One of the major projects in the Persistence ecosystem is Comdex, which is integrated into the Cosmos network to bridge the gap between the worlds of DeFi and CeFi. This platform serves as an infrastructure layer for DeFi in a multichain environment, with modules built on core DeFi principles.
The Comdex chain simplifies the creation of DeFi applications for Cosmos, allowing for the development of a wide range of assets that enhance investor diversification and generate yield on investments.
In this article, you'll find out why Comdex (CMDX) is worth staking. Additionally, you will get detailed guidance on how to do it from scratch and get it right the first time. Find out how to create a wallet, top it up and get your rewards. Read on!
What is Comdex?
Comdex is a DeFi infrastructure layer on the Cosmos Network. It aims to simplify the creation of DeFi applications and provide investors with access to diverse assets to generate yield.
What is Leap Wallet?
Leap Wallet is not only a non-custodial wallet for web3, but it's also the simplest & safest way to send, swap, and stake tokens.
Why Stake CMDX?
The Comdex chain is a DeFi Hub built to enable the bridging of capital to assets across the DeFi and CeFi ecosystems. It enhances investors' access to a broad range of assets, which helps them diversify and generate yields on their investments.
By staking CMDX, holders can secure Comdex blockchain transactions and receive rewards of approximately 40% of the annual percentage yield (APY). This presents significant advantages for asset holders.
How to Create the Leap Wallet
To stake CMDX, you must first have a crypto wallet to store your tokens on the Comdex blockchain. Leap Wallet is a highly recommended product that allows you to store your tokens, earn staking rewards, and access dApps, DeFi, and NFTs.
Here's a straightforward five-step guide on how to start using Leap Wallet Chrome Extension. Extensions for other browsers, as well as mobile apps, are also available. Each workflow is pretty similar, so you can use this article to figure out how to stake CMDX in any available Leap Wallet app you prefer.
Step 1. Install the Leap Wallet Extension
To obtain Leap Wallet, simply install the extension from the Chrome Web Store.
Click the "Add to Chrome" button on the Leap Wallet product page, and you will be able to locate the wallet in your extensions list.
Step 2. Create a New Leap Wallet
To access Leap Wallet, click the puzzle icon on your toolbar and select it from the extensions list. Once on the website, click the "Create new wallet" button.
Alternatively, if you have a Keplr or Cosmostation wallet, you can import it using the seed phrase or connect using Ledger.
Step 3. Memorize the Secret Phrase
Upon creating your wallet on the website, you will be given a unique phrase to use in case you forget your password. It is crucial to store this phrase in a secure location, where no one else has access to it. Avoid taking screenshots or copying them to the clipboard, and never share them with anyone.
It's also recommended to read the Crypto Security Guide. You will learn how to protect your crypto assets and avoid falling prey to scammers.
Step 4. Create a Password
To ensure the security of your wallet, either memorize or write down your password and keep it in a safe and confidential location. In the event of a forgotten or lost password, your secret phrase will be necessary to restore access.
With the wallet creation complete, you are good to go, however, keep in mind that the wallet will automatically lock after 15 minutes of inactivity.
Upon entering the password and clicking ‘Proceed’ this window will appear:
Step 5. Wallet Interface
For quick and easy access, you can pin the Leap Wallet extension to your toolbar. Simply click on the puzzle icon and select the Leap Wallet extension to access its interface.
Top up Your Leap Wallet
Your Leap Wallet is now ready to use, but before staking CMDX, ensure that you have tokens in your wallet. If you already have a positive balance, skip this step and proceed to staking. To add tokens to your wallet, follow these two simple steps.
Step 1. Select Comdex in the List of the Chains
To choose the chains you will operate with, click on the icon located in the top right corner of the wallet. If you already have a positive balance, skip this step and proceed to staking by following the instructions outlined in Block 3, "How to Stake CMDX".
Step 2. Send the Funds to Your Wallet
To copy your wallet address, simply click on it. Next, visit CoinGecko and select a cryptocurrency exchange from the list. Proceed to purchase CMDXs through the chosen exchange. Once the transaction is complete, return to your Leap Wallet.
How To Stake CMDX
Great! Your wallet is now ready to start earning profits by staking CMDX. Follow these five steps to begin staking.
Step 1. Go to the Stake Tab
First, click on the "Stake" button, which will redirect you to the "Choose a Validator" window. In the search field, type "Everstake" and select it from the list of validators.
Step 2. Stake Tokens
Once you have selected your validator, you will be redirected to the "Stake CMDX" window. If your wallet balance is 0, you need to top up your wallet with CMDX tokens first. Once you have sufficient CMDX tokens, enter the amount you want to stake and click on the "Stake" button.
Enter the desired amount you want to delegate, or if you want to delegate all, click on “Delegate All”. Then, click on “Review” to proceed.
Step 3. Check Transaction in the “Activity” Tab
After you have delegated the tokens, you can view the history of your transactions by going to the "Activity" tab in Leap Wallet. Click on the "Delegation" section to learn more about the delegation operation and to track the status of your stake.
Step 4. See the Transaction Details
Click on the “View on Mintscan” button to view the transaction on the Mintscan blockchain explorer website. Here, you can find all the necessary information related to your transaction in the “Transaction Details” table, which acts as a receipt and confirms your operation.
Step 5. Claim Your Rewards
Return to the main interface and locate the "Stake" section. Click on the "Claim" button to receive your first earnings from staking CMDX. Congratulations!
Note: If your reward is below a certain threshold, you may not be able to claim it. Wait until your delegation yields a larger reward and then press the "Claim rewards" button.
Conclusion
Staking CMDX will be a breeze for you now that you've come this far. Thanks to Everstake, using your Leap Wallet to top up, stake CMDXs, and delegate them is a piece of cake. The rewards you receive will help grow your assets, and you can even stake those rewards for even more profit from delegating.
Everstake is a validator for over 70 blockchains and has an expert team of highly experienced, DevOps, R&D, and community specialists dedicated to providing top-notch services. With Everstake, you also get your own representative in the blockchain community.
If you have any questions, feel free to contact our Comdex Blockchain Manager on Twitter.
