The Cosmos Hub (ATOM) network serves as the central component of the Cosmos ecosystem, supporting numerous independent blockchains developed with the Cosmos SDK framework that uses a Proof-of-Stake consensus mechanism. These chains can communicate and work together through Interblockchain Communication, creating a unified environment for growth and expansion.
This guide focuses on how to stake Cosmos (ATOM) tokens in the ImToken mobile wallet.
Why Stake ATOM?
The core of Cosmos Hub is a Tendermint-based Proof-of-Stake consensus mechanism, allowing everyone to contribute to the decentralization and security of the blockchain by delegating the ATOM to one of the staking providers validating the network while also earning staking rewards.
Learn more about How to Stake Cosmos ATOM in our post.
What Is Imtoken Wallet?
ImToken is a cryptocurrency wallet specifically designed for a range of blockchains, such as Cosmos (ATOM), Ethereum (ETH), Bitcoin (BTC), Tezos (XTZ), and others. Besides, the wallet supports 8 stablecoins, including Tether (USDT) and Circle (USDC). Another notable benefit is that Imtoken exposes ETH ecosystem Layer 2 protocols: Arbitrum, Optimism, and zkSync. Users can manage, stake, store, and transfer ATOM tokens via its interface.
Install the Application
To get started, go to the official website and tap Try Imtoken.
The ImToken app is available in the App Store and Google Play.
Download the app to your mobile device and launch it.
Create a new wallet
After launching, ImToken will prompt you to create a new wallet or import an existing one using the recovery phrase. If you don’t have a pre-existing wallet, tap “Create Identity”.
Then learn what identity stands for and tap ‘OK’.
Now, enter the required data:
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Identity Name. It’s not KYC, so you may use whatever name you prefer.
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Password. Enter and repeat it. You will need a password to verify transactions.
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Password Hint. Add a hint in case you forget your password.
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Terms and Conditions tick. tap on the tick to change it to blue to confirm your consent.
Hit ‘Create Identity‘ to proceed.
Add the names of the coins you will use to your wallet. By default, BTC, ETH, and ATOM are on. The rest can be added optionally. Tap “Confirm” to continue.
Create a backup copy of your wallet to restore access to funds in case of loss or damage to your smartphone. If you want to do this later, tap “Not Now.” But it is better to do it right away to minimize risks. The wallet’s full functionality will remain unavailable until you have made a backup. To make one, the wallet will present you with a seed phrase consisting of a sequence of 12 pseudo-random words.
Here is a checklist for wallet security:
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Write down the seed phrase on a sheet of paper.
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Do this in a private place so that it can’t be compromised.
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Keep the paper in a safe place that can’t be accessed accidentally.
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Do not take screenshots or copy the mnemonic password when creating a backup.
To learn more about security measures, read our Cryptosecurity Guide.
Once the wallet has been created, we only need to top it up before staking Cosmos. Pick Cosmos wallet from the droplist in the upside “Start Now,” and let’s get started.
How to Top up the Wallet
By default, an Ethereum (ETH) wallet is displayed.
To get the Cosmos (ATOM) address, tap on the burger-like button and select it from the list.
It will display your ATOM wallet where you can send, receive, store, and stake tokens to earn rewards. The balance and transaction history will also be displayed here.
ImToken does not allow you to get an address until you have created a backup copy for security reasons. If you skipped this step before, you will have to do it now.
To copy an address, just tap ‘Receive’.
A window opens where you can scan the QR code from another app, copy the address, or share it with your contacts on your smartphone via messengers, social networks, or email.
The easiest way to send funds to a newly created wallet is to buy ATOM from an exchange listed on CoinGecko’s Markets section. Find an exchange that suits your needs the most, but ATOM and send them to your wallet.
Once you do that, you will see ATOM in your wallet.
You now can proceed with staking.
How to stake ATOM tokens
In your Cosmos wallet section, tap “Stake.”
It will open the “My Delegations” section where you can view statistics on your staked coins: rewards and the number of delegated/non-delegated tokens. You can also explore FAQs and tutorials in this section. You can also check governance proposals and vote for them in Cosmos Hub by tapping the ‘Voting Proposal’ button.
To start delegating, select the ‘Validators’ tab and select a reliable validator from the list (for example, Everstake), or start typing its name in the search bar to find it faster.
In the next step, you will see basic information about the validator: operational address, the total number of coins staked, and the yield paid to delegators. Tap the “Delegate” button to continue.
Enter the amount you want to delegate. Note that you cannot delegate the full amount since a small portion thereof will go to pay fees. Carefully read the conditions below the delegation form. Tap Delegate to proceed.
Check the transaction details to ensure everything is correct, and confirm it by tapping the “Next” button.
Enter your password to complete the transaction and hit ‘Confirm.’
Your ATOM tokens are staked! Now you can see them in the ‘My Delegations’ tab.
How to Claim or Reinvest Staking Rewards
You can always learn the current status of your rewards in the ‘My Delegations’ tab. If you want to claim them, tap ‘Withdraw.’ If you want to restake your rewards, use the ‘Reinvest’ button: this will increase your stake and, therefore, bring you higher rewards from now on.
How to Unstake ATOM
In case you want to unlock your staked tokens for further use, you need to choose a delegation from the ‘My Delegations’ section, tap ‘Withdraw,’ specify the amount you want to unstake, and confirm the transaction.
Note that if you unstake Cosmos tokens, you must wait 21 days for the coins to become available. Staking rewards, however, stop accruing as soon as your unstake transaction is confirmed.
We wish you profitable staking! Delegate ATOM to responsible validator as Everstake, trusted by 625k+ users across 70+ blockchain networks. Created by engineers for the entire community in 2018.
If you have any inquiries, you can contact our Cosmos Blockchain Manager via Twitter anytime.
