How to automatically re-compound daily interest (auto-compound) when staking Injective(INJ)
Compounding interest (cumulatively) has been known as “The 8th Wonder of the world” by Einstein. Compounding interest frequently helps the coin holders to increase the number of coins quickly. Chains on the Cosmos ecosystem do not currently support auto compounding interest, but need a 3rd party. This article shows you how to do auto compounding interest via Retake.app website.
Retake uses the Authz module of the Cosmos SDK to authenticate and authorize the validator to automatically run the staker’s reward withdrawal command (WithdrawDelegatorReward) and re-invest (Delegate) every x minutes. Your tokens are still in your wallet, only you who hold the private key have the right to move the tokens, the validator cannot withdraw/transfer your tokens, so you can rest assured that your tokens are still safe. Retake is used by many developers of many recommended chains to quickly optimize the number of tokens.
Enabling REStake will authorize the validator to send WithdrawDelegatorReward and Delegate transactions on your behalf for 1 year using Authz. They will only be authorized to delegate to their own validator. You can revoke the authorization at any time and everything is open source.
The validators will pay the transaction fees for you.
Turn on auto-compound
Step 1:
Go to https://restake.app. Connect Keplr wallet to the website. Select the chain you are staking. In this article, I take the Injective chain as an example.
Activate the auto compound function on Injective
Current list of validators supporting Cosmos SDK auto-compound functionality via Authz, this list is updated daily.
Step 2:
Click the Enable button to turn on Retake > Confirm transaction. Wait a few seconds for the system to confirm the successful transaction.
You can go here and adjust as you like
How to check if your wallet has used auto-compound?
How to check if “auto-compound” has been turned on successfully.
You go to check the transaction history, if there is a Grant order, your wallet has auto-compound enabled.
Congratulations, now just let TTT’s retake system automatically regenerate interest for your wallet, you don’t need to do anything else.
All detailed instructions in the video below:
