Compound BAND Staking Rewards
The fastest way to build your stack of tokens is to claim and restake rewards as often as possible, but it’s time consuming. When I was new in crypto I would claim and restake my rewards at least weekly, but as the novelty wore off it became more of a chore.
I wished there was a way to autocompound my staking rewards and the Universe listened! REstake was born. Using the power of authz permissions, REstake will automatically compound your staking rewards every day, and even every hour.
Today we will show you how to set up autocompounding your BAND staking rewards. It’s much simpler than you think, so let’s go!
Auto-compound BAND staking rewards with REstake
This step-by-step REstake guide will show you how to set auto-compounding up with any supported token, but today we will focus on Band Protocol.
1. Navigate to the REstake app and then click, “All networks.” (image below)
OR, navigate to Atlas Staking’s BAND REstake page and skip all the way to #6 below.
2. Select the Band Protocol network by either scrolling down to find it, or by clicking the “Choose a Network” dropdown box in the top right corner. (see image below)
3. If you scroll down on the REstake app’s main page and click the Band Protocol box, you will then see the popup shown below.
If you select the Band Protocol network form the “Choose a Network” dropdown box in the top right corner, you will see the second screenshot below.
4. Connect your wallet. REstake is currently compatible with Keplr, Cosmostation, and Leap wallets. (see image below)
5. Scroll down the list of available validators to find Atlas Staking and then click “View.” (see image below)
6. Click “Stake” at the top of the menu that pops up. (see image below)
7. You must have at least 1 token staked to grant authz permission to REstake. If you don’t already have BAND staked with us at Atlas Staking, click “Delegate” to stake your tokens. Be sure to leave the spare change to the right of the decimal to pay for future transactions. (see image below)
If you already have BAND staked you can skip to step #10.
8. Enter the number of BAND tokens you would like to stake and then click “Delegate.” (see image below)
9. Click “Approve” when the popup appears to submit the staking transaction.
Your active staking position will then automatically be displayed. This information can be found under the “My Delegations” tab. (see image below)
10. Click on Atlas Staking and a popup will appear. Then, click “Enable REstake.” (see image below)
11. Decide whether you would like REstake to automatically compound your BAND staking rewards for one year (which is the default) or less. Leave the “Max amount” box blank so REstake can compound all of your BAND rewards. Click the calendar icon to select the length of the authz permission granted to REstake.
Then, click “Enable REstake.” (see image below)
12. A popup will appear to approve the transaction in your wallet. Make note of the expiration date for your records. This is when auto-compounding stops. Click “Approve.” (see image below)
13. That’s it! You will then see that the BAND staking rewards auto-compound strategy is active for one year. Atlas Staking compounds every hour to maximize your return. (see image below)
However, this can present a record keeping challenge because there are 24 transactions in one day. We suggest checking out services, like Crypto Tax, Blockpit, or Token Tax that may be able to automatically import all your transactions.
Hopefully, this step-by-step REstake guide has shown you just how simple it is to auto-compound your BAND staking rewards. You bet it’s simple.
How to revoke authz permission and stop REstake
But, what if you change your mind and want to revoke the permission? Is it easy to stop REstake? You bet it is!
If you want to revoke the permission you have granted to Atlas Staking through REstake, simply click the green “REstake” tab shown below and then select “Disable REstake.” Approve the transaction in your wallet and auto-compounding has stopped.
Whenever you are ready to auto-compound your staking rewards, simply connect your wallet and grant the permission.
Frequently Asked Questions
Is REstake safe?
The authz permission you grant to REstake is only to withdraw rewards and stake them. That’s it. Your tokens cannot be sent anywhere. In a worst case scenario, if the REstake website was to experience a hack and the authz grant was compromised, the worst a hacker could do would be stake your tokens with a different validator.
Additionally, you can select the length of time permission is granted. The REstake default is one year, but that can be changed. Scroll up to step #11 above to see.
Plus, the authz grant can be revoked at any time. See “How to revoke authz permission and stop REstake” above.
What is auto compound staking?
Staking rewards are not automatically compounded. They accrue until you claim them and restake them. That is called compounding and is normally a manual and time-consuming process.
Auto-compound staking uses the power of authz grants to give permission to the REstake platform and the validator of your choosing to restake and compound your staking rewards.
How often do you get rewards for staking?
People who stake their tokens are called, delegators. Delegators earn staking rewards at each block, or every few seconds.
Are staking rewards compounded?
No, staking rewards are not automatically compounded. You must manually claim and restake them, which can be a time-consuming chore.
The more often you compound your rewards, the faster you accumulate tokens. Services, like REstake and Yieldmos can automate this process for you.
Which is the highest paying auto staking & auto-compounding protocol?
It actually depends on how the authz grant is set up. Atlas Staking compounds your BAND every hour to maximize your return.
What is the daily compounding reward?
The daily compound reward is the annual compound rate of return divided by 365.
Is it better to compound daily or monthly?
The more often you compound staking rewards, the faster you accumulate tokens. However, each transaction probably needs to be kept track of for income taxes. Daily auto-compounding results in 24 separate transactions per day. We suggest using platforms, like Crypto Tax, Blockpit, or Token Tax that may be able to automatically import all your transactions.
Nothing we say is financial advice or a recommendation to buy or sell anything. Cryptocurrency is a highly speculative asset class. Staking crypto tokens carries additional risks, including but not limited to smart-contract exploitation, poor validator performance or slashing, token price volatility, loss or theft, lockup periods, and illiquidity. Past performance is not indicative of future results. Never invest more than you can afford to lose. Additionally, the information contained in our articles, social media posts, emails, and on our website is not intended as, and shall not be understood or construed as financial advice. We are not attorneys, accountants, or financial advisors, nor are we holding ourselves out to be. The information contained in our articles, social media posts, emails, and on our website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation. We have done our best to ensure that the information provided in our articles, social media posts, emails, and the resources on our website are accurate and provide valuable information. Regardless of anything to the contrary, nothing available in our articles, social media posts, website, or emails should be understood as a recommendation to buy or sell anything and make any investment or financial decisions without consulting with a financial professional to address your particular situation. Atlas Staking expressly recommends that you seek advice from a professional. Neither Atlas Staking nor any of its employees or owners shall be held liable or responsible for any errors or omissions in our articles, in our social media posts, in our emails, or on our website, or for any damage or financial losses you may suffer. The decisions you make belong to you and you only, so always Do Your Own Research.
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