How to stake $CMDX
With the LBP of Comdex finished the regular trading and staking start. Especially since the airdrop can be claimed it is time to show how your precious $CMDX can be staked and support the security of the network.
One of my fellow validators has made an awesome guide how to stake with Cosmostation, in this guide I will show how you can stake using Omniflix.
Staking can be done by following 4 simple steps, each step is briefly explained and shown below the list:
- Connect your wallet
- Select your desired validator
- Delegate your coins
- Enjoy staking!
Validator commission
Before going into the details of how you can delegate your coins and start staking, it is wise to understand the principle of commission.
Commission is the fee charged by the validator for her of his services. This is a fee which can be set by the validator in terms of a % of staking rewards everyone gets. It is not a fee which you will have to pay for manually or that it is determined when you send coins around, but is taken into account realtime. The rewards shown on for example mintscan are your real rewards and the commission has at that point in time already been substracted. For the ease of the example, let’s suppose you have 100 $CMDX staked and every block you earn 1 $CMDX (NOTE: these figures are not real).
Now we can explain commission by showing what this means for different percentages of fee set by a validator:
- validator fee is set at 1%. In this case the commission asks 1% of the delegation rewards as a fee for the services. Every block you will get 0,99 $CMDX and the validator will earn 0,01 $CMDX as commission.
- validator fee is set at 5%. In this case the commission asks 1% of the delegation rewards as a fee for the services. Every block you will get 0,95 $CMDX and the validator will earn 0,05 $CMDX as commission.
- validator fee is set at 10%. In this case the commission asks 10% of the delegation rewards as a fee for the services. Every block you will get 0,90 $CMDX and the validator will earn 0,10 $CMDX as commission.
- Etcetera, etcetera.
Now with this covered, let’s hop over to how you can delegate your precious $CMDX. Note that decentralisation is important for a network. Choose wisely and select smaller validators to avoid a few validators getting too much voting power on the network. There is a very small edge you can get with bigger validators (higher voting power means more blocks minted, means more tx fees and thus a very very small extra amount of funds as rewards), but this is not worth making the network centralised and putting it at risk. On the long run a decentralised network is better for the project and thus the token value.
1: Connect your wallet
Go to https://comdex.omniflix.co/stake and use the “Connect” button in the upper right corner:
Keplr wil ask you if want to allow Omniflix to connect to your wallet. Select “Approve”:
Voila, you are connected to Omniflix!
2: Select your desired validator
In the middle of your screen a list of validators is shown. Scroll through the list until you have found the validator of your choosing. Choose wisely and select validators with a smaller amount of voting power to keep the network decentralised.
3: Delegate your coins
If you have found the validator of your choosing, select “Delegate”:
In the pop-up which appears fill the amount of tokens to delegate, and click on the “Delegate” button:
Approve the transaction in Keplr, note that you have to upgrade the gas to make the tx work (adding a 0 at the end helps, Keplr has an issue with determining the right gas fee at the moment):
Wait for the tx to be approved:
4: Enjoy staking!
If approved, you are successfully staking on the network :)
