This guide will cover the step-by-step process of delegating and undelegating your SOMM tokens.
Video guide:
What is Sommelier?
Sommelier is a Cosmos-SDK-based DeFi blockchain protocol and a bi-directional Ethereum bridge. The bridge connects the Cosmos-based platform to Ethereum and Sommelier networks; by doing so, Sommelier executes strategies across multiple blockchains, opening a vast horizon of possibilities for use cases: unlock yield performance with Sommelier automated dynamic lending/staking/farming/trading strategies for different types of risk tolerance retail investors.
The platform is a reimagined gateway into interchain DeFi. The project's main idea is to create a platform with multiple automated profitable investing strategies powered by machine learning. With the help of a Sommelier, people could generate maximum yield without worrying about the complexities of AMMs and decentralized finance applications.
Below we'll look into how to stake the Sommelier token, SOMM.
What is Leap Wallet?
Leap Wallet is a non-custodial wallet for storing, sending, swapping, and staking Cosmos-based tokens, including SOMM. It also allows you to access dApp, DeFi, and NFTs.
Why Stake SOMM?
Staking helps secure the network, so delegators are critical to the functioning of the blockchain and are an essential part of any PoS ecosystem. In order to compensate them for staking SOMM, SOMM holders will be able to multiply their tokens and their share in the network, with Sommelier being a non-inflationary token.
How to Create a Leap Wallet
Step 1. Install the Leap Wallet Extension
Install the extension from the official website. Click the Install Leap for Cosmos button. Now you can always find the wallet in the list of your extensions. You can pin it for convenience.
An app for Android and iOS is also available.
Step 2. Create a New Leap Wallet or Import an Existing One
Click on the leap wallet extension icon, or if you didn’t pin it, find it in the list of extensions by clicking on the puzzle icon on the toolbar. Press the “Create new wallet” button on the website. If you already have Keplr or Cosmostation wallet, you can import them using the seed phrase or connect using Ledger.
Step 3. Write Down/copy the Secret Phrase
You’ll see a secret phrase. It is unique for each user, and no third parties can access it. Write it down and keep it as safe as possible since it’s the key to your account. Don’t share it with anyone. If someone accesses the phrase, they’ll gain full access to your account.
Read our cryptosecurity guide and learn how to keep your crypto assets safe.
Step 4. Create a Password
You must enter your password every time you open your wallet extension. Memorize or write the password down so no one can access it. You can restore it only with your secret phrase. Now, your Leap wallet is ready.
Top up Your Leap Wallet
Before staking, you need to purchase some SOMM tokens. You can swap some other tokens like ATOMs to SOMM on Osmosis and withdraw them to Leap Wallet, or buy SOMM on Helix Exchange and send them to your newly created wallet.
Step 1. Select Sommelier in the List of the Chains
Click on the icon in the top right corner to choose the chain, in our case, Sommelier.
Step 2. Send the funds to your wallet
From the home screen, click the “Receive” button. You’ll see your wallet address and the respective QR code. Click on the copy icon next to the address and use the copied string as the recipient address at an exchange or Osmosis.
How To Stake SOMM
Alright, your wallet is all set. Now it's time to make to invest and multiply your tokens.
To start staking your AXL tokens, you must delegate them to a validator.
Step 1. Go to the Stake Tab
To delegate your SOMM, choose the “Stake” tab from the bottom menu.
Step 2. Stake Tokens
Click on “Stake.”
Choose a validator from the list of available options. You can also choose to delegate to multiple validators to diversify your investment. In our example, we’ll choose Everstake. To do the same, enter “Everstake” in the search field and select it from the list.
Enter the delegation amount or click “Delegate all” if that’s what you want. After that, press “Review.”
Take Into Account the Fee
All transactions in Sommelier Network have a price, but it’s really low. But still, you need to remember it and leave 0.5-1 SOMM for fees. If you choose to delegate all, you’ll be suggested option of "Auto-adjust", the system will compute and reserve enough tokens to pay for the fee automatically.
After reviewing transaction details, click “stake SOMM” to approve the transaction.
Step 3. Check Your Delegation in the “Activity” Tab
After you've delegated the tokens, go to the “Activity” tab, where you can see the history of your transactions. Make sure you have your delegation displayed there. Choose the last “Delegation” to get more info about this operation.
Check the Transaction Details in the Explorer
Press “View on Mintscan” to see the transaction details on the explorer. See all the necessary info in the “Transaction Details” table.
Step 4. Claim Your Rewards
Your stake will start earning rewards after about 28 days. That’s the Network rule. After leaving your stake for a while, return to the wallet and click “Claim rewards.” The button will be right on the home screen.
How To Untake SOMM
The undelegating process is quite similar to the staking one, as usual.
Step 1. Go to the Stake Tab
To undelegate your SOMM, go to the Stake section in the Leap Wallet and tap on the delegation you want to deactivate.
Step 2. Undelegate
Enter the amount you want to unstake, and don’t forget about the transaction fee.
Click Review to proceed. Check the details and confirm the transaction by clicking “Unstake SOMM.”
Done!
Conclusion
Hope this guide helped you to stake some tokens!
If you have any questions, feel free to contact our SOMM blockchain manager via Twitter or just email us at [email protected]. We’ll do our best to help you as soon as possible.
