Our Cosmos Network StakeDrop campaign is fast approaching! Beginning on October 26th, ATOM holders will be able to earn an allocation of Persistence’s native XPRT tokens simply by staking their ATOMs on Cosmos Network.
Read more about our Cosmos Network StakeDrop campaign here.
If you are new to staking, this document will help you understand how to stake ATOMs to earn Cosmos staking rewards, in addition to XPRT tokens as part of our Cosmos Network StakeDrop campaign.
If you are already Staking your ATOMs with any active validator on Cosmos Network, you can earn XPRT tokens by simply making a ‘Magic Transaction’, which will register your participation in StakeDrop. We will discuss more about the Magic Transaction in the later stages of this document.
How to Participate in the Cosmos Network StakeDrop Campaign?
The first step to Participate in StakeDrop is to stake your ATOMs on the Cosmos Network.
If you are already a staker/delegator on Cosmos Network and wish to directly proceed with learning how to register your participation in StakeDrop, then you may skip to the next section, ‘How to Confirm Participation in StakeDrop and Start Earning XPRT Rewards: Magic Transaction’.
Note: If you are staking via an exchange, you will not be eligible to participate in the StakeDrop. Read below to see how to stake on-chain via a Cosmos Network validator.
How to Stake ATOMs on the Cosmos Network
Any ATOM holder can stake their tokens on the Cosmos Network to earn Staking rewards. Staking can be done through non-custodial wallets where the users are in full control of their funds.
To stake ATOM, one must first purchase some ATOMs and send these ATOMs to their Cosmos Network wallet. This could be any wallet that allows on-chain staking.
Here is a list of wallets that support ATOM staking: https://hub.cosmos.network/master/hub-overview/overview.html
Once you have set up your wallet and have transferred ATOMs to this wallet, you may proceed with the staking process.
We have used the Cosmostation wallet as an example for this guide, but you can use any wallet of your choice to stake your ATOMs.
Step 1: Choose a Validator and Delegate
The first step is to click on ‘Delegate’ and choose a validator you want to delegate your ATOMs to.
The image below shows the delegation process using the AUDIT.one validator as an example.
Step 2: Enter Delegation Amount
After selecting your validator, you may move ahead with delegating your ATOMs by entering the amount (number) of ATOMs you wish to delegate.
Step 3: Insert Memo (Optional)
The memo field is optional and you may leave it empty and move to the next step.
Step 4: Select Transaction Fee
Select the transaction fee from a range of fees by moving the slider.
Step 5: Click ‘Confirm’
Once confirmed, you’re now staking your ATOM!
How to Confirm Participation in StakeDrop and Start Earning XPRT Rewards: Magic Transaction
To earn XPRT rewards, you must confirm your participation by sending a ‘Magic Transaction’ to a designated address provided on the StakeDrop page of our website.
Note: This address will be made available 24 hours prior to the start of the Cosmos Network StakeDrop campaign.
Step 1: Click on ‘Send’ on the Bottom Right-Hand Corner of Your Screen
Step 2: Insert Recipient Address
Input the designated address provided on the StakeDrop page of our website.
Note: The address below is a fake/dummy address for the purpose of illustration.
Step 3: Insert Send Amount
Please enter “0.001” as the amount (number) of ATOMs to be sent.
Step 4: Insert Memo
This is the most important step of the process. If the MEMO field is left empty then your participation will not be considered in StakeDrop.
Please input an ERC20 wallet address in the MEMO field. This ERC20 address will be the wallet in which you will receive your XPRT rewards. All XPRT rewards you have earned during the Cosmos Network StakeDrop campaign will be transferred to this wallet on token generation. This field should not contain any text or additional characters. It should only contain your ERC20 wallet address.
Step 5: Select Transaction Fee
Select the transaction fee from a range of fees by moving the slider.
Step 6: Confirm Your Transaction (Magic Transaction)
Before confirming your transaction, please ensure that the MEMO field contains the correct ERC20 wallet address (your ERC20 wallet address in which you would like to receive your XPRT rewards).
You have now successfully registered your participation in Persistence’s Cosmos Network StakeDrop campaign! Congratulations!
To earn additional XPRT rewards, you may stake your tokens with the AUDIT.one validator.
Wallets supporting delegation to AUDIT.one:
About Cosmos Network
Cosmos is an ecosystem of sovereign, interoperable blockchains. Some of the key components of the Cosmos ecosystem are Tendermint, Cosmos-SDK, and IBC. Cosmos provides a highly modular framework that allows blockchain developers to easily develop application-specific blockchains that solve scalability, usability, and interoperability.
About Persistence
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.
Persistence facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.
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