Staking your Lum Network tokens with Keplr wallet
Lum network is an open source blockchain protocol (Layer 1) based on the Tendermint & Cosmos SDK, the most advanced and secure delegated proof-of-stake algorithm.
⚠️ Keplr extension is officially supported only on Chrome. It can also be used on Brave, but some features may be unavailable. It isn’t possible to use Keplr extension from mobile.
⚠️ Pay attention to the websites you connect your Keplr wallet with and only download Keplr from the official website or from the link you can find in this tutorial.
Installing Keplr & creating a new account
Installing Keplr wallet
1. Go to this link and click the [Add] button
2. [Add «Keplr»] 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. Now you have 4 options: import your account from a compatible* non-custodial wallet, import your Ledger account, create a new account via seed/mnemonic phrase or via [One-Click Login]. *[compatible] means a wallet that allows you to use the mnemonic/seed phrase to import your account to Keplr.
Creating wallet
How to create a new Account via Mnemonic/Seed Phrase
1. If you are setting up Keplr for the first time: In the initial pop-up window, choose [Create New Account] If you have used Keplr before: In the extension click on the silhouette in the upper-right corner, then the blue box [Add Account] & select [Create New Account]
2. Choose to have a 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. Now enter a name for your account (you can change it later).
4. You can change the derivation path by clicking on [Advanced], but this is optional and not suggested for how we are going to use Keplr. If you are interested in knowing more about the HD wallet derivation path, you can find more in the Keplr FAQ, section [General Questions].
5. Once you are sure that you have correctly transcribed the seed/mnemonic phrase, click on [Next].
6. To confirm the creation of the new account, all you have to do is click on the words in the right order in which they appear in your seed/mnemonic phrase and press [Register].
7. If you have just downloaded Keplr extension, it’s time to set your password! Choose carefully, if possible, prefer a password you’re not using in any other application, and then click [Confirm]. If you have used Keplr before, this step will be skipped as you have already set your password when creating/importing your first account
How to create a new Account via One-Click Login
1. Note: The suggested path is to create an account via Mnemonic phrase or delegate via Ledger, we describing this procedure only because is the first time it is applied to Cosmos wallets and people might be not familiar with it.
2. Choose the option [Sign in with Google]
3. Now enter the email|phone number associated with your Google account, its password, and then click [Next]. In case you don’t have an account yet, you can create one by pressing the [create account] button.
4. Time to set your Keplr Wallet password! Choose carefully, if possible use a password you’re not using in any other application, and then click [Confirm]
How to add Lum wallet to Keplr
1. Go to https://wallet.lum.network/welcome
2. Click [Extension] and choose Keplr extension.
3. The [Chain Add Request] window will show off.
Here you have to choose [Approve]
4. Now you have to authorize the connection between Keplr and Lum network:
In the [Requesting Connection] window, select [Approve] to continue.
5. Check now your Wallet by clicking on the [K] extension icon:
Among the networks, you will see that Lum wallet is now available.
After that, you will see your connected wallet and other related information.
How to Stake $LUM Tokens?
When you are all set it is time to learn how to stake $LUM.
Lum holders can earn staking rewards, thereby increasing their $LUM holdings by simply staking their Lum network tokens with any one of the active validators on the network.
To stake $LUM tokens you must first buy some Lum network tokens and send them to a wallet that supports staking.
As of the article date, Lum network 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 [Stake].
Search and select StakeCraft Validator, press [Delegate].
The next step is to decide the number of $LUM tokens you want to delegate, type the decided amount in the input field and click [Delegate]. But do not forget to leave some $LUM for fees, 1 $LUM should be enough.
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.
⚠️ The [memo] field is optional and you may leave it empty if you’re not sending your tokens to exchange.
Next, select the transaction fee from the range of fees on display.
Click on [Approve] to confirm your transaction.
You have now staked your $LUM tokens and will begin earning staking rewards!
To manage your staking operations you can go to the [Staking] tab. Here you can Claim, Redelegate, Undelegate, or even Delegate more $LUM tokens to the selected validator(s).
StakeCraft staking account address
lumvaloper1qzu5mwrm7hk6sh3g93m60qjn4gavkrlyv66w2h
Sincerely yours,
StakeCraft team.
You can find us:
