A step-by-step guide on staking $UMEE Umee Network with Cosmos' most famous wallet: Keplr Wallet
Umee is a cross chain DeFi (Decentralized Finance) hub; a universal, permissionless platform meant to serve all types of users and projects throughout their DeFi journeys. Umee provides users with the ability to easily lend and borrow across different blockchains. As a base layer DeFi protocol, Umee will provide the necessary infrastructure for users and builders to access cross chain leverage and liquidity.
As a Cosmos SDK blockchain, the Umee Network is interoperable with blockchains including Terra, Secret Network, Osmosis, and other IBC compatible chains. Furthermore, Umee will connect various ecosystems together and developing novel financial products on top. Umee will incorporate tools such as layer 2 scaling solutions, side chain architectures, tools from the roll-ups ecosystem as well as alternative base layer protocols for connecting between blockchain networks. Additionally, the DeFi hub offers a space for experimenting with interest rate instruments and other new financial initiatives that will act as foundational infrastructure for the evolving crypto world.
Umee is a Proof-of-Stake network with decentralized governance, and its native asset is called $UMEE. The asset can exist as a Cosmos SDK chain asset, as well as ERC20 token for the Ethereum-based chains. In this article, we’re going to focus on how to stake your $UMEE with the Keplr Wallet.
Time To Stake!
Step 1 – Install the wallet extension
If you haven’t downloaded the wallet yet, go to https://wallet.keplr.app/; a pop-up will appear as soon as you enter the website. Click on the pop-up; it will lead you to the Chrome extension store. Select: “add to Chrome”.
Once you’ve added the extension, click on it on your screen’s top-right menu to open the Keplr web page.
Step 2 – Create Your Wallet
On the Keplr web page, select “Create New Account'' to start setting up your account. There is also an option to Sign in with Google. In case you already have a Keplr wallet, select “Import Existing Account''.
If you’ve selected “Create New Account”, Keplr will ask if you’d like to have a Mnemonic Seed of 12 or 24 words. Remember to store your seed phrase securely offline and never share it with anyone. If you lose your seed phrase, you will lose the assets within the wallet.
Once you’ve copied your seed phrase, fill out your account name, desired password and confirm by selecting “Next”.
You will then be asked to fill out your seed phrase in the right order to register. Click on the words to create the sentence, then select “Register”. That’s it! You’ve now created your Keplr wallet. Select “Done” to close the registration webpage, and your wallet should now be opened in the extension. Go to: https://wallet.keplr.app/#/dashboard to continue.
Step 3 – Start Staking
Open your Keplr Wallet extension and select “Umee”. In the Umee dashboard, scroll down to select “Stake”.
A new window will open up the Umee staking dashboard, with an overview of all validators (see image below).
The Keplr wallet currently doesn’t have a manual search bar, so you will have to scroll down and select your choice’s validator. Once you’ve found the validator of your choice, click on “manage” on the right.
Please note: Validators earn block rewards in the form of $UMEE, similar to how transaction fees are processed in native blockchain protocols.
When selecting “manage,” a pop-up will appear on which you can redelegate, undelegate and delegate to the selected validator.
Select “Delegate”, then fill out the amount of $UMEE that you’d like to delegate (It is a good practice to leave some $UMEE to pay fees). UMEE is used as a gas fee to pay for transactions on the Umee Blockchain, currently, these fees are minimal. Select “Delegate” once again to continue.
Please note: staked funds are locked for 14+ days, and need to be unstaked to become liquid again.
To approve the transaction, read through all the given information, check the fee and if everything is correct, select “Approve”.
Congratulations!! You’ve now staked your $UMEE!!
Step 4 – Claiming $UMEE Rewards
Our “how to stake” article wouldn’t be complete without us showing you how to claim your $UMEE rewards.
To get started, open the Keplr Wallet extension and click on “Claim”. A pop-up will appear with the transaction details, after you review them, click on “Approve”.
That’s it, the $UMEE you just claimed, will be available to use, or you can re-stake your funds and earn even more rewards.
For more information on Umee Network, have a look at their Telegram, GitHub, Discord or Twitter. For any questions about the network, staking or anything else, please reach out to Stakin via email@example.com, Discord or Telegram.
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.