Staking $CMDX on Cosmostation: A Step-by-step Guide.
In January 2022, ComdexOne launched $CMDX staking on Cosmostation — the cryptocurrency validator chain operated by the Cosmos network.
Providing liquidity for Comdex based assets is one of Comdex’s goals towatds democratizing finance. To do this, Comdex makes sure that its native token — $CMDX achieves high level liquidity as this secures the network.
Therefore, taking this view in consideration, I will enumerate take you through steps involved in staking your CMDX tokens on Cosmostation.
Do you have a Cosmostation Wallet? If you don’t then, that brings us to our first step. But if you do and it’s already been set up, then proceed to the next step.
STEP A: Your Cosmostation Wallet
1. Download the Cosmostation Wallet.
a. Search out the link: https://wallet.cosmostation.io/mobile.
b. According to the options displayed, choose to download either the android or iOS version.
2. Configure your Cosmos wallet.
a. START the Cosmostation app.
b. Select Comdex in the list of options and CREATE.
c. A tab will pop up. After reading what is written down there, CREATE WALLET.
d. Input a pin: 4 digits and an alphabet. Remember that this pin is unrecoverable; you lose everything when you forget your password; so save it to Google and do not forget it (write it down somewhere).
3. Fill up your Wallet.
a. Copy your Comdex wallet address.
b. Paste the address into the channel that offers CMDX swaps: www.osmosis.zone
c. Confirm the transfer of funds.
STEP B: Staking CMDX.
With some CMDX tokens in your Cosmostation wallet.
1. Tap on the DELEGATE option.
2. Select your validators. (Validators are like the audit section of each crypto network blockchain. They can be up to 5 and above, or lower, and can likewise confirm the genuineness of all the transactions carried out on the blockchain.)
3. Input the amount of CMDX you want to stake.
Remember to keep a little quantity of your CMDX unstaked, because of future transaction fees.
4. Tap on NEXT.
5. Check the terms and conditions applied.
6. Thoroughly look through the written terms and conditions.
7. Click on DELEGATE and NEXT.
8. Input the amount you wish to give as transaction fee.
9. You can set a low gas fee, a medium one, or high.
10. CONFIRM your action.
STEP C: Operating with your staked CMDX.
1. Calculate your gains.
a. You can find your basic staking info at your Comdex wallet home page.
b. To get info about estimated rewards, open DELEGATE in the homepage.
2. Manage your gains.
a. RE-INVEST in order to bring in additional acquired bonuses to your stake, to increase your APR.
b. CLAIM REWARD to assess the CMDX you have staked.
3. Manage the staked CMDX.
You can do this by:
a. Clicking on REDELEGATE to move your stake.
b. Clicking on UNDELEGATE to withdraw your stake.
Note that the UNDELEGATE option lets you remove all your staked CMDX (which will be actualized 21 days after you confirm the option), while the REDELEGATE option lets you transfer all your staked CMDX (or part of it) to another validator (without fees and unstaking).
Redelegating for the first time would be carried out immediately after you confirm; but the next time you try redelegating, you will have to wait 21 days.
Remember: It’s really not too late to stake your CMDX now!
Comdex is a decentralized synthetics protocol in the Cosmos crypto network; and as a product of the Persistence platform, Comdex develops possible solutions for the decentralization of finance (DeFi) by handing over to investors the knowledge about a widened scope of asset classes and rewarding projects.
To keep up with updates concerning Comdex’s monetization processes, you can follow up on: