How to stake Cosmos (ATOM) via the Exodus desktop wallet: a beginner’s guide
Cosmos Network is a scalable and interoperable blockchain platform that creates a decentralized ecosystem that combines different blockchains. The platform supports staking of ATOM tokens by running its own node or delegating tokens to validators. In today’s guide, we will tell you how to stake Cosmos (ATOM) tokens in the Exodus desktop wallet.
How to create a wallet
Exodus is a simple and convenient multicurrency wallet that supports more than 115 different crypto assets. The wallet has the functions of a built-in exchange and application (dApps). Download the wallet program from the official Exodus website and run the installation wizard. The program will be installed automatically within a minute after launch. There is also a mobile version of the crypto wallet for iOS and Android. Now
Run the wallet file on your desktop. Your wallet will already be created — you don’t need to do anything. Balances will be displayed in the “Wallet” section. On the main screen, you can track detailed statistics on your assets.
We recommend that you immediately make a backup copy of your wallet so that you can restore your wallet in case of file system damage, loss or theft of your PC, or other troubles. If you want to skip this step, for now, go straight to the “How to top up the wallet” section.
1. To create a backup, go to the “Settings” section and select the “Backup” tab. Then create and enter a complex password, then click “Next”. Confirm the password you entered.
2. Write down a seed phrase consisting of 12 words while maintaining the sequence. For security reasons, the Exodus wallet displays words individually only when you hover the cursor over them.
3. Now confirm that you have correctly recorded the phrase of recovery, following the instructions of the wallet.
4. Backup is complete. Now you can add Cosmos tokens to your wallet.
How to top up the wallet
Go to the main page of your wallet and select the “Wallet” tab. By default, it displays the following. Use the search bar in the upper-left corner to find the desired cryptocurrency and scroll through the list manually.
To add funds to your wallet, click the “Receive” button, then copy the address or scan the QR code through the app of another wallet. After the coins are credited to the balance, they will be displayed in the wallet and you can proceed to staking.
How to add an address to the Everstake bot
Everstake has created a convenient bot that allows you to monitor staked tokens, such as Cosmos (ATOM), Tezos (XTZ), ICON (ICX), etc, and receive notifications when the state of the address changes, for example, in the case of successful delegation.
Launch the bot, click “Start Monitoring” and then “Add subscription”.
Select Cosmos from the list of coins, name your account and add the ATOM address for it. If everything went well, the bot will send the message “Your address was added”, as in the screenshot below.
Everything is ready. Now you will receive a notification from the Telegram bot if you staked ATOM tokens with Everstake.
How to stake Cosmos (ATOM)
The staking button is hidden in the “Wallet” section and it is not so easy to find it right away. To get to the staking tab, click on the three dots in the upper-right corner of the window and select “Earn Rewards” from the context menu.
This opens a side panel that you can use to stake ATOM. You can enter the amount of coins you want to stake manually, or just click the “All “ button to select the maximum number of coins available. Then click “Stake Cosmos”.
At the next stage, Exodus will display the network fee and warn you that you can withdraw coins no earlier than 21 days from the date of delegation. If you want to continue, click “Stake” and wait for the transaction to be confirmed. Otherwise, click “Cancel”.
If everything is successful, Exodus will confirm that the coins are staked.
And the Everstake bot will send a message with details of transactions and validator, which can be found at the links.
Now, in the “Earn Rewards” sidebar, you can stake additional tokens, stake already delegated ones, and collect rewards. As soon as you receive a reward, it will appear in the “Available Rewards” line, and you will be able to claim it immediately.
Subscribe to the Everstake social network and vote for our validator to get low fees and high rewards. In our blog we regularly publish useful guides and updates to our staking platforms.
Besides, do not forget about our media partner AltCoinLog.
A popular magazine where you will find a lot of useful and engaging information about cryptocurrencies, blockchains, and decentralized technologies.