Celestia

For those captivated by the modular blockchain solutions and the promise of platforms like <a href="https://www.blockhead.co/tag/celestia/" rel="noopener noreferrer nofollow">Celestia</a>, holding $TIA is not good enough. Staking $TIA (the native token for Celestia) presents a compelling opportunity for further airdrops from projects leveraging on Celestia&#39;s technology.Here&#39;s a funny thing to share - I previously received the $TIA airdrop, but sold it off early &#x1f480;. However, recently I got a small bag just farming the upcoming airdrops.Celestia was built with the Cosmos SDK and uses Tendermint consensus. Typically in world of Cosmos ecosystem, when a new project starts they will airdrop to some of the existing projects in the ecosystem. This enables the new project to attract an audience who is already familiar with the Cosmos ecosystem.For example, $ATOM is the native token for Cosmos Hub. If you previously staked $ATOM, you would have received airdrops for Namada, Celestia, FLIX, etc.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/e06614c8e25d4ce6b4f638fb610979fe.png" />source: <a href="https://airdrops.one/tag/atom/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">https://airdrops.one/tag/atom/</a>And the requirement usually involved staking but the staking amount differs between projects. For example: if you had staked &gt;&#61;$75 $ATOM &amp; $OSMO together and engaged in some onchain activity, you would have qualified for the Celestia $TIA airdrop.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7b312a00a4a14152b27b669e8722c68f.png" />source: <a href="https://airdrops.one/celestia/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">https://airdrops.one/celestia/</a>This is another recent example: Doki! is a Cosmos memecoin that has yet to launch and they have included Celestia into their airdrop criteria. If you had staked 10 $TIA before Doki! took snapshot you are likely to be included in the airdrop.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1cb57e39946141e9888819a7a8380f14.png" />source: <a href="https://twitter.com/doki_coin/status/1740378438010073179?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">https://twitter.com/doki_coin/status/1740378438010073179</a>It is not 100% certain that new projects will always include Celestia into their airdrop consideration but if you are bullish on $TIA and you are holding it, why not consider staking it? Also to note, staking on exchanges typically does not count.<h3 id="how-can-i-stake-tia">How can I stake $TIA?</h3>If you are holding $TIA on an exchange, you need to first send it to a Keplr wallet. Keplr is a non-custodial wallet – think Metamask but made for the Cosmos ecosystem.Celestia has written a <a href="https://docs.celestia.org/developers/how-to-stake-tia?ref&#61;blockhead.co#stake-tia-with-keplr-wallet" rel="noopener noreferrer nofollow">guide</a> on how to stake $TIA using Keplr.Here&#39;s a quick TLDR:Assuming you have the Keplr wallet set up on your brower, go to <a href="https://wallet.keplr.app/?modal&#61;staking&amp;chain&#61;celestia&amp;step_id&#61;2&amp;ref&#61;blockhead.co" rel="noopener noreferrer nofollow">https://wallet.keplr.app/?modal&#61;staking&amp;chain&#61;celestia&amp;step_id&#61;2</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/07f2ac060c494a7597d529bfe557a1f6.png" />On the staking page, you will need to choose the validators. Usually it is recommend to go for validators outside of the top 10 by voting power to encourage decentralization. But also pay attention to the commission. There are some that are super high, look for the average range of 5%.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/151c6c7a53ea486497a470a54c29bffb.png" />eg if you choose to go for CosmostationClick on stake and you will be presented with details of the validator.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9352ddd4697541958928b22ec0a1235a.png" />Commission at 5% and APR around 15.56%<h3 id="risks-of-staking">Risks of staking</h3>You can see from the above image that staking comes with a yield of around 15.56% APY and if there is a reward, there will be risks.Common risks include:<ul><li>Smart contract risks</li><li>Validator rug, took the assets and run</li><li>Validator underperform – the machine&#39;s uptime is not optimal, thus your assets are not working hard for you. (validators needs to be online to earn yield)</li></ul><a href="https://www.reddit.com/r/CelestiaNetwork/comments/180kgcj/what_would_be_a_good_validator_for_celestia/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Which is why there are often discussion on which validators to go for. </a>Typically going for the ones with lower commission and high reputation.Aside from validator risk, the next biggest risk is the unbonding time. This means that if you want to withdraw from your staking, you will need to wait 21 days before you can actually withdraw. Most of the Cosmos ecosystem staking work way. So if you are in need of liquidity you will not be able to sell in time.<h3 id="a-possible-alternative">A possible alternative...</h3><a href="https://twitter.com/milky_way_zone?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">MilkyWay</a> is a liquid staking protocol for Celestia. Think Lido or Jito. When you stake Celestia $TIA with them, you get $milkTIA.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/89fa68e37ff6407fb3e97d64d027e7c2.jpeg" />stake $TIA and get $milkTIAWith $milkTIA you earn staking yield and at the same time you are able to use it for DeFi purposes within the Cosmos ecosystem. <a href="https://app.osmosis.zone/pool/1335?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Currently you can use it to provide liquidity on Osmosis</a>.Also with $milkTIA, if you are in a hurry, you can use Osmosis and swap it back to an asset that you need (though note that you will lose some slippage).<img src="https://academy-public.coinmarketcap.com/optimized-uploads/25a4304dc951456fb53b25cc6a72a98f.png" />Link: <a href="https://app.osmosis.zone/?to&#61;TIA&amp;from&#61;milkTIA&amp;ref&#61;blockhead.co" rel="noopener noreferrer nofollow">https://app.osmosis.zone/?to&#61;TIA&amp;from&#61;milkTIA</a>Here&#39;s the interesting part to <a href="https://twitter.com/milky_way_zone?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">MilkyWay</a>. They have yet to launch a token so the speculation now is that if you use their service, there is a possibility that you qualify for a future airdrop of their token. Plus, there is a chance that you will also get other ecosystem tokens but this is something they are still figuring out.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/2cb926d31354493d9a84fb341fe9ffd6.jpeg" /><h3 id="what-are-the-risks-with-milkyway">What are the risks with MilkyWay?</h3>As always, smart contract risk - there is a chance that MilkyWay gets exploited. Also, there is a risk that a depeg might take place for $milkTIA against $TIA.<h3 id="so-what-now">So, what now?</h3>This is never financial advice. Crypto is risky.If you are bullish on $TIA, you should consider staking, especially with such a high staking yield, if you are not staking, your $TIA is being inflated away (not counting for price appreciation).With my small bag. I do both. I stake natively taking on the risk of unbonding period and I also do the $milkTIA. I just like to try stuff out and have fun while hopefully earning some airdrops along the way.For more, you can find me on <a href="https://twitter.com/goingonchain?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">X</a> or catch me on <a href="https://www.podpage.com/blockcast/guests/Going-Onchain/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">Blockcast</a>, Blockhead&#39;s almost-weekly podcast about all things crypto.

Celestia's Lucrative Staking Strategy: How to Earn More with $TIA

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