Having appeared on the market recently, OMNI wallet is positioning itself as an easy-to-use gateway to the whole Web3. The application is developed exclusively for mobile devices, covering both IOS and Android OS. Currently, the product evolves rapidly, permanently adding new tokens and features. As of the time of writing, OMNI supports about forty various cryptocurrencies, including $ATOM, $NEAR, $AVAX, $SOL, $XTZ, and more, for storing and staking.
In this guide, we walk you through the step-by-step process of staking ATOM, the primary token of the Cosmos ecosystem.
To start staking, token holders delegate their ATOM to a validator operating in the Cosmos Hub blockchain. Please pay attention that delegators keep possession of delegated tokens while utilizing the staking process, which means any validator has no access to delegated assets. That is why staking might be considered a reliable and safe way to get passive income.
How to create the OMNI wallet?
Step 1. Install the Application
First, you must install the application on your mobile device by following the website and clicking Download. Then pick IOS or Android and upload it directly from AppStore or Google Play to your smartphone. Also, you may use the QR code provided.
Once installed, open the wallet to see a Greetings screen with a single button Let’s go. Hit it!
Step 2. Set up the Pass Code or a Fingerprint
Before you reach your newly created wallet, it’s necessary to secure it with a unique passcode or fingerprint (optional). Enter six digits as a passcode twice, and safely store it.
Step 3. Create a New Wallet
You need to create a new wallet, connect your Ledger device, or import an existing wallet to get started. In this guide, we consider making a new wallet. Tap this button.
Step 4. Back up your wallet with a Seed Phrase
The application will offer you a unique seed phrase that will be helpful in case you lose your passcode or even a phone. Nobody knows this phrase except you. So, be careful not to compromise it! Without it, you may lose your assets in the wallet.
It is better to write down the seed phrase and place it in a safe place with limited access.
Note. Discover the Cryptosecurity guide and learn the basic rules that will help you avoid losing your crypto assets due to possible scam activities.
Then you need to reсonstruct the seed phrase in the same order as it was displayed before from the source where you have stored it. Once you succeed, the wallet gets started to generate. Tap DONE when it’s ready.
All right! Finally, you have a wallet, and you can start staking ATOM!
How to top up your ATOM balance?
Step 1. Copy your ATOM address to replenish your wallet
At the main dashboard, scroll down the list of tokens to find Cosmos ATOM and hit on it to enter the Cosmos wallet itself. First, you need to replenish your ATOM balance to be able to stake them afterward. Click on the down arrow to copy a deposit address to paste it into a replenishing source (e.g., cryptocurrency exchange).
Step 2. Follow cryptocurrency exchange to buy some tokens
To top up your deposit address, you can use one of the dozens of exchanges trading ATOM, and the simple way to reach them is by following Coingecko’s Cosmos markets section.
As a rule, replenishing is almost instant and should be completed in up to a few minutes.
How to stake your ATOM tokens?
Step 1. Initiate staking ATOM
Refresh your wallet to ensure the balance is already positive and if so, move forward to staking by tapping the button with the pink Staking mark. Then confirm your intentions by clicking Stake ATOM.
You will see a note informing you about the main staking conditions. Learn them, and proceed by hitting Let’s go!
Step 2. Type the number of ATOM to stake
Point the number of ATOM wanted to stake by:
- typing it on your phone keyboard;
- dragging the slider;
- clicking the 25%, 50%, or Max buttons.
Then, hit Next to proceed.
Step 3. Select a validator and complete staking
In the next step, you should confirm your stake, but before that, you can select a validator you want to stake with. To pick the one you trust (e.g., Everstake), click on the down arrow to open the validators’ list (otherwise, your stake will be delegated to the Figment validator by default). Then click OK to confirm the validator and, finally, Confirm stake.
Great! The application will display a screen with the OMNI CEO Tom McLeod to verify your staking is successful! Hit DONE.
Now you’ve started earning staking rewards up to 21% APR! In a few minutes, your Cosmos wallet will be updated, showing active stake and ROI for the next five days.
Besides the staking process described above, you can unstake, stake for multiple validators, and of course, claim accrued rewards.
Learn more about How to Stake Cosmos ATOM in our post.
Conclusion
OMNI wallet is a user-friendly, non-custodial and comfy wallet to stake ATOM just from your Smartphone.
With Everstake, you can seamlessly utilize your Omni Wallet to earn from staking ATOM tokens. As a result, you receive staking rewards which enlarge your crypto savings. And if you stake the rewards either, the profit will be even more.
Everstake is a staking provider operating over 70 blockchains with a dedicated team of cryptocurrency experts, DevOps, and R&D specialists. Please follow our dedicated Cosmos page to explore more guides for staking ATOM. Everstake wishes you happy staking.
Contact our Cosmos Blockchain Manager on Twitter for 24/7 support, and stay tuned for all Cosmos events and updates.
