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How to Stake Cosmos (ATOM) In Rainbow Wallet: A Beginner’s Guide

The Cosmos ecosystem is built to create a decentralized network of blockchains capable of cross-chain transactions and exchanging information with each other. Validators power the Cosmos infrastructure, allowing users to stake cryptocurrency and indirectly participate in the development of the network. You can stake ATOM using various crypto wallets, one of which is Rainbow.

About Rainbow

Rainbow Wallet is a mobile multi-chain wallet that supports Cosmos hub (ATOM), Irisnet (IRIS) and Binance (BNB). The wallet was developed by the IRIS Foundation team and allows not only storing and transferring crypto assets, but also delegating tokens to validators. Next, we’ll explain step by step how to stake Atom using the Rainbow mobile wallet.

How to create a wallet

First, create a crypto wallet. The app is available on iOS and Android mobile devices. You can download using these links:

Step 1. Launch the app, read and accept the user agreement.

Step 2. Create a new wallet

You can also import an existing wallet by clicking “Import Wallet” or open a view-only wallet by clicking “Watch Wallet” — this allows you to safely view the wallet balance while in public places: airport, cafe or public transport.

To create a new wallet, click “Create Wallet”.

Step 3. Select the blockchain

Select Multi Chain wallets via Rainbow ID if you are interested in all three supported chains in one wallet. Or select Cosmos Hub if you need a wallet for ATOM. In this guide we choose the latter.

Step 4. Come up with a name for the wallet and a complex password.

The password must be at least 9 characters long and contain at least letters and numbers. To make your password more secure, alternate uppercase and lowercase letters and add special characters. Then confirm your password and click Create Wallet.

Step 5. Back up your wallet.

Click the “Backup” button.

Rainbow app warning: do not take a screenshot while recording the seed phrase. It is not safe to store backup data on digital devices. Anyone who knows the seed will be able to access the funds in your wallet. Click “Understood” to continue.

Write down all 24 words of the mnemonic phrase in sequence on paper or some other non-digital medium. Then click “Next” and confirm the seed-phrase by entering the words in the same sequence in which you wrote them down.

The wallet has been created. You will have access to the interface and basic functions of the Rainbow wallet with IRIS and ATOM, but for now it is empty. It needs to be topped up in order to then stake ATOM tokens. First, click on the address of the crypto wallet, as shown in the screenshot.

A QR code and wallet address will be displayed, which can be copied to the clipboard. Please provide details in order to send funds to this address.

By default, the wallet is not password-protected, and it can be opened in case someone else gets hold of your phone. To protect your wallet from authorization of unauthorized persons, enable biometrics. To do this, go to the “Me” section and enable the “Biometric Unlock” option.

How to stake an ATOM

It is very easy to stake Cosmos tokens using the Rainbow app. Go to the “Stake” section.

Then click the Delegate button.

Select a validator. If you find one difficult to find, use the search button located in the upper right corner of the screen. We suggest voting for Everstake — we have low fees and a convenient site for token holders where you can calculate your profit using a simple staking calculator. Then click on the selected validator.

On the validator page, you can see detailed statistics of the pool: the number of staked tokens, the amount of commission charged and the time spent on the network. As you can see, Everstake has only 5% commission and 100% uptime. This is an excellent result, meaning that the validator works flawlessly and the delegates get the most profit. Now click “Delegate”.

Manually enter the amount of ATOM tokens that you want to delegate to the validator. By default, the maximum network commission is set to 0.005 ATOM so that the transaction goes through as quickly as possible. If you want to reduce your commission, use the Advanced button. This will allow you to manually adjust the commission by adjusting the price and amount of Gas, but this option is for advanced users. If you set the commission to too low, the transaction may not be confirmed.

Note. We do not recommend setting up the commission yourself if you do not know how to determine the price and quantity of Gas.

Click Next.

And enter the password for the wallet that you created earlier.

If the transaction is successful, you will see the following message:

The statistics are available in the “Staking” tab. The credited rewards will also be displayed here.

Click on the area with the delegated tokens to see even more details. In the section that opens, you can withdraw tokens, re-delegate them to another validator, or withdraw rewards.

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