initia integrates a foundational Layer 1 blockchain with a bespoke Layer 2 infrastructure, creating a cohesive ecosystem of modular networks. This setup enables secure scaling through the OPinit Stack, which supports various virtual machines (VMs) like EVM, MoveVM, and WasmVM. The integration of these VMs allows for diverse smart contract deployments, ensuring flexibility and adaptability across different blockchain applications.
The key advantages of Initia include enhanced scalability, interoperability, and economic alignment among users, developers, and application-specific chains. By harmonizing the economic interests of different stakeholders within the blockchain ecosystem, Initia fosters a collaborative and efficient network environment.
Initia’s ecosystem includes several innovative products designed to streamline user interaction and reduce entry barriers. These products include InitiaScan, a multi-chain explorer with VM-specific tools and information; Initia App, a centralized platform for all things related to Initia; Initia Usernames, a blockchain-wide on-chain identity system; and Initia Wallet, a dedicated wallet designed for navigating the expansive Initia ecosystem.
For more detailed information, you can explore their GitHub repository and official documentation.
Why stake my tokens?
Crypto-currency staking consists of locking native tokens (such as INIT) into a Proof-of-Stake blockchain in order to secure the network. You earn rewards for doing so.
As soon as you stake your tokens, you start earning rewards every block. At any time, you will be able to claim your staking rewards directly on your wallet.
In addition, staking allows you to participate in the governance of the Initia ecosystem, giving you a voice in key decisions and developments.
How to Stake my INIT tokens?
1. If you don’t have any wallet, you can either install Initia Wallet or install Keplr Wallet.
2. Create a new Wallet, or import an existing one using it mnemonic. You can follow our tutorial to create a new wallet on Initia Wallet or to create a new wallet on Keplr.
3. Open app.testnet.initia.xyz in your browser and connect your wallet. You can either choose “Initia Wallet”, “Keplr Wallet”, “Leap Wallet” or “Cosmos Ledger App”, whichever you prefer.
4. If necessary, you can request test tokens. Initia is currently in the Testnet phase, so you can request test tokens free of charge. To do so, connect to the testnet faucet and follow the steps:
5. Click on the “Stake” tab, and choose the token you wish to stake. Initia is very innovative in this aspect, allowing us to stake several tokens!
In this article, we’ll be staking the token INIT. But if you’re interested in staking USDCs, you can use the “Swap” module to convert a few $INIT into $USDC, then follow the same procedure.
6. Choose the validator of your choice from the list, and click on the “Next” button.
7. If everything is correct, click on the “Confirm” button and validate the transaction with your wallet:
7. Congratulations, your INIT tokens are now staked and generating rewards. You can claim them directly by clicking on the “Rewards” button on your wallet page.
