Staking OSMO not only lets you earn rewards but also supports the security and operational efficiency of the Osmosis network. A simple and user-friendly process of staking OSMO via Exodus Wallet is a reliable and secure option for both seasoned crypto stakers and newbies.
This guide will walk you step-by-step through staking OSMO via Exodus Wallet.
What is the Osmosis blockchain?
The Osmosis blockchain is a decentralized exchange (DEX) built on the Cosmos network. It enables interoperability between different blockchains, allowing users to trade, stake, and provide liquidity for different tokens without going through a centralized intermediary.
Key Features:
- Interoperability: Osmosis facilitates decentralized asset trading among various blockchains within the Cosmos SDK-based ecosystem, eliminating the need for centralized intermediaries.
- Cost-Efficient Transactions: Osmosis boasts low transaction fees, rendering it a great option for traders.
- Extensive Asset Support: Osmosis supports multiple assets, encompassing major coins and smaller, specialized niches.
- Intuitive interface: Osmosis has a user-friendly interface, catering to users of all levels, including newbies.
What is OSMO?
OSMO, the native token of the Osmosis blockchain, powers a range of critical functions within its ecosystem, encompassing governance participation, network fee payment, and rewarding liquidity providers on its decentralized exchange (DEX).
What is Exodus wallet?
Exodus stands as a non-custodial cryptocurrency wallet that allows users to store, manage and exchange their numerous digital assets. Apart from offering support for staking on multiple blockchains, Exodus Wallet holds its focus on security and unmatched convenience. Exodus is a great place to start if you’re looking for a secure, user-friendly, and full-featured crypto wallet.
Why Stake OSMO?
Staking is the backbone of Proof-of-Stake (PoS) networks, securing the chain and enabling rewards. It is how you can contribute to network security and earn passive income on your assets. Delegating your OSMO tokens with a trustworthy validator helps you strengthen the network and generate returns. Everstake is a trusted validator for a variety of Proof-of-Stake blockchains, including Osmosis.
How to Stake OSMO
Step 1: Install The Exodus Wallet
1. Open the App Store or Google Play and search for Exodus Wallet.
2. Tap on the Exodus Wallet app and tap Install.
3. Once the app is installed, open it and tap Get Started.
Step 2: Create a Wallet
1. To create a new wallet, click Create a new wallet. You can import an existing wallet by clicking on the button I Have a Wallet.
Step 3: Secure Your Account
Exodus Wallet recommends generating a backup of your wallet before initiating any transactions. It allows for account restoration in case of device loss or unavailability of the Exodus Wallet application.
To create a backup copy of your Exodus Wallet:
1. Go to the Settings menu.
2. Tap Security.
3. Tap Backups.
4. Make sure that there are no unauthorized persons in the room where you are, and click View Secret Phrase to show the mnemonic password.
5. Confirm that you have correctly saved the mnemonic password, then click Done.
Step 4: Top Up your wallet
There are three ways to top up your Exodus Wallet with OSMO tokens:
1. Send OSMO from another wallet: If you already have OSMO tokens in another wallet, you can send them to your Exodus Wallet address. To find your Exodus Wallet address, go to the OSMO tab and tap the Receive button.
2. Buy OSMO on an exchange: You can buy OSMO tokens on a cryptocurrency exchange, such as Binance or Coinbase. Once you have purchased OSMO tokens, you can send them to your Exodus Wallet address.
3. Swap any tokens from IBC‐enabled chains (ex. ATOM) using the osmosis.zone app:
- Go to https://app.osmosis.zone/.
- Connect your Exodus Wallet.
- Select the tokens you want to swap and enter the amount you want to swap.
- Click Swap.
- Confirm the transaction in your Exodus Wallet.
Step 5: Stake OSMO
To stake OSMO in Exodus Wallet:
- Go to the OSMO tab.
- Tap the Stake button.
- Enter the amount of OSMO tokens you want to stake.
- Review the transaction details and tap Confirm.
Step 6: Active Restake Feature
The Exodus Mobile Wallet champions the Restake function, enhancing your staking APY by approximately 0.5%. This feature negates the need to manually claim and stake your OSMO staking rewards; the more OSMO you stake, the higher your earnings. Activate this feature by switching the Auto Restaking button.
The Takeaway
Staking OSMO is a sure way to generate passive returns on your OSMO tokens. Apart from that, it is how you contribute to the security and decentralization of the Osmosis network.
If you are a newbie in staking, Exodus Wallet is perfect for getting started with staking OSMO. Exodus Wallet is an easy-to-use wallet with an easy OSMO token staking process. If you need more information or any help, you can contact Osmosis Blockchain Manager on Twitter (X) for any questions or updates.
