Band Protocol is a high-performance, cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. In other words, Band’s focus is to create technology that feeds real world data into smart contracts. Based on Cosmos' state-of-the-art SDK, BandChain (Band Protocol’s blockchain) delivers efficient, flexible, and scalable data queries that are secured through cryptographic proofs. Band Protocol enhances smart contract functionalities by granting access to reliable data without any central authority or points of failure.
*Stated Annual Percentage Reward (APR) is estimated based on reported network data. APR stated is not guaranteed and may fluctuate overtime.
Learn More About Band Protocol
What is Band Protocol (BAND), and what is it used for?
Launched by MIT and Stanford graduates, BAND is the primary token used across Band protocol’s Proof-of-Stake network. BAND is used for making governance decisions by voting on the platform’s future. Band’s reputation as a blockchain-agnostic consumer data platform has given it a competitive advantage.
What are Band Protocol staking rewards?
Staking rewards in the form of native blockchain tokens (BAND) are distributed to validators for locking up their cryptocurrencies to a blockchain network to support validator node’s participation in the consensus mechanism and securing the network for a period of time. Refer to the data above for the latest Band Protocol staking reward figures.
What are the costs of staking Band Protocol?
StakeSeeker charges a small percentage-based fee (stated above) allocated towards the administerial 24/7 maintenance and monitoring of our staking infrastructure required to operate our validators effectively and securely. The rewards distributed to our community will be a net of the validator fee charged.
Is staking Band Protocol secure?
When BAND is staked, it’s actually being delegated to a validator. In our case, StakeSeeker facilitates the role of the validator. Similar to staking tokens on any other protocol, staking BAND comes with certain risks. If any downtime is experienced, or if a validator misses another part of the necessary requirements, then a percentage of the staked BAND can be lost as a penalty (known as “slashing”). StakeSeeker monitors its nodes 24/7 and has an excellent track record that minimizes these risks.
What are the current use cases of Band Protocol?
Band is utilized across various decentralized applications such as lending and borrowing, decentralized exchanges, financial management, and asset management.
How long does it take to unstake Band Protocol?
Unstaking (also called unbonding or undelegating) can be initiated at any time. However, it takes approximately 21 days for your BAND to unstake from the network and become transferable. During this time, you will not earn rewards. When the process is complete, you regain the ability to transfer/trade your BAND tokens.
What is the minimum amount of Band Protocol to stake?
You can stake as little as 1 BAND, but remember to keep some BAND token unstaked in your wallet to pay for any potential future transaction fees.
What are the risks of staking Band Protocol?
Like many blockchain protocols, the consensus mechanism used by Band Protocol includes a slashing mechanism whereby any validator that misses too many blocks or double signs a block is penalized by the network, slashing the staked amount on that validator. StakeSeeker is run by Nasdaq listed BTCS Inc. which has its own tokens staked on the same validator nodes, so we are highly incentivized to minimize these risks and maximize our staking reward. However, delegators should be cognizant of these risks.
How do I get started staking Band Protocol?
To begin staking Band Protocol, click the “Sign up for StakeSeeker” button at the top right, create an account with StakeSeeker and gain access to the platform’s crypto portfolio insights. Then, you can begin staking with our validator nodes by delegating your tokens. Within the platform, there are instructions and tutorials on how to link your crypto exchange accounts and digital wallets and how to navigate the platform’s tools. You can view our supported blockchain networks for staking on our homepage.
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