How to stake Cosmos (ATOM) in a mobile wallet: a detailed guide
Problems with blockchain scalability and interoperability prompted developers to look for solutions that will take decentralized platforms to a completely new level. One of the platforms that solve this problem is the Cosmos open blockchain. The protocol allows data to be transferred from one blockchain to another. The Cosmos Network is supported by validators. These are node operators who are rewarded in ATOM tokens for confirming transactions and adding new blocks.
However, users do not need to run their own node. They can delegate cryptocurrency to validators and receive rewards of up to 15% per annum. In this article, you will learn how to create a wallet and stake ATOM in the Guarda mobile wallet.
Guarda is a multi-chain crypto wallet with advanced functionality. In addition to storing cryptocurrencies, Guarda supports in-app exchange and staking. The wallet is available on all known platforms: web, PC, and mobile.
To create a wallet, download applications for your device:
If you prefer to use a desktop or web wallet, then read this guide.
How to create a wallet
First, launch the Guarda application. Two options will appear on the main screen:
- Create a new wallet if you haven’t created a wallet yet.
- Restore if you want to restore an existing crypto wallet.
We do not have a wallet yet, so we’re clicking “Create a new wallet”.
Come up with and create a password to protect your wallet (the harder the better). A good password should be composed of both upper and lower case letters, numbers and special characters. For example:
X! # C% & vXD9 ^ 71 @ xZc
Do not enter simple passwords, names, direct sequences of characters using the keyboard! This is unsafe. Enter your password and repeat the process, and then click “Create wallet”.
Wait while Guarda creates wallets. This usually takes less than a minute.
The wallets are ready. Now we need to take care of the backup. Save the backup file on the device or send a message via any available channel, for example, Telegram, and an email to yourself.
Optionally enable Touch ID to quickly log into the wallet so that you do not need to enter a password every time you log in.
The wallet is ready to use. All you need to do now is top it up. Select the desired wallet (Cosmos), after which the tab with the address will open. You can get the address in three ways by clicking on the three icons next to “Wallet address”(from left to right):
- Copy the wallet address;
- Share the address (via messenger or other communication methods);
- Open QR code for reading.
Select your preferred method to fund your wallet with coins and wait for the tokens to be credited to your balance.
The crypto wallet has been topped up. Now you can move on to staking.
How to stake ATOM
There is nothing complicated about staking ATOM. Click on the Cosmos wallet again and then go to the “Staking” tab. To stake ATOM, click “Deposit for Staking”.
Enter the number of tokens including a transaction fee of 0.0005 ATOM. For example, if you want to stake all 10 ATOM tokens, then enter 9.9995 ATOM accordingly.
Now click “Select validator” and scroll through the list until you find the validator you, for example, Everstake. By voting for Everstake, you get the following benefits:
- Low fees;
- Reliable nodes;
- Convenient tools for monitoring staked coins;
- High resiliency — over 99% node uptime.
After you select a validator, click “Next”.
Check the transaction. If everything is in order, click “Confirm”.
Congratulations! You have successfully delegated ATOM tokens and can now withdraw rewards regularly. Don’t forget to withdraw coins.
Staking statistics will now be displayed in the staking section.
If you decide to unstake coins, scroll to the bottom of the page and click “Undelegate”.
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