Staking is an important part of the Cosmos ecosystem and involves holding and supporting the network by locking up your ATOM tokens with a validator. By doing so, you participate in the network consensus and can earn rewards for your participation.
Staking Cosmos (ATOM) is not only a great way to earn passive income, but it’s also an important aspect of the Cosmos network. By staking your ATOM tokens with a validator, you are actively participating in the network consensus and helping to secure the network.
Additionally, staking your ATOM on a hardware wallet like Ledger provides an added layer of security to your funds, ensuring that they are safe from potential hacks or cyber attacks.
So, whether you’re a long-term holder of ATOM or just getting started in the world of crypto, staking your ATOM tokens can provide you with a reliable and secure way to earn rewards while contributing to the growth and development of the Cosmos ecosystem.
Let’s dive deeper into the steps involved in staking your ATOM on Ledger.
Step 1: Set up your Ledger hardware wallet and install the Cosmos app.
Step 2: Send your ATOM to your Ledger wallet.
Step 3: Select a Validator.
Step 4: Stake your ATOM.
First, before we transfer Cosmos (ATOM) from Binance into our Ledger hardware wallet, I’m going to assume the following:
1. You already have a Ledger hardware wallet. If you don’t, click here to order directly from the manufacturer.
2. You’ve set up your Ledger wallet. If you haven’t, checkout this step-by-step tutorial on how to set up your Ledger hardware wallet.
3. You’ve already transferred Cosmos (ATOM) to your Ledger wallet. If you haven’t, you can refer to the step-by-step tutorial below on how to transfer Cosmos ATOM to your Ledger wallet.
Now, let’s proceed with transferring Cosmos (ATOM) from Binance to your Ledger hardware wallet.
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💻 On Desktop/Laptop
If you’ve successfully transferred Cosmos (ATOM) coins into your Ledger hardware wallet, you can now start staking your ATOM with a Ledger validator to earn rewards while keeping the network secure. Follow these step-by-step instructions:
It’s important to note that when you delegate your ATOMs, they will remain locked. After ending a delegation, your ATOMs cannot be used for the 21 days that follow.
To learn more about how to claim your ATOM rewards and undelegate your ATOM coins, watch the step-by-step video tutorial or click on the link provided.
Hey there! I’m Blooming Umoren, your money coach, and I’m thrilled to see you here. If you found my tutorial helpful, don’t forget to drop a comment below. Your feedback means the world to me and I promise to read every single one.
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Hello, I’m Blooming Umoren: your money coach. I enjoy teaching & speaking about crypto and stock investing as pillars for creating and building long term multi-generational wealth.
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