DeFi Degens #1: Comdex - How To Stake $CMDX Tokens Using Cosmostation
How To Stake Your $CMDX Tokens Using Cosmostation
Over the weekend, Comdex went live with a "bang" by launching their LBP (Liquidity Bootstrapping Pool) on the wildly popular Osmosis AMM.
Their token, $CMDX, now trades at $2.21, after opening up around the $3 mark and swinging as high as $5.78 during the LBP event. Now that the dust has settled and price discovery has occurred, traders are now looking to maximize their investment by staking - a great way to yield even more profit and offset downside risk.
If you're new to crypto or the world of DeFi, have no fear - we've got a guide to help you get started with earning those juicy yield rates.
Let's stake'n'bake!
Moving Your Tokens
Step 1:
You can view your $CMDX balance on the assets page on Osmosis. Your balance should be visible on the assets tab.
Step 2:
In the next step, you need to deposit your $CMDX from the Osmosis chain to the Comdex chain. After you click "Deposit", you will see this screen where you enter the amount to transfer.
Step 3:
After you hit deposit, you will get a pop up from Keplr to add the comdex chain. Click approve to proceed with the IBC transfer.
You can now view your $CMDX balance in the Comdex chain in Keplr.
Cosmostation & Staking Your $CMDX
Step 1:
Download the Cosmostation app on the phone or go to https://wallet.cosmostation.io if you're on a desktop.
Step 2:
Select "connect wallet" on the top right corner, in the next pop-up, select keystation or select Ledger if you wish to connect your Ledger.
Step 3:
For now, we will select "connect to Keystation" and import our Keplr wallet by entering our name and Keplr seed phrase.
Step 4:
Next, we'll enter a key/PIN of our choosing - gotta keep those tokens safe!
Step 5:
After successfully connecting, select the Cosmos network on the top right, then select the CMDX chain.
Step 6:
Approve the next pop-up - you should now be connected to the CMDX chain on Cosmostation.
Step 7:
To stake our $CMDX tokens, click on the "Delegate" button and select a validator with whom you wish to delegate - I'd love if you staked with my GhostStake node 👻.
Step 8:
Enter the amount you want to delegate and click "Generate and Sign Transaction".
Step 9:
After the transaction, you will get a successful transaction receipt.
Congratulations! You have successfully staked your tokens and are now earning crazy-high interest.
If you found this guide helpful, please consider staking your $CMDX with our GhostStake validator! Your support keeps our nodes alive & further secures the ecosystem🤑👻
Posted Using LeoFinance Beta
