As a cryptonut i'm always looking for value where I can find it and as you move further down the risk curve you tend to be rewarded higher than others, I'm not afraid of taking small risks which is why I like to give these things a shot. I recently came across BAND token which launched its mainnet this month, BAND is a very similar project to another popular currency called ChainLink but it's offering you 15-17% APR to get in staking on their mainnet.
Unlike chainlink that only allows you to stake via Link Pool, Band, The Cosmos based chain allows you to stake via a number of methods, my method of choice was the Atomic Wallet, where I am already staking Tezos and Atomic Wallet coin, so it seemed like a no brainer to do my staking via this hot wallet.
What Is Band?
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks.
Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
How to get Band
According to @coingecko Band currently sells for around $1.12 and is up from its launch 7 months ago of $0.20 so far, you can find more about Band here. You can buy BAND on Kyber Network, Uniswap and Binance but be warned apart from Binance the rest all sell BAND as an ERC-20 token so you'll need. to convert your band to native BandChain tokens first before trying to stake them.
- I purchased my BAND on Uniswap simply because I like using DEX
- Then I had to use Binance to convert it
- Before I could send it to my Atomic wallet for staking
Note: Atomic wallet offers support for both the ERC-20 token and the BandChain token, BandChain addresses begin with band, so it's important to take note so you don't lose your coins by sending them to an incompatible address.
Once you've converted your tokens or bought BAND from Binance you can send it to a wallet address in Atomic wallet.
- Then all you got to do is select the staking
- Select Band
- Set ho much you want to stake
- Click Stake
- And you're done and well on your way to getting 15 - 17% APR
I don't see this as a get rich play but I'm happy to get in on the ground now while the main net is still forming and I get. high yield for the risk I am taking. As the chain matures and users begin. to buy in and stake I imagine the network will adjust to lower yields and hopefully by then I've picked up a decent stake.
When I look at the popularity of chain link and that BAND has a similar play and the backing they have from Binance and Sequoia, I thought to myself it would be worth a shot.
Very happy with my buy
Have your say
What do you good people of HIVE think? Would you give Band a shot or am I nuts?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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