Evmos staking allows us participate within the community and help make decisions about the future of the network. The potential of this blockchain is enormous, mainly due to its communication characteristics between multiple chains. If you want to participate in this chain, you are in the right place.
Evmos is a high-performance, highly scalable blockchain compatible with Ethereum. This chain was built using Cosmos SDK and uses the proof of stake protocol. The blockchain allows running Vanilla Ethereum as a Cosmos app chain. This chain is also compatible with the Cosmos ecosystem, making it a network with great potential in the market.
How does Evmos staking work?
Staking Evmos is the best way to participate in the verification mechanism used by the proof of stake consensus protocol. A method that allows us to obtain rewards, help maintain the decentralized network and validate transactions. We do not need to become validators to participate in this protocol, as it would require a large amount of money to meet the requirements.
The best way to participate is through a staking pool managed by a validator. This way we can delegate our tokens, the tokens are kept in our wallet, although they remain locked, while we are staking. Validators are responsible for validating transactions in the blocks and are highly technical teams that monitor and improve the Evmos software.. These teams are incentivized to stay online by earning a commission for our stake.
Users willing to stake their EVMOS tokens will earn daily interest and keep the network secure. Staked tokens cannot be transferred or used in another decentralized application. The platform allows us to choose the validators to whom we are going to delegate our tokens. It is important to select a validator that has a good reputation and avoid losses due to penalties.
Validators who are offline for a long period of time or act maliciously may receive penalties, causing losses in our stake. These rewards are not obtained automatically, we must claim them manually and add them to the stake if we wish. If we want to cancel the staking we must wait for the unlinking period of 21 days in which we will not obtain rewards.
The Evmos ecosystem allows us to stake any amount of EVMOS, so it is not necessary to own large quantities.
How to set up wallet account for staking?
To stake Evmos it is advisable to use Metamask or Keplr wallet. These 2 wallets are widely used in the cryptocurrency market and on the web 3. Metamask is one of the most popular wallets in the ecosystem with multiple features and supports a dozen blockchains. Due to the compatibility of this network with Ethereum, this wallet may be the right decision to enter this ecosystem.
Setting up an account on Metamask can be complicated for beginner users, so in this article We present the steps to achieve it. Keplr, on the other hand, is a non-custodial wallet that allows users to interact with applications on the blockchain.. This wallet is younger than Metamask and therefore has a smaller number of users
However, the wallet has interesting functionalities and can be a clear competitor to the great popularity of Metamask. The Evmos client supports Cosmos gRPC (used by Keplr) and Ethereum JSON-RPC (used by Metamask), making both wallets compatible. Keplr presents a great disadvantage with Metamask, since This wallet does not manage NFT assets. However, the easiest way to stake Evmos is through Keplr wallet.
Let's see how we can set up a Keplr account:
Access the official Keplr site
From the Keplr website we can download the Android app or the browser extension. The extension is available for Google Chrome, Firefox and Microsoft Edge.
Create new wallet
At the end of the installation, we proceed to do click on the extension and we press “Create new wallet”, this is the option to create a new account. On the next page we must select between 3 options: Create a new seed phrase, Import recovery phrase and sign in using a Google account. The most recommended option would be to create a new seed phrase, so we press “Create new recovery phrase".
We'll see now a recovery phrase that we should copy into an agenda or notebook and keep in a safe place. It is not advisable to save seed phrases digitally to protect ourselves from hacking. This phrase will allow us to recover our wallet any time we need it.
On the next page we must verify the seed phrase by entering various positions of the 12 words in it. Then we can assign the name to the wallet and a password that contains uppercase, lowercase, numbers and special characters. We are now ready to use this wallet in Evmos staking.
How can we easily stake Evmos?
After having installed the wallet and configured the account, we must transfer funds from an exchange or another wallet. Let's see in simple steps how we can stake Evmos:
We access the Keplr Dashboard and we connect our newly created wallet to access all the features. In the top menu we select “Staking” and select in the sidebar “Chain”. Here we will see a variety of chains to stake, we select evmos.
Choose the validator
By pressing Evmos, we can select the validator where we are going to delegate our tokens. We are looking for the validator DragonStake and we press on top of it. After clicking on it, a window will appear where we must press “Delegate". We enter the amount to delegate and press “Delegate” again. We approve the transaction in the wallet and we can see our stake on the dashboard.
Once we delegate our tokens, rewards will begin to be generated and accumulate automatically. As long as our wallet is connected to the Keplr dashboard, we can easily manage rewards.
DragonStake is a validator present since 2017 in the main networks of the crypto market. The company is committed to the governance of the networks it supports, actively participating in voting and encouraging its customers to participate. Team focuses on non-custodial staking on Cosmos, Polkadot, among others, so its users maintain control of their assets.
And that's all for today, let me know in the comments your opinion on the Evmos blockchain.