The Cosmos ecosystem was created to create a decentralized blockchain network. Such blockchains can carry out cross-chain transactions and exchange information with each other.
Validators support the Cosmos infrastructure. By doing this, they enable users to bet on cryptocurrency and indirectly participate in the development of the network.
One way to stake Cosmos tokens is using the Rainbow Wallet.
About Rainbow Wallet
Rainbow Wallet is a mobile multi-chain wallet that supports Cosmos (ATOM) and IRIS. IRIS Foundation is the wallet development team. The wallet allows not only storing and transferring crypto assets, but also delegating tokens to validators.
To stake ATOM tokens, you need to follow 3 steps.
Step I. Account Creating
Rainbow Wallet for Android and iOS are identical, so we will use the first one to demonstrate the steps of the instruction. Choose the application that suits your operating system, install it on your smartphone, and then read and accept the Terms of Use:
Instal and launch the Rainbow Wallet app. We are importing an existing wallet into the application and therefore selecting the option “Import Wallet”. Accept the Terms of Use and continue. If you don’t have an account yet, please create a new one — “Create Wallet”, please follow the steps in the app. “Watch Wallet” allows you to safely view the wallet balance while in public places.
Select the blockchain COSMOS Hub. Create a password for your wallet. The password must be at least 9 characters long and contain at least letters and numbers.
Recommendation: to make your password more secure, alternate uppercase and lowercase letters and add special characters.
To backup your wallet push “Backup”. Rainbow app warning: do not take a screenshot while recording the seed phrase. It is not safe to store backup data on digital devices. Anyone who knows the seed will be able to access the funds in your wallet. Click “Understood” to continue.
Generate a seed phrase containing 24 words in a specific order.
Seed-phrase is a wallet recovery phrase in case of loss of access to it. Since the mnemonic phrase is the only way to regain control of the wallet, keeping it in a safe place is recommended. We also recommend using services such as LastPass or KeepassXC.
Congratulations! The wallet has been created.
Step II. Depositing ATOM to Rainbow Wallet
To then put ATOM tokens, you need to deposit them on the balance. First click on the crypto wallet address as shown in the screenshot. A QR code and wallet address will be displayed, which can be copied to the clipboard. Please provide details in order to send funds to this address.
By default, the wallet does not set a password. However, this does not make it safe. It can be opened if someone else gets hold of your phone. To protect your wallet from authorization by unauthorized persons, enable biometrics. To do this, go to the “Me” section and enable the “Biometric Unlock” option.
Step III. ATOM Staking in a Rainbow Wallet
To stake Cosmos tokens using the Rainbow app. Go to the “Stake” section. You need to select a validator. Our suggestion is Everstake — low fees and friendly UI, where you can calculate your profit using a simple staking calculator. Click on the selected validator.
On the validator page, you can see detailed statistics of the pool: the number of staked tokens, the amount of commission charged and the time spent on the network. Everstake has 5% commission and 100% uptime.
Click “Delegate”.
Enter the number of ATOM tokens you want to delegate to the validator. By default, the maximum network fee is set at 0.005 ATOM so that the transaction goes through as quickly as possible. If you want to reduce the commission, use the “More” button.
Click “Next” and enter the created password.
The statistics are available in the “Staking” tab. The credited rewards will also be displayed there.
Have any questions? Ask us on Discord. For more details on Solana, please refer to our FAQ.
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