Sommelier is a DeFi blockchain protocol, built on the Cosmos SDK, and a bi-directional Ethereum bridge. The platform is a reimagined gateway into interchain DeFi.
This guide will cover everything you need to stake or unstake your $SOMM tokens.
What Is Sommelier?
The main idea of the DeFi protocol Sommelier is to create a platform with multiple automated profitable investing strategies powered by machine learning, and it also provides staking opportunities.
What Is Keplr Wallet?
Keplr is a non-custodial multichain wallet. It also allows you to interact with blockchain applications (like Osmosis, for example). Download it from the official website. The extension is available for Chrome and Firefox browsers and in mobile versions for iOS and Android.
Why Stake $SOMM Tokens?
Staking $SOMM tokens helps secure the Network. Future updates will also get you rewards from all active cellars’ profits.
How to Create Keplr Account?
We’ll describe the steps for the Chrome extension briefly. If you still have questions, check out Keplr’s guide on creating an account.
- Click on the extension icon.
- Choose Create a new account.
- On the next page you’ll see a mnemonic phrase. That’s a key to your account. Copy it, and store it somewhere safe. Where? Read Everstake crypto security guide for details. It is generally recommended to store several copies of it offline in a place that only you know about. Nobody should know the mnemonic password but you.
- After saving the mnemonic phrase, enter an account name (it can be anything like your name) and create a password. Please follow these recommendations for the strong passwords: they should be unique for each website and must contain at least 12 characters including at least one digit, one uppercase letter, and one special character. After filling out the account name and password fields, click Next.
- The next screen will check if you’ve saved your mnemonic phrase. You’ll have to rearrange the words in the order of your mnemonic phrase.
- Done. You can use your account.
If you have difficulties creating or importing your Keplr account, check out their help desk for guides and frequently asked questions.
Where to Get $SOMM Tokens?
The most popular option is to swap some other tokens for $SOMM on Osmosis:
- Connect your Keplr wallet.
- Deposit $ATOMs or any other available tokens to the Osmosis app.
- Swap for $SOMM.
- Withdraw $SOMMs back to your Keplr wallet.
How to Stake $SOMM?
After you withdraw $SOMM tokens from Osmosis, you’ll see them in your Keplr wallet. So, open the Keplr extension. You’ll be asked to enter your account password. If you’re not on Sommelier’s wallet page of the extension, click the drop-down menu with the chain’s name on top of the extension window and find Sommelier.
Click Stake to get redirected to the Keplr Dashboard where you’ll see your available $SOMM balance and your stake details.
To delegate, you first need to choose a validator. So scroll the page down and find the validator you like Everstake.
After you’ve found Everstake on the list, click Manage. It will get you to your stake with your chosen validator’s page.
Click Delegate to start staking your tokens with Everstake.
Enter the amount of SOMM tokens you want to delegate. Try to leave some tokens for the undelegation commission. The fees are currently around 0.004 SOMM, so leave at least 0.008 SOMM for the delegation and undelegation fees. Please also keep in mind that after you delegate your tokens, they will be locked for 28 days, meaning that you won’t be able to restake or withdraw them during that period.
Click Delegate. This will open the Keplr extension where you will be asked to approve the transaction.
Check the transaction details and click Approve. Then wait for the transaction to complete.
After the delegation is complete, you can check it by going to the My Validators section on the dashboard or by finding your chosen validator on the list and clicking Manage.
How to Unstake Sommelier Tokens?
The unstaking process is quite similar to staking:
- In the My Validators section, choose the validator from whom you want to undelegate. Or just find that validator on the general list and click Manage.
- Click Undelegate.
- Enter the amount to undelegate (click MAX if you want to unstake everything).
- Click Undelegate.
- The Keplr extension should open for approval now. Check the transaction details and click Approve. Wait until the transaction is complete. It will take a few seconds.
Conclusion
Please note that the unstaking period is 28 days. You won’t see the tokens in the Available Balance section or in the Token Staked section during that period. You also won’t receive any staking rewards until the unstaking completes.
Everstake is a validator for over 70 blockchains and has a dedicated team of community, DevOps, and R&D specialists.
If you have any questions, feel free to contact our Sommelier Blockchain Manager on Twitter.
