diff --git a/client/ex_rate.go b/client/ex_rate.go
new file mode 100644
index 0000000000..9a85317029
--- /dev/null
+++ b/client/ex_rate.go
@@ -0,0 +1,80 @@
+package client
+
+import (
+	"github.com/cosmos/cosmos-sdk/x/stake"
+	"github.com/cosmos/cosmos-sdk/client/context"
+	"github.com/cosmos/cosmos-sdk/wire"
+	"github.com/gorilla/mux"
+	"net/http"
+	"encoding/json"
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	cmn "github.com/tendermint/tendermint/libs/common"
+	"github.com/cosmos/cosmos-sdk/x/stake/types"
+)
+
+type ExRateResponse struct {
+	ExRate float64 `json:"token_shares_rate"`
+}
+
+func RegisterStakeExRate(ctx context.CoreContext, r *mux.Router, cdc *wire.Codec) {
+	r.HandleFunc("/stake/validator/{valAddr}/exRate", GetValidatorExRate(ctx, cdc)).Methods("GET")
+}
+
+func GetValidatorExRate(ctx context.CoreContext, cdc *wire.Codec) http.HandlerFunc {
+	return func(w http.ResponseWriter, r *http.Request) {
+		vars := mux.Vars(r)
+		valAddr := vars["valAddr"]
+		validatorAddr, err := sdk.AccAddressFromBech32(valAddr)
+
+		// get validator
+		validator, err := getValidator(validatorAddr, ctx, cdc)
+		if err != nil {
+			w.WriteHeader(http.StatusInternalServerError)
+			w.Write([]byte(err.Error()))
+			return
+		}
+		if validator.Owner == nil {
+			w.WriteHeader(http.StatusInternalServerError)
+			w.Write([]byte("validator not exist"))
+			return
+		}
+
+		// validator exRate
+		valExRate := validator.DelegatorShareExRate()
+
+		floatExRate, _ := valExRate.Float64()
+		res := ExRateResponse{
+			ExRate: floatExRate,
+		}
+
+		resRaw, err := json.Marshal(res)
+
+		if err != nil {
+			w.WriteHeader(http.StatusInternalServerError)
+			w.Write([]byte(err.Error()))
+			return
+		}
+
+		w.Write(resRaw)
+	}
+}
+
+func getValidator(address sdk.AccAddress, ctx context.CoreContext, cdc *wire.Codec) (stake.Validator, error)  {
+	var (
+		res []byte
+		validator stake.Validator
+	)
+	res, err := query(ctx, stake.GetValidatorKey(address))
+	if err != nil {
+		return validator, err
+	}
+
+	validator = types.MustUnmarshalValidator(cdc, address, res)
+
+	return validator, err
+}
+
+func query(ctx context.CoreContext, key cmn.HexBytes) ([]byte, error) {
+	res, err := ctx.QueryStore(key, "stake")
+	return res, err
+}
\ No newline at end of file
diff --git a/client/ex_rate_test.go b/client/ex_rate_test.go
new file mode 100644
index 0000000000..76d08b0b39
--- /dev/null
+++ b/client/ex_rate_test.go
@@ -0,0 +1,50 @@
+package client
+
+import (
+	"testing"
+
+	"github.com/cosmos/cosmos-sdk/client/context"
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	"github.com/cosmos/cosmos-sdk/wire"
+	"fmt"
+	"encoding/json"
+)
+
+func Test_getValidator(t *testing.T) {
+	address, _ := sdk.AccAddressFromBech32("faa1r4dnf8lnakw743dwhd4nnpxatcx5v40n0vntc6")
+	//ctx := app.NewContext().Ctx
+	//cdc := app.MakeCodec()
+
+
+	type args struct {
+		address sdk.AccAddress
+		ctx     context.CoreContext
+		cdc     *wire.Codec
+	}
+	tests := []struct {
+		name    string
+		args    args
+	}{
+		{
+			name: "test get validator",
+			args: args{
+				address: address,
+				//ctx: ctx,
+				//cdc: cdc,
+			},
+		},
+	}
+	for _, tt := range tests {
+		t.Run(tt.name, func(t *testing.T) {
+			//res, err := getValidator(tt.args.address, tt.args.ctx, tt.args.cdc)
+			res := ExRateResponse{
+				ExRate: 1.0,
+			}
+			resStr, err := json.Marshal(res)
+			if err != nil {
+				panic(err)
+			}
+			fmt.Println(string(resStr))
+		})
+	}
+}
diff --git a/client/lcd.go b/client/lcd.go
index 3f915c1cc0..b633227fb5 100644
--- a/client/lcd.go
+++ b/client/lcd.go
@@ -88,6 +88,7 @@ func createHandler(cdc *wire.Codec) http.Handler {
 	ibc.RegisterRoutes(ctx.Ctx, r, cdc, kb)
 	stake.RegisterRoutes(ctx.Ctx, r, cdc, kb)
 	RegisterRoutes(ctx, r, cdc, kb)
+	RegisterStakeExRate(ctx.Ctx, r, cdc)
 	gov.RegisterRoutes(ctx.Ctx, r, cdc)
 	slashing.RegisterRoutes(ctx.Ctx, r, cdc, kb)
 	return r
diff --git a/version/version.go b/version/version.go
index d994d64f72..36232deb2a 100644
--- a/version/version.go
+++ b/version/version.go
@@ -8,7 +8,7 @@ import (
 )
 
 // Version - Iris Version
-const Version = "0.3.1"
+const Version = "0.4.0"
 
 // VersionCmd - The version of gaia
 var VersionCmd = &cobra.Command{