How to Delegate/Re-Delegate/Un-Delegate/ Cosmos ATOM with the Lunie web wallet
With the launch of “CosmosHub-2”, ATOM transfers were enabled on the Cosmos Network. Due to the complexity and risks involved in creating a validator, you can choose the easy way to delegate and earn without having to run a validator node by yourself. No matter the source of your ATOM, crowdfunding or secondary markets, you can earn rewards by entrusting your funds to a validator. In order to make the process user friendly we came up with the following guide.
With the launch of https://lunie.io official cosmos wallet, to delegate/redelegate/unbond/withdraw rewards will be handled by you in an easy and secure manner, that will take 2–5 minutes, based on the user’s experience.
This tutorial will simplify the way in which you delegate your tokens to a validator of your choosing. This designated validator will vote on your behalf and in your best interest. The tokens will always remain under your complete and utter control in your wallet, without any sharing of private keys or other sensitive information.
Open Lunie web-wallet, plug in the Ledger Nano S device and “Sign In”.
After entering the “sign in” menu, you will have to select the desired option:
1. Sign in with the Ledger Nano S (safest) This option requires installing Cosmos App from Ledger live. The Ledger must be version 1.5.5 or higher and the Ledger Live app set to developer mode (enabled from settings), so you can add the Cosmos app in the “Manager” section.
2. Sign in with Address (you can use ledger address or paper address).
3. Generate a new address so you can store your ATOM
Note: If you decide to create/log in with a paper address, always look if you’re on the correct web site (https://lunie.io/)
For our example, we will use the Ledger Nano S.
Click on the “Staking(1)” button on the left side.
Then click on the “Validators(2)”
After you complete the Step 3, you will be shown the Validators tab. We will select the preferred validator (we recommend Easy 2 Stake of course ).
We will click on “Delegate” on the right side.
Add the quantity of ATOM to be staked, then click “Next”
Verify the info that you filled in and click “Next”
We will move to the ledger and check the information to be confirmed.
You will receive a green message in top right corner that your delegation was successful and that’s it.
LE: People asked me about the memo function and how do we use it with exchanges.
Memo is used now by exchanges to identify the unique ID of a client, because they use one single address for collection of funds. So if you do not add the memo when sending from lunie or other wallet, you will be forced to provide info and proof that the funds are yours, which is a lengthy and hard process.
How to withdraw ATOM from exchanges:
Just simply withdraw it to your hardware or paper wallet.
How to withdraw ATOM from one exchange to another exchange:
If the exchange that you want to withdraw has no memo option, you will need to withdraw first to a personal wallet and then sent to the desired exchanged with the memo included.
If you are encountering problems, looking for alternative options to delegate or just want to chat, please contact us on our Telegram channel.