JUNO Staking Guide

JUNO Staking Guide

This guide will give you a comprehensive overview on Juno and how to stake your JUNO. Juno is an open source platform for interoperable smart contracts which automatically executes, controls or documents a procedure of relevant events and actions according to the smart contract. These interoperable smart contacts are usable across multiple networks via the inter blockchain communications protocol (IBC). The Juno blockchain is built using the Cosmos SDK.

Staking is the process of locking up a digital asset (JUNO) to provide economic security for a public blockchain. You can learn more about staking JUNO in its official documentation.

Please scroll down to the bottom of this article for the full Steakwallet staking guide, including a step-by-step walk through complete with screenshots.

What is the Juno Network?

The Cosmos ecosystem is based on the Inter Blockchain Communication Protocol (IBC), which allows for an interoperable base layer 0 to now be used to transfer data packets across thousands of independent networks (blockchains) supporting IBC. Juno evolved from a community driven initiative by Cosmos ecosystem developers, validators & delegators with the shared vision to create the world's first sandbox environment to improve on the deployment of interoperable & cross-chain smart contracts via a dedicated sister Hub.

As Juno was built by ATOM holders, 100% of tokens were distribued to ATOM stakers & holders. As such, Juno is a decentralized effort to provide a sister hub to the Cosmos Hub with the primary purpose being to offload smart contract load to a designated zone while at the same time bringing utility back to the Hub. Juno smart contracts can interoperate with all IBC enabled networks, regardless of wasm support on external networks.

Juno is also the permissionless neutral home of CosmWasm interoperable smart contracts and the InterWasm DAO. CosmWasm, enables WebAssembly (WASM) virtual machines (VMs). Adding WebAssembly to the Cosmos SDK allows software written in many languages to run securely on a blockchain.

Juno was developed using the Cosmos SDK and agreement on the network is reached via Tendermint BFT consensus – thus the staking mechanics of JUNO are very similar to Cosmos' native asset ATOM. Staking rewards in the Juno ecosystem are distributed to staked JUNO in two ways:

  1. Transaction fees - transaction fees collected on the Juno Network are distributed to staked JUNO.
  2. Newly distributed JUNO - New JUNO created through the network inflation is distributed to JUNO stakers each block over the first 12 years of the Juno Network operation.

Why should I stake my JUNO?

Staking your JUNO helps secure the Proof-of-Stake (PoS) network. Further, most PoS blockchains are initially inflationary in nature, so staking your JUNO prevents you from getting inflated out of your position as you earn rewards for helping secure the network and validate transaction. Lastly, you can participate in network governance:

  • Secure the network - With JUNO, you have the power to contribute to the security and governance of the Juno Network through staking and voting on governance proposals.
  • Earn rewards - By staking to a validator, you are contributing to the security of the network and are rewarded with JUNO through staking rewards.
  • Vote for the future - Staking JUNO grants the wallet owner the right to vote on governance proposals and contribute to making decisions on the future and direction of the network.

What happens when I stake my JUNO?

As Juno utilizes a Proof-of-Stake consensus mechanism, you can delegate an amount of JUNO you hold to a "validator", making you the "delegator". Validators on the Juno blockchain (and most other PoS blockchains) validate the network by approving transactions. The more JUNO a validator holds the more powerful they are and the more "vote" the have in the network, which allows them to validate more transactions, thus earning more rewards. By delegating your JUNO, you trust the selected validator to be a good network participant. From the earned rewards, the validator gives a certain percentage (stipulated by the network) back to the delegators that have delegated (staked) their JUNO to them.

That's how you earn rewards.

How much can I earn from staking my JUNO?

At the time this post was published, the APY (Annual Percentage Yield) was: 80%.

For the most up-to-date rewards rate, you can check the Steakwallet app.

What is the minimum amount of JUNO I can stake?

To stake JUNO, a minimum of 0.05 JUNO is required. This ensures you can stake and also pay the Juno network transaction fee. You should always make sure to have enough JUNO available to pay for network fees, as all blockchain interactions require them (such as sending a transaction, staking, unstaking, or interacting with any other dApps).

How do I stake my JUNO?

When you stake your JUNO, you are able to choose how much of your JUNO you want to delegate to the validator. You can stake any amount of JUNO, for which you immediately start accumulating rewards. You will not be able to use the staked JUNO for anything else or sell them during the period the JUNO are staked.

Make sure you have enough JUNO in your wallet to pay for network transaction fees.

Please note: You will need to manually claim your rewards and re-stake them to earn the maximum possible rewards. More on claiming your rewards below.

What Validator is my JUNO staked to?

Currently, if you stake your JUNO with Steakwallet your stake gets delegated to validators run by Figment. Figment is a reliable partner and one of the most trusted validator providers in the industry. We plan to offer more optionality in the future.

How do I unstake my JUNO?

When you unstake your JUNO, you can decide on the amount you want to unstake. Once you confirm the amount, your JUNO will now be "unbonding" from the validator. This process takes 21 days, during which your unstaked JUNO is not earning any rewards. When you unstake your JUNO, any unclaimed rewards you may have will be auto-claimed.

Please note:When you unstake JUNO from any given validator, you can unstake at most 7 times in a 21 day period. If you try more, the unstake will fail. You must wait for one of the previous unstaking entries to expire.

When will I start earning rewards?

When you start staking your JUNO and the delegation is confirmed, you will start earning rewards on the staked amount instantly!

