How to delegate Desmos DSM tokens using Forbole X

Desmos Network’s ($DSM) Proof-of-Stake Delegation Guide

Wayne
Wayne
Sep 25 · 8 min read

The Desmos Mainnet is Officially Live!! DSM holders can start to delegate your token to validator and earn rewards! As one of the validators elected during the first epoch, KysenPool is fully geared up to accept DSM delegation!

In this step-by-step guide, we will explain to you how to delegate your DSM on Forbole X. Delegating your DSM to validators could help securing the operations of Desmos blockchain and earn you rewards periodically. Let’s get started!

Download and Install Forbole X

Setting Up Your Wallet

Click “Get Started” to import or create your first wallet.

Set an Application Password and confirm it, you would be asked to enter this password whenever you access Forbole X application to view any of your data. Please store your password safely because it could not be restored and you will have to import all your wallets again.

Set a password to protect your application

Now, you can import your existing wallets or create a new wallet.

By clicking Create Wallet, please follow the screen instructions and safe guard the Secret Recovery Phrase (Mnemonic Phrase). It’s the ONLY WAY to restore your account.

Let’s continue by clicking Import Wallet to import an existing wallet.

There are 3 different ways to import an existing wallet. If you have an existing Secret Recovery Phrase (Mnemonic Phrase) and decided to store the wallet locally in the web extension, you can choose the 1st option and continue or 3rd option to connect with Ledger Hardware Wallet.

Choose your way to import a wallet

Assume you have clicked the 1st option, Forbole X will ask you to restore the wallet from your Secret Recovery Phrase. Input the 24-word phrase and continue.

Enter the Secret Recovery Phrase

After importing the wallet, set a password to secure your wallet. You will need to enter it to access this wallet in order to execute any transactions. Each wallet will have its own Security Password (v.s. the Application Password in first step) for the key encryption.

Set a password for this wallet

After that, choose DSM as the token you would like to import and set a moniker for your wallet.

Let’s call this wallet “KysenPool” (Moniker : set your own wallet name)

Congratulations! You have successfully imported your wallet!

DSM Earnings

The first account in the wallet is added and named with the token selected

Beside the wallets, you can give every account a specific moniker. Some people would like to refer their accounts based on their purpose. Let’s update the moniker of this account now by clicking the icon on the right. This account is for personal earnings. I’m going to call it DSM Earnings.

Edit the moniker of an account and save it

Now I have imported the DSM Earnings account under KysenPool wallet. You can choose any moniker you like for naming your wallets and accounts.

Delegating DSM Tokens

Let’s try to delegate DSM token from the DSM Earnings account now. Input amount and then click Next.

Forbole X will let you choose the validators you would like to delegate to — say you pick 🌐 KysenPool Star ⭐. You can easily find us by searching us from the drop down list.

And user can input of percentage for column as green highlighted which based on the input amount inserted on previous page.

You can leave it at 100% or choose a fraction of your choice. Click Next to continue.

A window will popup asking you to confirm the delegation. You can always review the transaction messages you are going to broadcast by clicking “View Data” before confirming.

The window will then ask you to unlock your wallet in order to sign the messages and broadcast them. Enter the Security Password you have set in the previous step now.

If the wallet is unlocked and the transaction is successfully broadcasted, you will see the following successful window.

Congratulations! You’ve just delegated DSM to a validator!

Not sure if you done it right? Check your delegations and activities on the Wallets page.

Viewing Your Balance

The transaction will be shown underneath, you can visit the link with the transaction hash and be directed into the Big Dipper site for the details.

Using Ledger Nano S/X devices

Desmos DSM holders can interact with their Desmos accounts securely using Ledger hardware wallet.

Before installing Desmos Ledger app, please make sure that you are using the latest Ledger Live and your Ledger device has been updated with the latest firmware.

Download Desmos Ledger App from Ledger Live

Settings > Experimental Features

Once “Developer Mode” is enabled, you will see “Experimental” on the left bottom corner of your Ledger Live window. You can then visit “Manager” and search for “Desmos”. You will be able to install the Desmos Ledger App in the search result.

If you cannot find Desmos in the App catalog on Ledger Live, please check again if you have enabled Developer Mode and update the latest version of firmware.

After the installation is done, you will see the Desmos Ledger app on your Ledger device.

Next, let import another wallet via a Ledger Nano device. Go back Wallets page and click Add Wallet. You will see the following window again. We choose the 3rd Option, Connect with Ledger Hardware Wallet, this time.

Import a wallet via Ledger Nano device

The process is similar to import a wallet with Secret Recovery Phrase but Forbole X will prompt you to open Desmos Ledger app this time.

After importing the wallet, the default first account is added. You can again edit the moniker of the account by clicking the triple-dot “” context menu.

You can set meaningful moniker to your accounts. You can also favorite your accounts by using the star ⭐ button, so that you can access them easily from the left menu’s Starred Accounts.

Now, you can get a glance of your accounts by visiting the Portfolio page.

There is always an Experience from The Dark Side.

Thank you for reading!!!

We strive to build your trust with our technical diligence while helping support the Desmos blockchain network by staking your Desmos DSM tokens while earning rewards!

About Kysen Technologies

We are responsible for well over $300M USD worth of tokens delegated across our validators. Our infrastructure is a hybrid of data centres (with Hardware Security Modules / HSMs), and multiple Cloud providers. Our mission is to help decentralize the Proof-of-Stake blockchain ecosystem. We’re highly familiar with the Tendermint-based blockchains such as Cosmos, Terra, Kava and Desmos; EVM-compatible Layer-1 chains like Harmony; and complex setups with Cardano. Our team is located around the world to improve our operations and building insights for the chains we support.

Huge congrats to the Forbole team @Kwun Yeung | Desmos @Terence | Desmos and the entire team! We’re a long-time supporter of the Desmos Network, and look forward to be validating on Desmos for the long run.

For More Information :

Worthy Mentions :

Join our cause by delegating to our validator 🌐 KysenPool Star ⭐ at:

https://explorer.desmos.network/validators/desmosvaloper15frwdukqwlenk0sn69haacnce3kcnyjqywnvcn

Introductory 0% fee until the start of 2022!

Kysen Technologies

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