Staking your Desmos tokens with Forbole X wallet
Desmos is a blockchain built on top of the Cosmos SDK and based on the Ten-dermint consensus engine specific for social networking apps. It uses game theory and on-chain governance to decentralize the business model of social networks prioritizing the interests of users.
⚠️ Forbole X extension is officially supported on Chrome.
Installing Forbole X & creating a new account
Installing Forbole X wallet
1. Go to this link (official Forbole X website) or you can download it directly from Google-store and click the [Install] button
2. [Add «Forbole X»] window will show off. Here you have to choose [Add Extension]
3. At the end of the download, you can start to interact with your browser extension by clicking on it.
4. You have 2 options: import your account from a compatible* non-custodial wallet, create a new account via seed/mnemonic phrase.
Creating wallet
How to create a new Account via Mnemonic/Seed Phrase
1. If you are setting up Forbole X for the first time: In the initial pop-up window you will be asked to set a password for your Forbole X extension. Then choose [Create wallet].
2. Write down your seed/mnemonic phrase of 24 words, then take care to save them. The safest way is to write the words on paper and store them in a secure place. Avoid taking screenshots of the words or copying them into your computer/phone notes.
3. Once you are sure that you have correctly transcribed the seed/mnemonic phrase, click on [Next].
4. Set your password.
5. Now enter a name for your account (you can change it later).
How to Stake $DSM Tokens?
When you are all set it is time to learn how to stake $DSM.
Desmos holders can earn staking rewards, thereby increasing their $DSM holdings by simply staking their Desmos tokens with any one of the active validators on the network.
To stake $DSM tokens you must first buy some Desmos tokens and send them to a wallet that supports staking (Forbole X).
As of the article date, Desmos tokens are available on https://app.osmosis.zone/
Once you’ve transferred your tokens to a stake-supporting wallet, you may proceed with staking your tokens on the network to earn staking rewards, press [Delegate].
The next step is to decide the number of $DSM tokens you want to delegate, type the decided amount in the input field and click [Delegate]. But do not forget to leave some $DSM for fees, 1 $DSM should be enough.
⚠️ The [memo] field is optional and you may leave it empty if you’re not sending your tokens to exchange.
Search and select StakeCraft Validator, press [Confirm] to confirm your transaction, and enter your wallet password.
Notice: Staking will lock your funds for 21+ days
You will need to undelegate in order for your staked assets to be liquid again. This process will take 21 days to complete.
You have now staked your $DSM tokens and will begin earning staking rewards!
To manage your staking operations you need to open a Forbole X extension. Click anywhere in the highlighted area. Here you can see your balance and if you scroll a little bit down and you will be able to Claim, Redelegate, Undelegate, or even Delegate more $DSM tokens to the selected validator(s).
StakeCraft staking account address
desmosvaloper1tnyhte3fa4qjsu57qmrkyss776v8rset4mmyks
Sincerely yours,
StakeCraft team.
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