Evmos is one of the first Ethereum Virtual Machine (EVM) based blockchains in the Cosmos ecosystem and enables developers to launch apps that run smart contracts across any number of EVM and Cosmos-based blockchains. Evmos opens a new frontier for blockchain applications, expanding the functionality of the EVM by enabling cross-chain applications that tap the liquidity and user bases of multiple blockchain ecosystems to provide more unified experiences. The token that powers the network is $EVMOS and it is exclusively used for trading, staking, delegating, paying transaction fees, and governance votes on the network. This tutorial will show you where you can buy $EVMOS and how to stake your tokens on the Evmos network.
- View the current staking APY here
- 14 day lockup
- Average commission: 5.3%
Step 1: Make sure you have a Keplr wallet
Keplr is a popular wallet in the Cosmos ecosystem and offers users the ability to stake their tokens, use blockchain apps and manage multiple tokens in one wallet. You can download the Keplr wallet here.
Step 2: Get yourself some $EVMOS tokens
Currently, you can purchase $EVMOS tokens on Huobi, MEXC or using the Osmosis Dex.
To get $EVMOS tokens using Osmosis, navigate to Osmosis Dex and connect your Keplr wallet. We will be using $OSMO tokens to swap to $EVMOS.
- Select ‘OSMO’ in the ‘from’ tab
- Select ‘EVMOS’ in the ‘to’ tab
- Click ‘SWAP’
- Go to the ‘ASSETS’ page and withdraw to your Keplr wallet
- Select ‘Osmosis’ in the ‘from’ tab
- Select ‘Evmos’ in the ‘to’ tab
- Click ‘Max’
- Click ‘Transfer coins from Osmosis’
Great! Now you have $EVMOS tokens and can go to the staking portal to delegate your stake.
Step 3: Go to the $EVMOS staking portal and choose a validator
Go to the Evmos staking portal and connect your Keplr wallet. If you are unsure of how to choose a validator, please see the section below this one to help you decide.
- Connect your wallet
- Click on ‘Staking’
- Click on ‘All Validators’
- Click on ‘Manage’
- Click ‘Delegate’
- Select how much you want to stake
- Approve the transaction
Make sure you do NOT stake your full available balance. You MUST leave some room for gas fees.
How do I choose a validator?
You will see a list of different validators, including their Voting Power and the Commission they claim.
- First, check StakingRewards.com to see if there is a Verified Provider for Evmos
You want to ideally choose a validator with:
- Low commission: Remember that the commission rate is the % of your staking rewards that goes to the validator. Don’t fall for ‘Zero %’ validators that try to bait you into delegating with them and then change their commission later on.
- Is in the active set: The validators in the active set are earning staking rewards.
- Voting power > 0%: The voting % represents the weight that a validator holds when making governance decisions on the network. You typically don’t want to choose a validator with the highest voting power (as this makes the network more centralized) and you also don’t want to choose a validator with zero voting power.
- Delegators > 0: A validator may be more popular or trusted if it has a higher number of delegators than others.
- Self > 0%: Remember that self-bonded refers to the amount of stake that the validator has put up themselves. The higher this number is, the more there is to lose for the validator and the more unlikely it is that they will act maliciously.
Staking is an essential part of a Proof-of-Stake (POS) blockchain and there are many benefits to staking your crypto:
- Earning Yield
- Airdrop eligibility
- You are contributing to decentralisation
- Boosting network security
- Participating in governance
If you haven’t already, check out the Evmos asset page for more insights into staking Evmos, happy staking!