The 8 Best Platforms for Staking Cosmos (ATOM)

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The 8 Best Platforms for Staking Cosmos (ATOM)
The 8 Best Platforms for Staking Cosmos (ATOM)

Staking crypto is a well-known method of generating passive income with your cryptocurrency holdings. There are several different systems that let you stake a wide range of coins to gain incentives, including Cosmos (ATOM).

The Cosmos token (ATOM), one of the highest staking payouts for any proof-of-stake (POS) cryptocurrency that enables validator nodes to take part in network consensus because it is a proof-of-stake blockchain. Additionally, it enables users to assign their stake to one of these nodes in order to share in the token emission.

Without a doubt, it’s critical to reduce your risk by only entrusting your ATOM to reputable and reliable validators and platforms. But which ATOM staking platform is the best? Here, we’ll go through what Cosmos staking includes and the eight best places to stake your ATOM.

What Is Cosmos (ATOM) Staking?

To support the operation of the blockchain network and receive rewards, Cosmos (ATOM) token holders stake their coins in exchanges or cryptocurrency wallets. For their assistance in running the network, Cosmos’ owner receives a bonus (similar to mining). A common way to get free cryptocurrencies without spending extra money is through staking.

A hybrid Proof-of-Stake protocol is used by the well-known digital currency Cosmos (ATOM) to protect its network and enable passive revenue for Cosmos investors. Investors receive compensation for owning, storing, and using the coin to help validators verify transactions on the network. The validators then give a little compensation to the owners (or “delegator”) at the predetermined commission rate.

The 8 Best Platforms to Stake Cosmos (ATOM)

Using the same exchange where ATOM was acquired is one of the simplest ways for people who want to stake cryptocurrency. They will feel at ease with the exchange’s layout since they have probably already done research on its features and other important factors. The top 8 platforms are as follows:

Atomic Wallet

With support for more than 500 coins and tokens, Atomic Wallet is a decentralised online crypto wallet accessible on desktop and mobile devices. All levels of cryptocurrency investors can use the wallet, which offers a straightforward, secure, and practical way to store digital assets.

In comparison to other cryptocurrency exchanges and wallets that support staking, the predicted ROI for staking Cosmos (ATOM) in an Atomic Wallet is 10% APY, which is in the higher range of payouts. The Atomic Wallet must contain at least 1 ATOM in order to be eligible for the staking rewards.

To stake Cosmos (ATOM) coins in an Atomic Wallet, follow these steps:

  • Visit the website and download the Atomic Wallet. Add coins to the wallet by purchasing or depositing Cosmos (ATOM) coins.
  • Click “Stake” after choosing Cosmos from the asset list.
  • Check out the validators’ list and staking reward percentage.
  • Choose a validator to start receiving Cosmos staking payouts.

Binance

Binance, by far the most well-known centralised exchange and one of the most reliable, provides a wide range of extra features in addition to standard crypto trading tools. The platform currently offers a wide range of extra services, such as trading in derivatives (options and futures), saving cryptocurrency, launching tokens (via Binance Launchpad), and a robust staking platform.

Because it offers a variety of ATOM staking times and varying rewards, Binance stands out among staking platforms. Users can choose to stake their ATOM for 30, 60, 90, or 120 days, with the longer stakes yielding a higher APY.

Follow these steps to stake Cosmos (ATOM) on Binance:

  • To begin staking ATOM on Binance, navigate to the staking platform and choose ATOM from the list of staking products.
  • Click the ‘Stake Now’ button, select the amount to stake, and input the amount to lock.
  • Before selecting ‘Confirm’ to finish your stake, read and agree to the terms and conditions.

Coinbase

Coinbase is well-known among cryptocurrency consumers for the large range of products it provides and its excellent reputation. Coinbase is a one-stop shop for nearly anything cryptocurrency, as it provides a wallet, crypto-powered debit card, loan solution, payroll platform, exchange, and more.

Through its staking solution, the site also makes it simple to earn staking rewards on a range of assets. Coinbase now supports five distinct cryptocurrencies for staking: Algorand (ALGO), Cosmos (ATOM), Ethereum (ETH), Tezos (XTZ), and Cardano (ADA) (ADA).

Follow these steps to stake Cosmos (ATOM) on Coinbase:

  • To begin, log in to your Coinbase account and check that your identity has been verified.
  • In your account dashboard, create your Cosmos address. Wait for your ATOM to appear in your account after depositing it to your address.
  • In most circumstances, you will then instantly begin receiving staking rewards. However, in some regions, you may need to go to the ‘Settings’ menu to enable the ‘staking rewards’ option.

After the coins are staked on the exchange, the users’ rewards will be credited with the first payment directly to their Coinbase wallet in 7-14 days. Following the initial payment, ATOM staking rewards will be deposited every 3 days. There is a small commission fee for staking ATOM coins on Coinbase. The sum is deducted from the Cosmos network’s staking payouts. 

Guarda Wallet

Guarda is a safe cryptocurrency wallet that enables users to purchase, store, and trade digital currencies like Bitcoin, Ethereum, and countless other coins. The wallet is multi-currency and non-custodial, so users retain control over their private Bitcoin keys. A web browser, desktop, Chrome Extension, or mobile device can access the wallet.

50 blockchains are supported by Guarda Wallet, and more than 10,000 tokens can be purchased, traded, staked, delegated, borrowed, and transferred to smart contracts. To earn staking rewards, up to 10 coins, including ATOM, can be kept in a Guarda wallet.

To stake Cosmos (ATOM) using Guarda, follow these simple steps:

  • On Guarda, select the ATOM wallet and select “Deposit for staking.”
  • Add the desired amount of ATOM.
  • Choose a validator based on their success or reputation.
  • To begin receiving rewards, press “Next” and verify the details.

Keplr Wallet

Keplr is a well-known self-custodial wallet for Cosmos and is marketed as the first wallet for the IBC ecosystem. The wallet can be used to store and manage a variety of Cosmos-based assets, including the native ATOM coin. It comes in the form of a browser plugin or mobile application.

Agoric, Crypto.org Chain, Kava, Osmosis, Secret Network, and Sifchain are just a few of the more than 20 blockchains that Keplr currently supports inside the Cosmos ecosystem. The platform includes hardware wallet compatibility and is one of the few non-custodial Cosmos wallets to enable ATOM staking, giving customers the highest level of security.

Follow these steps to stake Cosmos (ATOM) on Keplr Wallet:

  • Install Keplr, link your wallet, then choose Cosmos Hub from the list of chains on the left to stake your ATOM using it.
  • choose “Stake” from the menu. The list of validators who are currently working will be loaded together with their commission rate and voting power. Click the “manage” option after choosing the one you want to invest with.
  • The delegate menu will appear as a result. Select “Delegate” from the menu. Enter the quantity of ATOM you want to assign to your selected validator on the next screen.
  • To complete this transaction, press the Delegate button. By doing this, you can access your Keplr wallet and approve the delegation.

Kraken

Due to its many funding alternatives and solid reputation, the well-known centralized exchange Kraken is a favorite among cryptocurrency traders. The Earn platform, which enables users to effortlessly stake a number of cryptocurrencies directly from their account balance, is another reason for its popularity.

Kraken enables staking for 15 different POS and DPOS assets as of this writing, including Cosmos (ATOM). Perhaps one of the easiest areas to stake for yields exists here.

Follow these steps to stake Cosmos (ATOM) on Kraken:

  • Go to the staking dashboard after logging into your Kraken account.
  • In the list of supported assets, locate Cosmos, and then click the blue “Stake” symbol to the right.
  • The amount of ATOM you choose to stake from your spot wallet will thereafter be your choice. You will be offered the choice of making a deposit or purchasing some if you don’t already have any.
  • After that, you can decide how much ATOM to bet. For your choice to be submitted, click the “State” button. Then you can start earning rewards right away.

Ledger

Due to the protection they offer customers, hardware wallets are preferred by individuals who manage sizable holdings. The majority of widely used hardware wallets now work with a dedicated application that can be used for processing transactions, interacting with DeFi, and in many cases, staking. Early hardware wallets were extremely simple cold storage devices.

Due to their extensive feature sets and reasonable pricing points, the Ledger Nano S and X hardware wallets are by far the most popular choices. However, even though they are among the fastest wallets for staking ATOM, they can also be among the most time-consuming, especially if you are new to using hardware wallets.

Follow these steps to stake Cosmos (ATOM) on Ledger:

  • Connect your Ledger wallet to Ledger Live and enter your PIN to unlock the device.
  • Make sure the Cosmos (ATOM) app is updated and installed on your device.
  • Via the Ledger app, go to your Cosmos account. After reading the information pop-up, click the “Earn Rewards” button and then “Continue.”
  • Enter the amount of ATOM to stake after choosing a validator from the list of options. When you’re ready to move forward, click “Continue.”
  • Approve the transaction after using your Ledger device to confirm the process. The delegation operation will then be submitted, and your ATOM will start to earn rewards.

StaFi

In contrast to other cryptocurrency staking systems, StaFi allows users to keep their tokens liquid even while they are staked, regardless of the lock-up or required staking period that many blockchains employ.

This is achieved through the use of “r-tokens,” which are liquid counterparts of staked assets. You can stake tokens through StaFi and get an equivalent amount of r-tokens in return, which you may then sell, trade, or utilise to get your initial stake back. “Liquid staking” is the name of this feature.

As a result, the standard 21-day lockup period is not applicable when using StaFi to stake ATOM.

Follow these steps to stake Cosmos (ATOM) on StaFi:

  • Go to the StaFi staking dashboard and select Cosmos from the list of supported assets to start staking. You can also go directly to the ATOM staking page by clicking this link.
  • Connect your wallet to the site by clicking “Stake.” You can also develop a native StaFi wallet as an alternative. Make sure you have enough ATOM available to stake.
  • When you see the “Stake button,” click it. Then, enter the amount of ATOM you wish to stake and follow the on-screen instructions. Your connected wallet will then display a prompt requesting you to sign the transaction. You will receive the identical amount of rATOM in your wallet once you have staked, and you can start receiving yields.
  • Then, using the rSwap, you can convert this back into native ATM.

Wrapping up

In order to receive staking incentives, we have evaluated and contrasted the top cryptocurrency exchanges and hardware wallets for storing ATOM coins. You can easily get started with ATOM staking using any of the aforementioned platforms, and you can receive staking rewards on a daily, monthly, or annual basis. 

Related: https://fxcryptonews.com/10-crypto-coins-to-stake-for-maximum-rewards-in-2022/