Ankr is an innovative decentralized web3 infrastructure. The project fosters quicker adoption of a decentralized internet – web3, easier for everyone.
Ankr creates an enabling platform where web3 users can easily create and manage their nodes for use on Proof of Stake blockchains. It also allows users to stake various Proof of Stake tokens for yield rewards and also access myriads of DApps.
Founded by two UC Berkeley mates, Ryan Fang and Chandler Song, in 2017, Ankr started as a Cloud Computing company. The initial aim was to create a cloud computing service by linking idle machines.
However, the advent of blockchain technology helped the duo and their project explore a new world to build on and participate in using blockchain to create a decentralized ecosystem of DeFi opportunities.
Ankr has evolved to provide solutions to many crypto enthusiasts who want to participate in network maintenance in the Proof of Stake consensus mechanism. Understandably, many people want to participate to have a share of the attractive incentive they will earn.
Usually, technical know-how, expensive hardware, and even financial constraints seem to be huge roadblocks for many people. Luckily, Ankr has provided a way for people to run a node for a PoS blockchain without having to spend a fortune or have technical knowledge.
With Ankr, users can simply create a node for a blockchain in a few seconds to minutes. However, Ankr users who want to run nodes usually pay a monthly fee to access various services on the platform.
Features of Ankr
Ankr offers two main products of PoS blockchain. They include:
1. Node Infrastructure
Running a node can be nerve-wracking for a regular person. Ankr provides a node infrastructure that gives everyone access to run a node more easily.
Ankr’s node infrastructure simplifies running a node, and it allows users to launch a full node or a validator node across various blockchain networks. Meanwhile, it also ensures the efficient performance of all user nodes in order to prevent downtime or loss of staked funds.
This way, blockchain technology, web3, and DeFi can be easily accessible to everyone more simply and seamlessly. Therefore, you won’t need complex technical know-how or documentation to take part in maintaining popular blockchain networks like Ethereum, Tron, Polkadot, Kusama, Polygon, and so much more.
2. StakeFi
Ankr also provides a staking platform where users can easily lock their PoS token in pools to earn high yields rewards. Its staking platform gives users free and flexible control over their assets.
Ankr staking platform is non-custodial; therefore, users can earn staking rewards by simply holding eligible tokens in their wallets without locking them.
Steps to Stake ANKR Coin
$ANKR is the native token of Ankr, and it serves as a legal tender within the network. Users can execute transactions or pay for services, including running a node or monthly subscription with the token.
It also plays an important role in decision-making activities within its DAO system. Therefore, if you hold the token, you automatically earn voting rights in Ankr.
Meanwhile, Ankr holders can also stake their tokens to earn yield rewards in the staking platform. Staking Ankr tokens is possible via the ANKR Staking platform.
Before you start staking, you need to fund your wallet with $ANKR from a DEX like 1inch or any Centralized Exchange like Binance. Once you’ve funded your wallet, head to the Ankr staking platform and connect your Metamask wallet.
Go to the Delegated Staking section and stake your $ANKR. Enter the preferred amount of token you’d like to stake and approve the process.
1. Fund your wallet with $ANKR
Here’s how to fund your wallet with $ANKR from a CEX like Binance:
- Log in/Sign up to Binance
- Buy $USDT
- Swap USDT with ANKR on Binance Convert
- Copy deposit wallet address
- Transfer $ANKR to your crypto wallet
1. Log in/Sign up on Binance
$ANKR is one of Binance’s supported tokens. To buy the token, go to Binance.com on your web browser.
On the Binance homepage, click on LOG IN to access your account with your login details.
If you’re a new user, tap REGISTER to sign up for an account with your email address and password.
For new users, complete email verification and sign in to your account. In your account, go to account settings and complete KYC verification by submitting a clear copy of your government-issued identity document.
Once your account is verified, you can buy $ANKR.
2. Buy $USDT
After logging into your Binance account, click on BUY CRYPTO from the top left side of the home screen.
Choose your preferred payment method. On the next page, choose USDT as the token you want to buy. Once you buy USDT, you can swap for ANKR on Binance Convert.
