Staking Osmosis (OSMO)
Staking Osmosis (OSMO) is a process that allows you to earn OSMO by participating in the network's consensus mechanism. This guide will take you through the steps needed to stake your OSMO using Gem Wallet, ensuring you can maximize your returns securely and efficiently.
- Your Osmosis (OSMO) will be locked when you stake them.
- It will take 14 days to completely unstake.
- The minimum staking amount is set by the validators you chosen.
- Always have some extra amount of OSMO that will be needed for transaction fees.
Always check that you are using the latest version of the app for optimal performance and security.
How to Stake Osmosis on Gem Wallet
Step 1 - Fund Your Osmosis Wallet
Before you can start staking, you need to ensure that your Osmosis wallet is funded with OSMO tokens. The easiest way to get Osmosis is to buy it directly with Gem Wallet. Tap on Buy and then select the amount of OSMO that you want to purchase.
Alternatively, you can buy OSMO tokens from various cryptocurrency exchanges such as Binance, Coinbase, or Kraken. Make sure you have a verified account on one of these platforms to purchase the tokens. Once you have purchased OSMO, transfer the tokens to your Gem Wallet.
Make sure that you copy the Osmosis wallet address correctly when sending OSMO from another wallet to avoid any loss of funds.
Step 2 - Navigate to the Stake Screen
Open your Osmosis Wallet and navigate to the Stake screen by tapping on Stake. Now on the Stake screen, you will see some details about the APR and the Lock Time when you stake your Osmosis tokens. Tap on Stake to proceed.
Step 3 - Choose Validator
Staking involves delegating your tokens to a validator who participates in the network’s consensus. Gem Wallet provides a list of validators you can delegate your OSMO to. Review the list carefully.
Look for validators with high uptime, low commission rates, and a good reputation in the community. You can find more detailed information about Osmosis validators here.
Step 4 - Input Stake Amount
After selecting a validator, you need to decide how much OSMO you want to stake. Make sure to leave a small amount of OSMO in your wallet to cover transaction fees. Tap on Continue.
Some validators may have a minimum staking requirement. Ensure your stake meets these criteria to avoid any issues.
Step 5 - Confirm the Stake Transaction
Double-check all details of your staking transaction, including the validator and the amount of OSMO you are staking. Once you are satisfied with the details, Confirm the transaction. The transaction will now be submitted to the Osmosis Network.
The transaction will just take a few seconds to be confirmed on the Osmosis Network. Congratulations, you have successfully staked Osmosis with Gem Wallet.
Osmosis Staking Rewards
By staking Osmosis (OSMO) you can earn at least 5.68% in Osmosis rewards (as of writing). You get rewards immediately but you would have to manually claim it. This is not a fixed rate since the rewards can be affected by the validator you have chosen.
Staking Osmosis (OSMO) on Gem Wallet will reward you with OSMO tokens.
Unstaking Your OSMO
Your Osmosis (OSMO) are locked until you unstake them. Unstaking will take 14 days before you can get your Osmosis (OSMO) back. To unstake your OSMO, simply tap on the Stake details. Then under Manage, tap on Unstake. Make sure to leave a small amount of OSMO in your wallet to cover transaction fees. Indicate the amount you want to Unstake and confirm it.
Is Staking Osmosis on Gem Wallet Secure?
Yes, Gem Wallet is a secure and open-source wallet for staking Osmosis. Here are some reasons why you need to stake your OSMO with Gem Wallet:
- Transparency: Open-source wallets have publicly available code that can be reviewed and audited by anyone.
- Community Trust and Collaboration: Being open-source fosters a collaborative environment where developers and security experts continuously improve the wallet.
- No Hidden Backdoors: Open-source wallets are less likely to have hidden backdoors or malicious code, as the open nature of the code allows for thorough scrutiny by the community, minimizing the risk of unauthorized access.
Staking Osmosis (OSMO) using Gem Wallet is a great way to earn passive income while supporting the network. By following these steps and tips, you can ensure a smooth and secure staking experience.
Learn more about Osmosis Staking.