How to stake LUM with Keplr Wallet

Blockchain technology keeps expanding in numerous industries. Lum Network has created a functioning business platform for monetizing product reviews to engage both goods observers and goods traders. Current LUM partnership with Skeepers, the leading review generating company, should definitely involve many market parties using a special gateway Lumki designed to provide interaction between product stakeholders. Lum team has chosen Cosmos SDK with Tendermint engine for its productivity, scalability, and opportunities of Inter Blockchain Communication.

Like other Cosmos-based chains, LUM’s tokenomics is based on the Proof-of-Stake model. Any $LUM holder could delegate them to one of the active validators, for instance, Everstake, aimed to contribute to the network performance and security and be paid staking rewards for that. 

In this guide, we will walk you through the staking $LUM via Keplr wallet connected to the Lum Network platform.

Prerequisites: 

• install Keplr wallet extension; 
• create wallet; 
• replenish Keplr with $LUM on the Decentralized Exchange – osmosis.zone.

Note: to discover how to create Keplr wallet and connect it to Osmosis DEX, please learn our another guide on How to stake Comdex via Keplr wallet (Sections 1,2)

Connect Keplr to the Lum Network website

Assuming you have Keplr wallet with a positive LUM balance and can start staking

Go to lum.network and tap “Wallet”.

There are 4 options to enter wallet interface:

1. Connect Keplr wallet
2. Via Ledger wallet (in case you own hardware wallet)
3. With private key/keystore file/mnemonic phrase (for emergency cases)
4. Create a Lum wallet from scratch. 

• As you already have Keplr wallet with Lum, select the first one and enter the user interface. The following window will appear:

• Click “Keplr extension” ➜ “Continue”.

• Type in your password to connect the Keplr wallet  ➜ click “Unlock”.

• Once your Keplr wallet is successfully connected, tap on the Staking section.

• Scroll down to find the list of the available validators and select the one you want to delegate to, then tap on the “Delegate” button next to the selected validator.

• Enter the amount you wish to delegate and click “Continue”.
  Tip: leave a small amount of LUM tokens in the wallet to pay the fees for future transactions.

• Carefully check the staking details, and if everything is correct, click “Delegate”.
  If you need to make changes, click on the “Modify” button and return to the previous page.

• Approve the transaction in your Keplr wallet.
  Tip: as a rule, choosing a low fee is fine.

 

• If the transaction was successful, you will see the following message:

Well done! Your tokens are now being staked (Staked Coins), and you have started getting rewards, which you see under the Rewards section.
In order to withdraw the rewards, you will need to click on “Claim”.

Your active delegation(s) will be displayed below (My validators).
There are 4 actions available for each delegation: claim, undelegate, delegate, redelegate.

• Claim – this option allows you to withdraw all the pending staking rewards from the selected delegation. In this case, the rewards are not subject to a 21-day lock-up period and therefore, once withdrawn, they will become available for further transactions or delegations.
• Undelegate option starts the unbonding process of the selected delegation.
  Take into account that the unbonding period takes 21 days. Rewards do not accrue during this time frame.
• Delegate option allows staking LUM tokens to a selected validator.
• Using the Redelegate option, you can move all your staked tokens or part of them from the current validator to another one, without having to wait for the end of the 21-day unbonding period. By doing so, you won’t stop getting rewards.

Wishing you profitable and smooth staking!

Why Everstake?

 

• Top-notch gear that allows maintaining high performance and 99,9% uptime.
• Professional team behind the network, experienced in the fields of blockchain, fintech, and banking.
• Everstake’s team is actively engaged in the development of the products aimed to enhance the various PoS platforms.
• 24/7 support.
• Everstake regularly provides up-to-date articles and educational materials pertaining to blockchain and staking.

  

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