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GROW Beginner's Guide: BAND Staking

Updated: Sep 29, 2022



GROW is a hybrid crypto asset management service where crypto users can carry out Staking with ease.


Under the mission of GROW, “Make Crypto Simple”, GROW is providing a user-friendly service where anyone can maximize their profits out of crypto savings and stakings. In particular Auto Stake is a unique feature for GROW users that enables the users to claim staking rewards and restake them to enjoy the compound effect on Staking.


 

Band Protocol is a globally well-known cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. In fact, the price data of all coins registered on the GROW platform have been received from the Band Protocol and this partnership has worked like a charm.


And today, GROW starts to support BAND holders to enjoy the BAND staking with ease via GROW services.


Check out the details below and try BAND staking on GROW!




Step 1. Create BAND Wallet


For depositing BAND, you should create a BAND wallet first.

1. Open the GROW app, and click the [Deposit] button in the Total Asset box.

2. Click on Select Coin field, and select [BAND]





2. Click on [Create Deposit Address].


Congratulations! you have created a BAND deposit address to which you can send BAND funds.






Step 2. Depositing Tokens


Please deposit BAND in your wallet.


  • Please ensure that you input the correct deposit address when sending funds to your GROW account. These deposit addresses will only accept funds from the corresponding cryptocurrency. Due to the nature of blockchain technology, you may lose access to your funds if you send a non-corresponding cryptocurrency or if the deposit address is not input correctly.


Funds in your BAND account do not earn rewards by default (unlike GROW Flexible Earn accounts). To earn rewards on BAND, you must stake your tokens.





Step 3. Staking Tokens


Now that you have deposited BAND into your GROW account, you can stake these tokens and start earning rewards from the BAND network. GROW takes ZERO fees or commissions from your network rewards, so you enjoy 100% of the proceeds.



1. On the main page, press [Total Asset] box, and click on the [Staking] tab to load your [BAND] wallet.






2. Click on [Adjust Stake], and select the number of BAND tokens that you would like to stake. You can input the amount or use the slider for convenience.


Please note that you must always have at least one unstaked BAND available to cover network transaction costs. These transaction costs are incurred directly from the BAND network and are independent of GROW.


3. Press [Apply Changes] to stake your selected amount of BAND.



Congratulations, you have submitted a BAND Staking Request. The request will be processed in approximately one minute.









Claiming Staking Rewards


Through GROW, you can earn two types of rewards on your staked tokens. This section will cover the process for claiming BAND rewards manually.


1. On the Staking page, press [BAND], and press [Claim] on the Reward box.





2. After reviewing the Reward Amount (BAND) and Estimated max. fee (BAND), press [Claim] to continue.

Congratulations, you have claimed the Reward (BAND) on your staked BAND. You can confirm the details of claimed rewards on the Reward tab.


All actions requiring transaction on the BAND network will use a small amount of BAND for the network fee, and claiming reward is not an exception. Whenever you claim the accumulated BAND, you need to pay the network fee. That’s the reason why GROW sets the auto staking.







Auto Staking


For those who find claiming BAND is a hassle, GROW prepared an Auto Staking feature. Turn on the Auto Stake mode and enjoy the compounding effect with the BAND auto staking.



1. Click [Auto Stake] button at the top right corner.

2. Select [Auto Staking On] and click [Save Changes] button.






Unstaking BAND


  • Please note that the Unstaking BAND may take up to 21 days from being requested.


Unstaking is as easy as staking with GROW.


1. Navigate to the [Staking] tab, and click on the [BAND] wallet.

2. Press [Adjust Stake].





3. Adjust the slider or input the amount of BAND that you would like to remain staked. If you want to completely unstake BAND from GROW, move the Slider to Min or enter 0 manually.


4. Press [Apply Changes] to complete the Unstaking request.


Congratulations, you have unstaked BAND. You can adjust your staking amount at any time.


  • Please note that the Unstaking BAND may take up to 21 days from being requested.


If you stake BAND through GROW, you earn BAND rewards directly from the BAND network. GROW takes ZERO fee or commission from your earnings, so you can enjoy 100% of the benefits at no expense.



 

About GROW

Singapore-based GROW offers top-notch reward rates so that clients can safely grow their wealth on a leading global platform for lending and borrowing crypto assets. Additional company information and details on the GROW app can be found by visiting www.grow3.io.



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