How to Stake Cosmos (ATOM) Using the Leap Wallet

Are you looking for a cryptocurrency with high scaling and staking potential? Then you’ve most likely heard of Cosmos — a decentralized network that connects interoperable applications and services.

Its popularity is rising every day and it’s no surprise since the cryptocurrency is sovereign, scalable and sustainable. You can make sure it’s true with the daily statistics on Cosmos in the Mintscan explorer. 

In this article you’ll find out why Cosmos (ATOM) is worth staking. Additionally, you will receive a guide on how to do it from scratch. It includes creating a wallet, topping it up and getting your rewards. So, without further ado, let’s get into how you can start staking Cosmos.

What is Cosmos?

Cosmos, also called the Internet of Blockchains, allows blockchains to exchange data and assets quickly, with minimal cost. Below we’ll look into how you can stake Cosmos Hub token — ATOM. 

What is Leap Wallet?

Leap Wallet is not only a non-custodial wallet for web3, it’s also the simplest & safest way to send, swap, and stake tokens on Cosmos.

Why Stake ATOM?

Here’s why you should do it. With an annual yield of 7-20%, you can gain rewards by delegating ATOM to the validator. You also get the right to vote on proposals and network upgrades. This allows you to earn extra money with airdrops — a free token distribution of new ecosystem projects. 

Learn more about How to Stake Cosmos ATOM in our post.

How to Create the Leap Wallet

Before you can start staking ATOM, you need a crypto wallet for the storage of tokens in Cosmos blockchains. One of the best products on the market that allows you to do it is Leap Wallet. You can use it to transfer your assets, earn staking rewards, access dApp, DeFi, and NFTs.

Now, here is an easy 5-step guide on how to start using Leap Wallet. 

Step 1. Install the Leap Wallet Extension

Get the Leap Wallet by installing the extension on your browser from the Chrome webstore. The mobile app isn’t yet available but it’s about to be released. 

On the page of the Leap Wallet product click the “Add to Chrome” button. Now you can always find the wallet in the list of your extensions. 

Step 2. Create a New Leap Wallet

Click on the puzzle icon on the toolbar and choose Leap wallet from a list of extensions. 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. Memorize or Write Down the Secret Phrase 

The website will offer you a unique phrase that you can use if you forget the password. No one has access to this phrase. If you forget it, you will lose access to your funds. Please store the secret phrase in a safe place. Do not take screenshots or copy it to the clipboard. Never share the seed phrase with anyone. 

Note: Read the Cryptosecurity guide and learn the rules on how to save your crypto assets in order to not become a victim of scammers. 

Step 4. Create a Password to Protect Your Account

Memorize or write the password down so that no one can see it. You can restore it only with your secret phrase in case of need. Now, your Leap wallet creation is finished and there’s only one more step left.

Note. Your wallet will be locked after 15 minutes of inactivity.

 
After entering the password and clicking ‘Proceed’ the pop-up will appear:

Step 5. Get Acquainted with the Wallet Interface

You can pin the Leap wallet extension to the toolbar for easy and fast access. Then, click on the puzzle icon, and you’ll see the interface of your wallet. 

Top up Your Leap Wallet

Now your wallet is ready to use. But before you start staking ATOM, make sure you have some tokens in your wallet. Here’s a two-step tutorial on how to do it. Note that if you already have a positive balance, you can skip this step and move on to staking.

Step 1. Select Cosmos in the List of the Chains

Click on the icon in the top right corner to choose the chains you will operate with. Note that if you already have a positive balance, you can skip this step and move on to staking (Block 3 “How to Stake ATOM”). 

Step 2. Send the Funds to Your Wallet

Copy the wallet address by clicking on it. Go to CoinGecko website and choose the cryptocurrency exchange from the list. Buy ATOMs through one of them. After the transaction is done, go back to Leap Wallet.

How To Stake ATOM

Alright, your wallet is all set to go. Now it’s finally time to make some money. You’re just seven steps away from getting profit by staking ATOM. 

Step 1. Go to the Stake Tab 

Press the Stake button and you will be redirected to the “Choose a Validator” window. Enter “Everstake” in the search field and select it from the list.

Step 2. Stake Tokens

After that, you will be redirected to the Stake ATOM window. For now, your deposit sum is 0. You should top up the wallet in prior and then press “Stake”.

Enter the desired sum of delegation or if you want to delegate all, press “Delegate all.” After that press “Review”.  

Step 4. Take Into Account the Fee

Select “Auto-adjust” or “Don’t adjust” the transaction fee. With “Auto-adjust”, the system will automatically calculate and put aside enough tokens to cover the transaction fees. 

Step 5. Check Transaction in the “Activity” Tab

After you’ve delegated the tokens, go to the “Activity” tab, where you can see the history of your transactions. Choose “Delegation” to learn more about this operation.

Step 6. See the Transaction Details

Press “View on Mintscan” to reach the transaction on to the specialized website (blockchain explorer). See all the necessary info in the “Transaction Details” table, it is like a receipt that confirms your operation. 

Step 7. Claim Your Rewards

Go back to the main screen and detect the “Your rewards” field. Press the “Claim” button. Congrats! You’ve gained your first profit from staking ATOM. 

Note. If your reward is too low, you can’t gain it. When the delegation yields you a bigger reward, press the button “Claim rewards”.

Conclusion

If you’ve made it this far, staking ATOM becomes no harder than a walk in a park for you. And why wouldn’t it? With Everstake, you can easily use your Leap Wallet to top it up, stake ATOMs and delegate them. And as a result you get rewards that multiply your assets, you can also stake the rewards, getting more profit from delegating.

Everstake is a validator for over 50 blockchains and has a dedicated team of community, DevOps, and R&D specialists. You get your blockchain community representative with Everstake. 

Feel free to contact our Cosmos Blockchain Manager on Twitter.