How do I claim my staking rewards?

On Cosmos SDK based blockchains, you need to manually claim earned rewards. Unless you have enough JUNO to cover network fees for claiming your rewards, you will need to wait until you have earned enough JUNO to cover the network fee.

On Steakwallet, there is a "Claim Rewards" button right below your staked balance that shows your earned rewards available for claiming.

Does Steakwallet take a cut of my rewards or charge a fee?

No. Steakwallet never charges a fee on your staking rewards.

Is JUNO staking safe?

Given that you always maintain custody of your assets (as Steakwallet is non-custodial), you always remain in full control.

While staking JUNO is relatively safe, and while we work together with Figment as they are one of the most reliable validators in the industry, there's always a risk of slashing. If a slashable event happens, you can lose a portion of your staked JUNO. However, this has not happened on the Figment validator in all its years of existence.

There are two ways you can be slashed:

  1. If you delegate to a validator that is offline for over 20 hours (assuming a 7.22s block time), you will lose 0.01% of the tokens you have delegated to that validator.
  2. If you delegate to a validator that signs the same block twice with the same key, you will lose 5% of the tokens you have delegated to that validator.‌

Staking JUNO through Steakwallet: Step-by-Step Guide‌

Staking Semantics

Staking JUNO tokens is relatively straight forward. Once you stake your tokens, you immediately begin earning rewards. You'll be able to claim these rewards periodically, as they are not automatically added to your staked balance, so you must restake these rewards for compounding earnings.

When unstaking, there is a 21 day lockup period, after which you can withdraw your JUNO.

Key JUNO Staking Considerations:

  • Rewards are distributed daily
  • 0.01% penalty for soft slashing, 5% penalty for hard slashing
  • 80% reward rate (stay up to date on the Steakwallet app!)
  • 21 day unbonding period
  • New delegation required for compounding rewards
  • Leave a little JUNO leftover in your wallet for bonding and unbonding fees

For this guide, we will walk you through the steps of setting up your Steakwallet from scratch and then staking your JUNO. If you already set up your Steakwallet, you can scroll down to the staking section.

Steakwallet can be downloaded on iOS or Android. Steakwallet is a non-custodial wallet, and requires you to keep track of your own secret phrase (often also referred to as "mnemonic").

  • To begin staking with Steakwallet, you first need to download the wallet from either the iOS or Android app store onto your mobile device. Once downloaded, you can open the app and begin the setup process.
  • Start by creating your Steakwallet account, following the steps on the screens below. Simply create a new wallet, agree to the terms, and backup your 12 word phrase. It is extremely important that you backup your secret phrase. Be sure to write down and safely secure your wallet's 12 word backup phrase. This is the only way to recover your  wallet. Once you have created your wallet and backed up your 12 word phrase, you are ready to use Steakwallet.‌
  • Now that you're setup, welcome to the Steakwallet home screen. Here in our "Prime Yields" section you can find the best opportunities to put your money wor work and find many different tokens when you scroll down. From Yearn Vaults to our super simple native staking integrations.
  • Select JUNO from the list and you'll get to the token details page showing you recent performance, your available balance, your staked balance, and if you scroll down further the Staking Info already discussed above.
  • Clicking "Receive" brings up your Juno address allowing you to deposit your JUNO. ‌
  • Once you have funded your wallet with JUNO, head back to the staking section on the token details screen in your Steakwallet.
  • When you are ready to start staking, click “Stake”.
  • From here, select how much of your JUNO balance you wish to delegate. Important reminder: Be sure to leave some JUNO left over for delegating and undelegating fees. Select the amount of JUNO you wish to stake, click “Preview Stake”, and then confirm the stake on the next screen.‌
  • After waiting a couple of seconds for confirmation, your stake will be confirmed and you can view the staking transaction on the explorer. Congrats, you're now staking your JUNO through Steakwallet. If something went wrong, you'll receive an error screen.
  • Now, the Steakwallet’s token details screen will show what you are staking versus your available balance. Here, you can now see how much of your balance is staked versus available and you can re-stake rewards, or unstake tokens. Remember that if you unstake, your token will be unbonding for 21 days.
  • You'll also see a live view of how much rewards you've earned and can choose to claim them by simply clicking on "Claim" and then confirm by clikcing "Claim" again. Once you've successfully claimed your JUNO rewards you can stake them to compound your earnings.‌

More on Steakwallet

Steakwallet is a mobile-first, multi-chain, non-custodial wallet that allows users to easily stake tokens and earn rewards. Steakwallet can be downloaded on iOS or Android, allowing you to instantly secure, send, receive, and stake over 10 different cryptocurrency assets.

Being non-custodial, Steakwallet gives you full ownership of your assets and wallet private keys. With Steakwallet, you are always in control of your assets.

Steakwallet makes every part of the staking experience user friendly from delegation, rewards claiming, unbonding, and more.

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⚠️ Steakwallet should update automatically with every release. If it doesn't, you can manually update it by following the simple steps below. You can also download it based on the steps below:

iOS

  1. Go to Steakwallet on the Apple App Store
  2. Click the "Update" button on top right to update the app or "Download" if you have not yet downloaded the app
  3. Wait for the update/download to finish and voilá

Android

  1. Open the Google Play Store app Google Play
  2. At the top right, tap the profile icon
  3. Tap "Manage apps & device"; apps with an update available are labeled "Update available"
  4. Tap "Update"


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