Proceed by inputting the amount of USDT and then supply your payment details.
Complete all 2FA verifications to approve your transaction. Once your transaction has been completed, your Binance spot wallet will be funded with USDT.
3. Swap USDT with ANKR on Binance Convert
After funding your wallet with USDT, you need to swap the coin for ANKR.
On the top navigation bar, click on TRADE > BINANCE CONVERT.
To convert, choose USDT in the first field tagged ‘FROM’ and ANKR in the second field tagged ‘TO.’
Input the amount of USDT you’d like to swap for ANKR and tap PREVIEW CONVERSION.
Review the conversion rate and confirm the transaction. Once completed, your USDT will be replaced with ANKR in your spot wallet.
4. Copy the deposit wallet address
Once ANKR is in your wallet, it’s time to withdraw it into your crypto wallet. Open your Metamask wallet and sign in with your account password.
Click on the wallet address to copy your ERC20 token address.
5. Transfer $ANKR to your crypto wallet
In your Binance account, go to your account wallet by clicking on WALLET > Fiat and Spot from the top navigation bar.
Here, you should be able to see your ANKR tokens.
To transfer your tokens to Metamask, click on WITHDRAW in front of the tokens.
Paste your Metamask deposit address on the withdrawal page and set NETWORK as ETHEREUM.
Finally, input the amount of ANKR you’d like to transfer and click on WITHDRAW. Complete 2FA verifications to approve your transaction.
However, if you have ETH in your wallet, here’s how to fund your wallet with $ANKR tokens with 1inch:
- Connect wallet to 1inch
- Swap ETH for $ANKR token
1. Connect wallet to 1inch
Navigate to 1inch DEX at app.1inch.io.
On the home screen, tap CONNECT WALLET to link your wallet to the platform.
Accept Terms of Service and Privacy Policy, then choose ETHEREUM as Network.
Finally, scroll down and choose Metamask as the preferred wallet. Confirm the connection by approving the Metamask prompt.
2. Swap ETH to $ANKR token
You can continue with the swap once you’ve linked your wallet to the DEX.
Choose ETH in the first field tagged “YOU SELL” and ANKR token in the second field tagged “YOU BUY.”
Input the amount of ETH you would like to swap for ANKR tokens and click on SWAP.
Approve the prompt that pops up to confirm the transaction.
Once you’ve funded your wallet, you can go ahead with staking ANKR token. Meanwhile, ensure you leave enough ETH to cover gas fees when staking your ANKR tokens.
2. Connect wallet to Ankr Staking platform
On your web browser, visit the Ankr staking platform at https://www.ankr.com/staking/stake.
On the top right corner of the staking platform, click on CONNECT WALLET. Choose Metamask wallet and approve the connection.
3. Delegate ANKR tokens
After connecting your wallet to the Ankr Staking platform, click on ANKR token under the DELEGATED STAKING section and select STAKE.
On the staking page, input the amount of ANKR tokens you want to stake. The lowest amount of ANKR you can stake is 1000 $ANKR (about $38 according to the current $ANKR price).
The only node provider available is ANKR.
Once you’re done, click APPROVE to give token approval to the platform. This will allow the staking platform to access your $ANKR tokens.
Continue by clicking STAKE to delegate your ANKR tokens to the node provider.
Confirm transaction in the Metamask prompt that pops up.
Once the process has been completed, you can see your yield rewards in the staking dashboard.
Ankr staking on the Ankr staking platform is only available for the Ethereum network. Mukti chain support and more node providers will be available in future updates.
Meanwhile, you can claim your tokens and reward at the end of the staking period.
Conclusion
Ankr is an excellent project with visionary roadmap activities mapped out to further enhance the decentralization of the internet with web3. Its valuable products offer easy access to technical blockchain and web3 functionalities, thereby removing the technical barrier.
Ankr is a one-of-a-kind project with huge long-term potential. Therefore, as Ankr continues to grow, its ecosystem economy and tokenized assets will also grow in value.