Evmos – EVM-on-Cosmos is one of the most anticipated DeFi projects in the Cosmos ecosystem. The new blockchain protocol boasts the first Cosmos-based chain, allowing projects to interact with EVM and IBC-compatible chains.
With interoperability and flexibility as its watchward, EVMOS has profoundly improved the cross-chain capabilities of dApps. Developers can now deploy ETH smart contracts on Cosmos using Evmos.
An interesting part of Evmos’ ecosystem is its DeFi opportunities. Its vibrant economy is powered by the $EVMOS token. Holders can stake the token for APR yield reward on exchanges and DeFi protocols.
Staking your EVMOS tokens is easy. The best part is that APR yields are high, and you can get as high as 110% APR staking your tokens.
This article will discuss a detailed guide on multiple ways to stake your EVMOS tokens. Let’s get started.
What is EVMOS (EVM-on-Cosmos)?
Evmos is the first-of-its-kind blockchain-based project that aims to improve flexibility, inclusivity, and interoperability among EVM-based chains. As its name implies, EVM-on-Cosmos was built to bridge the technical difficulty between EVM and IBC-compatible chains.
Built on Cosmos, EVM allows developers to build apps compatible with the Ethereum chain, EVM-compatible ecosystem, and other IBC chains. This way, Evmos users and blockchain developers can move assets and seamlessly interact between chains.
Evmos has gained attention for its ingenious, innovative, and impeccable use case for connecting different chains with the Cosmos ecosystem’s Software Development Kit (SDK).
This SDK is a software development framework for Proof of Stake (PoS) chains. SDKs guarantee absolute flexibility, allowing developers to test their projects and prebuilt apps before launching them.
Meanwhile, Evmos’ interoperability gives room for devs to build apps with popular languages like Solidity. With Cosmos, these apps can enjoy the shared liquidity and value transfer of its IBC protocol. Aside from this, users will see the emergence of several cutting-edge low-fee and high-speed dApps with Evmos.
How Does EVMOS Work?
Evmos’ uniqueness comes from its innovative Tendermint Core’s Byzantine Fault Tolerance (BFT) middleware, a feature that allows the network to reach a consensus successfully regardless of the failure of some of its parts.
Essentially, the Byzantine Fault Tolerance (BFT) revolves around a theory of Byzantine Generals that control an army but stay close to a stronghold. Evmos serves as a stronghold for different nodes, which are the general. Therefore, if any node malfunctions, it won’t affect Evmos’s operation.
Tendermint Core allows Tendermint developers to enjoy the BFT by giving them access to an open-source library for the development of EVM-compatible tools with faultless experience on Cosmos. Therefore, regardless of node malfunction, these tools will still work.
Meanwhile, the Proof of Stake consensus mechanism ensures fast, light speed, and instantaneous transaction verification. This is useful for trustless, low fee, and fast payment services.
One of the unique features of Evmos is:
- Smart contract compatibility
- EVM compatibility
- Low fee transaction
- Light speed processing time
Evmos Ecosystem Economy
Evmos’economy is powered by an ERC-20 token, EVMOS. The token facilitates economic activities within Evmos, allowing users to interact flexibly with other users, dApps, and chains.
Its PoS consensus algorithm gives room for passive earning with staking. Therefore, holders can earn yield rewards by staking their tokens.
Aside from this, EVMOS holders can support participation, earn the protocol’s DAO governance rights, and boost transaction and validation power with the token.
Steps to Stake EVMOS Tokens
One of the utility importance of EVMOS tokens is supporting the network for yield reward via staking. EVMOS token holders can stake their tokens by delegating to a preferred validator.
Technically, EVMOS tokens work by holders locking their tokens to fund a validator. This helps secure the EVMOS network by proposing new blocks and attesting to validators’ activities with new transactions. As a result, speakers earn a percentage of the transaction fees – typical of a Proof of Stake network.
Staking EVMOS is simple and newbie-friendly. You can stake the tokens on the Evmos Staking Platform, Keplr wallet, or Trust wallet. For starters, ensure you fund your wallet with EVMOS tokens by swapping ATOM for EVMOS tokens on Osmosis DEX.
To fund your wallet with EVMOS tokens:
- Set up Keplr wallet extension
- Buy ATOM on Binance
- Transfer ATOM to your crypto wallet
- Swap ATOM for EVMOS on Osmosis
Set up Keplr wallet extension
To start staking your EVMOS, head to the Google Chrome Extension store at www.chrome.google.com/webstore on your web browser. Search for KEPLR WALLET in the store and click on ADD TO CHROME.
Once the download is complete, open the Keplr wallet from the available extension in the navigation bar to begin setting up.
You can create a new account by clicking on CREATE A NEW ACCOUNT from the home screen. Alternatively, you can import your seed phrase or connect the wallet with a Ledger hardware device.
Create a preferred wallet password and back up your 12 or 24-word mnemonic phrase. Click on REGISTER to finalize the setup.
Buy ATOM on Binance
After setting up your Keplr wallet, it’s time to fund it with ATOM tokens before swapping them to EVMOS on Osmosis.
To get started, navigate to Binance at www.binance.com on your web browser. Click on LOG IN from the right corner of the homepage.
