How to Stake Comdex (CMDX) with Cosmostation Wallet
Comdex is one of the major projects launched in the Persistence ecosystem. Integrated into the Cosmos network, the Comdex platform further links the worlds of DeFi and CeFi. The platform tokenizes derivatives of commodities like gold, silver, crude oil (the synthetics) to facilitate their holding, trading, and other transactions. The tokenized synthetics, called cAssets, attract cryptocurrencies used as collateral for their minting. That basically ‘democratizes finances’, as claimed by the Comdex proponents, enabling common investors to engage in commodity trading.
CMDX, a coin native to the Comdex blockchain, is emitted according to the Comdex tokenomics as a reward for the liquidity providers and other parties who maintain the network, as well as to certain other stakeholders, and as airdrops. CMDX holders can benefit from possessing the asset through staking, which is readily available with several wallets and platforms. This asset promises great benefits to its holders as its underlying blockchain opens for crypto finances a gateway to a stunning $17T commodity market (this is more than China’s annual GDP) while staking CMDX secures Comdex blockchain transactions and gets rewarded with circa 50% of the annual percentage yield (APY).
In delegating CMDX, choosing a reliable and efficient validator to stake with is critical. A genesis validator for the Comdex, Everstake is a trusted contributor and stakeholder to a number of cryptocurrencies. It owes much of its success to showing how to benefit from staking crypto-assets and leveraging its high-tech infrastructure and expertise for best performance and security that ensure sustainable rewards for its delegators.
1. Create and top up your Cosmostation Wallet
In case you already have a Cosmostation wallet, skip this section and go straight to Section 2.
To ensure the security of your assets, kindly read and observe this cryptosecurity guide.
Cosmostation wallet is only available for download as a mobile app:
You may further use its web version on your desktop as well.
Step 1: Install Cosmostation wallet
- Install Cosmostation wallet.
- Install the wallet following the respective prompts.
Step 2: Create a Comdex wallet in the Cosmostation app.
- Once the installation completes, you will see the Cosmosation portal window with the START button at its bottom. Click START.
- Choose Comdex in the list.
- Hit CREATE.
- This generates a seed phrase window, which is not available for taking screenshots. The rule of thumb is to keep the phrase on a piece of paper rather than on a digital carrier.
The image above is a photo taken from the Android phone solely for educational purposes, the wallet has been abandoned.
You may proceed without writing down the seed phrase at this stage as it is available later. However, to ensure access to your wallet, it’s highly recommended to record it right away.
Once you are done with handling the mnemonic phrase, hit Create Wallet.
- Enter your Cosmostation wallet PIN of four digits and one letter.
Remembering the PIN well is critical, for there is no way to restore it.
- Here you are!
Your Comdex wallet is ready, time to top it up for staking!
Step 3: Top up your Comdex Cosmostation wallet
- Copy the Comdex wallet address.
- Enter the copied address into the respective deposit window of the wallet that has CMDX available. Approve the funds transfer by clicking the respective buttons. The screenshots below show CMDX transfer from Keplr wallet to the Cosmostation Comdex wallet.
Tip: You can get CMDX in a Keplr wallet using Osmosis exchange.
1. Stake CMDX
Step 1: Set a validator
- Now that you have some CMDX in your Cosmos wallet, click Delegate.
- Choose your validator.
This guide ops for Everstake as the validator. Serving much more small and medium investors than any other provider around, the validator is democratizing PoS tokens staking just like Comdex is democratizing finance.
Step 2: Set the amount to stake
- Keep a tiny amount of coins unstaked as you will need them to pay transaction fees in the future.
- Click Next.
Step 3: Check the staking terms and conditions and go through the memo prompt
- Check out your staking conditions with Everstake set as a validator and hit DELEGATE.
- Insert memo, if you wish so. Click Next.
Step 4: Select the transaction fee amount
- Set the fee you would like to pay for the transaction. Tiny will do or you can set a higher amount if you want to be generous.
- Click Confirm.
- Congratulations! You have staked your CMDX tokens with Everstake.
2. Handling your staked CMDX coins
Once you have completed the staking, your rewards start accumulating.
Step 1: Estimate your rewards
Basic staking details, including staking rewards already accumulated, are available right in the Comdex wallet main menu.
The estimated staking rewards are available in your validator details.
To get these details and handling options, click Delegate in the Comdex wallet main menu.
This user’s interface algorithm is a bit weird, as users do not get why they need to request delegating to see the delegation details and access its handling options.
Step 2: Handling the rewards
The Validator Details menu enables both withdrawing and instantly delegating your staking rewards.
- Click RE-INVEST to add the accumulated rewards to your delegated amount and increase your staking profits.
- CLAIM REWARD allows you to get the earned assets available in your wallet.
Step 3: Handling the delegated amount
You can increase or decrease the delegated amount using the DELEGATE and UNDELEGATE options, respectively.
Note that the undelegated amount is subject to an unbonding period of 21 days. That is, you have to wait three weeks before the tokens you have claimed settle down as available in your wallet and you can transfer them.
Meanwhile, REDELEGATE button enables allocating the whole or part of the staked amount to another validator instantly.
3. Why Everstake?
Everstake is democratizing coin staking just like Comdex is democratizing financial markets. The staking provider enables both institutional and private investors of any size to benefit from its state-of-the-art, redundant infrastructure as it supplies user-friendly step-by-step instructions for every chain on how to stake with Everstake. This attracts an unprecedented number of stakers. Everstake beats any other staking provider by the number of users who have delegated their crypto-assets to this validator enjoying sustainable payouts.
For Comdex, Everstake is a genesis validator and one of the top stakeholders by the voting power. While also operating more than 45 blockchains allocated with dedicated teams of DevOps, the company has great expertise and facilities to ensure ultimate security and the highest yield for its delegators.
More staking and cryptocurrency insights are available with the following hubs: