The Lum Network is an open source sustainable, decentralized layer-1 blockchain protocol based on the Cosmos SDK and the Tendermint BFT consensus engine. The Lum Network uses a model that focuses entirely on creating trust and transparency between businesses and customers. It does this by rewarding users based on the quality of their feedback and providing customers with a source of trustworthy and reliable reviews by timestamping and storing them immutably on the blockchain.
The project develops a social ecosystem that makes all the benefits of the blockchain available. This facilitates the development of interaction between brands, retailers and customers. The best solutions and tools are collected within one platform to further professional development and the implementation of the most revolutionary ideas.
The Lum Network also uses the Delegated Proof-of-Stake algorithm to ensure network stability and security. In this article, we'll show you how to stake LUM via Keplr wallet connected to ping.pub.
1. Opening a Keplr wallet
If you already have a Keplr wallet, skip this section and go to section 2. If you already have LUM on your Keplr wallet, go straight to section 3.
The Keplr wallet is available as a Chrome browser extension and as Android and iOS applications.
Step 1: Install the Keplr Extension
- To install the Keplr extension in the Chrome Web Store → hit “Add to Chrome”.
- In the pop-up that appears, click “Add extension”.
- Now, you have the Keplr extension installed, and you can always access your Keplr wallet with the Google account that you added it to. In the upper right corner of Chrome, there is an extension icon (puzzle). Click on it to find Keplr among your extensions.
Step 2: Create a Keplr Wallet
- Launch the Keplr extension and click “Sign in with Google”.
- Enter a new account name and create a strong password for your Keplr wallet. You can choose any name you like and click “Next”.
Google will ask you to sign in.
- Enter the email address or phone number and password associated with your current Google account.
- Continue by clicking “Next”.
- Wait until the wallet is created (usually, it takes no more than 15 seconds).
Click “Done”.
This will close the registration window.
Make sure to save your Keplr Wallet password and private key in a safe place in order to be able to restore access to your wallet, if necessary (to view your private key, click the symbol in the upper right corner → click three dots menu → View Private Key).
2. Top up your Keplr wallet with LUM tokens
Step 1: Fund your wallet with one of the cryptocurrencies supported on Osmosis DEX, for example, ATOM
Copy the wallet address by clicking on it.
- Deposit some ATOM in your Keplr wallet from any other wallet or exchange account.
- Check your ATOM balance for replenishment.
Moving on to buying LUM.
Step 2: Connect your Keplr wallet to osmosis.zone
- Go to the osmosis.zone in your Chrome browser under the Google account you just used to create your Keplr wallet in order to connect it to Osmosis.
- Click “ENTER THE LAB”.
- Read the disclaimer, check the box and click “Proceed”.
- Click "Connect Wallet" in the left menu of the website
- In the pop-up window that appears, select Keplr Wallet.
- Approve the request to connect to your Keplr wallet.
Well done! Your Keplr wallet is now connected to Osmosis.
Step 3: Transfer your ATOM tokens to Osmosis
To buy LUM, you need to transfer your ATOM tokens from Keplr to Osmosis.
Select the Assets tab and click on “Deposit” to the right of “Cosmos Hub – ATOM”.
- Osmosis will ask your permission to connect to your Keplr account. Click “Approve”.
- Enter the amount you would like to deposit and click "Deposit". Your Osmosis balance will be topped up with ATOM.
Tip: Please note that you must keep a small amount of ATOM for the required transaction fee.
Confirm the IBC Transfer in the Keplr window that appears by setting the appropriate fee.
Tip: As a rule, choosing a low commission is okay.
- You now have assets on Osmosis to convert to LUM.
Step 4. Swap ATOM with LUM
- In the left panel of Osmosis, select “Trade”.
- In the Swap menu, set LUM as the target coin.
Set the amount of ATOM to swap and click “Swap” to convert it to LUM.
- In the Keplr window that appears, click "Approve" (zero fees apply for this type of transaction).
Step 5: Withdraw LUM to your Keplr wallet
- Click the "Assets" tab to see the amount of LUM available for withdrawal.
- Click "Withdraw" and confirm Keplr's request to connect the LUM Network.
When you connect to a Lum Network channel, your Keplr account is automatically added to the withdrawal window.
- Set the amount and click “Withdraw”.
- In the Keplr window, set the IBC transfer fee (zero fee is okay) and click "Approve".
That's all! In a few minutes, you will receive LUM in your Keplr wallet..
3. Staking LUM on the ping.pub platform
Step 1: Connect Keplr wallet on ping.pub
Go to ping.pub and select Lum Network.
- In the upper right corner, click on “Wallet”, then select “Accounts”.
- In the Accounts section, click “Connect Wallet”.
- Select Keplr wallet and click “Next”.
- Approve the request to connect to your Keplr account.
- Give the account a name, select LUM network in the section "Import address for chains", then click “Next”.
- Click “Save”.
You have now connected your Keplr wallet to ping.pub.
Step 2: Stake LUM
- In the left menu, click on “Staking” and select the validator you want to delegate to. Hit “Delegate” next to the name of the validator.
- Enter the amount you want to delegate and choose Keplr wallet from the list → click “Send”.
- Set the fee (a low fee is usually okay) and confirm the transaction.
4. Manage your staked tokens
In order to view the active delegations, head over to “Accounts” → “Detail”.
This is where you will see the following details: Balance, Delegations, Rewards, and Unbonding balance.
Active delegations are displayed below, where you can also withdraw rewards, and there are 3 actions available: delegate, redelegate, and unbond
1. In order to claim the staking rewards, hit the “Withdraw Rewards” button → select Keplr in the pop-up window → click OK → set the fee and approve the transaction.
2. Using the Delegate option, you can stake LUM tokens to a chosen validator.
3. The Redelegate option enables you to move all of the staked tokens (or part of them) from the current validator to another one. By doing so, you won’t stop getting rewards. Bear in mind that you will need to wait 21 days in order to be able to redelegate from the validator you have already redelegated to. You can check the remaining number of days until the redelegation is complete in one of the explorers (LUM Network Explorer or Mintscan) under the section "Redelegations".
4. The Unbond option starts the unbonding process of the selected delegation. The unbonding period takes 21 days. Rewards do not accrue during this time frame.
About Everstake
Everstake is a top staking provider, trusted by 625,000 users and operating in the most popular PoS blockchains. Top-notch gear and a professional team experienced in the fields of blockchain, fintech and banking, ensure 99,9% uptime and high performance.
Additionally, the team is constantly involved in developing useful tools and creating helpful guides in different languages for both newcomers and experienced holders, as well as providing 24/7 support.
LUM holders can also stake their tokens using the following wallets:
- Keplr wallet connected to the Lum Network platform
Stay in touch with Everstake by following our social media channels for more staking guides and updates from the crypto world!