Input your email address and password. Then, verify and log in with the six-digit verification code sent to your email address.
New users can sign up for a new account with their email address and preferred password by clicking REGISTER from the homepage.
After completing the signup process, go to your ACCOUNT SETTINGS and verify your identity with a government-issued identity document.
Once you’re done, click BUY CRYPTO from the top left corner of the homepage and choose your preferred payment method.
On the BUY CRYPTO page, select ATOM as the token you want to buy and input the amount. Confirm payment method before inputting your payment details.
Double-check payment info and approve transactions by completing 2FA verifications.
Transfer ATOM to your crypto wallet
To withdraw the ATOM tokens to your wallet, go to WALLET > FIAT AND SPOT > WITHDRAW. On the withdrawal page, select ATOM and the token you’d like to withdraw.
Go back to your Keplr wallet and copy your ATOM deposit address by tapping DEPOSIT > ATOM to copy ATOM deposit address.
Paste the wallet address in the provided field and select COSMOS as the token network. Finally, input the withdrawal amount and click on WITHDRAW.
Complete 2FA verifications to withdraw the ATOM tokens to your wallet.
Swap ATOM for EVMOS on Osmosis
Once the ATOM tokens reflect in your wallet, go to Osmosis DEX at app.osmosis.zone.
On the top right corner, click on CONNECT WALLET and select Keplr as the preferred wallet. Approve the connection in the prompt that pops up in your wallet.
After connecting your wallet, select ATOM as the token you’d like to swap from and EVMOS as the token you’re swapping to.
Input the amount of ATOM you want to swap to EVMOS and click on SWAP. Approve the transaction by tapping CONFIRM in the token approval prompt that pops up in your wallet.
After funding your wallet with EVMOS, you can now stake it on any preferred staking platform.
Using EVMOS App
Here’s how to stake EVMOS on Evmos Staking Platform:
To stake EVMOS tokens on the Evmos App, go to Evmos Staking Platform at app.evmos.org/staking.
On the top navigation bar, click CONNECT WALLET and choose Keplr as your preferred wallet.
Within the staking platform, search for your preferred validator. You can also switch to the VALIDATOR tab and click on MANAGE to delegate your EVMOS tokens.
Input the amount of tokens you want to lock and tap DELEGATE to finalize the process. Complete the process by confirming the token approval prompt that pops up in your Keplr wallet.
Using Keplr DeFi Dashboard
Here’s how to stake your EVMOS token on Keplr:
To stake your EVMOS on the Keplr DeFi Dashboard, go to wallet.keplr.app.
On the Keplr dashboard, switch to the EVMOS network from the network drop-down at the top navigation bar and
Connect your Keplr wallet extension. Then, go to CHAINS > EVMOS (beta) and click on STAKE.
Choose a preferred validator to delegate your tokens to. Confirm by clicking on DELEGATE.
Proceed by entering the amount of EVMOS tokens you want to stake. Click on STAKE again to confirm your action.
Finally, approve the transaction in the prompt that pops up in your wallet, and that’s all. You can manage your earnings and positions from the MANAGE tab.
Using Trust Wallet
Here’s how to stake your EVMOS token on Trust Wallet:
- Download and Set Up the Trust Wallet
- Stake EVMOS
1. Download and Set Up the Trust Wallet
Trust Wallet gives a more flexible option to stake EVMOS on mobile or PC devices. To get started, download Trust Wallet by navigating your App Store on iOS devices and Google Play Store on Android devices.
Once the download is complete, launch the app and click GET STARTED on the home screen. If you’re a new user, click I DON’T HAVE WALLET.
Create a six-digit wallet password. Finally, back up and verify the generated 12-word mnemonic phrase.
You can also import your wallet by clicking on the “I ALREADY HAVE A WALLET” option to import wallet with your 12-word mnemonic phrase.
2. Stake EVMOS
Once you’ve set up your wallet, scroll down the token list and click on ADD TOKENS. Add EVMOS NATIVE token and ATOM tokens. You can filter them using the search bar.
USING THE GUIDE ABOVE, deposit ATOM tokens and swap them for EVMOS on Osmosis.
After swapping ATOM with EVMOS, return to your Trust wallet and click on EVMOS. In the EVMOS token’s dashboard, tap STAKE and enter how much EVMOS you want to stake.
Lastly, select a preferred validator from the options available and tap CONTINUE to approve your stake.
You can manage your staking by delegating, redelegating, undelegating, and unstaking your positions within the EVMOS NATIVE dashboard.
Like other Tendermint-based networks, staking your EVMOS token provides security to the network. This, in turn, rewards stakers for dedicating their asset to the network.
Staking EVMOS is simple, especially with the Trust wallet and Keplr wallet. By locking your EVMOS token, you can earn up to 110% APY. However, earning does not automatically compound unless you manually restake your investment and reward.
Overall, EVMOS stands as a shining star of innovation within the Cosmos ecosystem, opening the door to unrivaled interoperability and DeFi opportunities. As EVMOS takes the forefront with its advanced features and consensus algorithm, it is poised to improve accessibility to Ethereum’s rich assets with its interoperability.