Purchasing and Staking Osmosis
Osmosis is an advanced AMM protocol built using the Cosmos SDK that allows developers to design, build, and deploy their own customized AMMs. Osmosis is cross-chain native exchange and currently connects to the entire ecosystem of Cosmos chains with over $10B of native assets. This guide will show you how to stake on Osmosis.
Prerequisites
Make sure that you have installed Keplr
This is the only wallet that is compatible with Osmosis and you will not be able to stake without it. If you are unfamiliar with Keplr please read our setup and usage tutorial.
Get some coins that you can exchange on Osmosis
ATOM is an excellent way to purchase OSMO and is easily obtainable on the vast majority of exchanges. Once you purchase ATOM on an exchange, withdraw it by sending it to your Keplr wallet address.
Alternatively, Crypto.com’s CRO coin is a popular way to purchase OSMO. JUNO, and SCRT are also popular, however it may be difficult to find exchanges where you can purchase these coins.
We will be using ATOM for this tutorial, but the process is identical if you would rather use a different coin that is supported on Osmosis.
Get Some OSMO
Navigate to the Osmosis AMM website and click on the Connect Wallet button on the bottom left.
Now click on the Assets button to the left of the Osmosis website.
Now click on the Deposit button on the Cosmos Hub-ATOM row.
Enter the amount of ATOM that you want to move to Osmosis. If you want to move it all, click on the MAX button. You are about to transfer ATOM from your wallet on the Cosmos blockchain to your wallet on the Osmosis blockchain, this is called an IBC transfer. Click on the Deposit button when you are ready. You will be prompted to either enter your password or connect and sign with your Ledger.
IBC transfers are much slower than a transfer on Cosmos or Osmosis. These types of transfers depend on a special kind of node called an IBC relay, which receives the transaction from the source blockchain and then writes the transfer to the target blockchain. An IBC relay may take up to 10 minutes to complete and you may need to refresh your browser.
Once the IBC transfer completes, you will see the ATOM in the Assets page on Osmosis. Click on the Trade button on the left of the Osmosis page.
Select ATOM as the “from coin” and then select OSMO as the “to coin”. Then enter the amount of ATOM that you want to convert into OSMO. If you want to convert all of it, click on the MAXbutton. You will see the exchange rate on this screen as well. Once you are done, click on the Swap button. You will be prompted to either enter your password or connect and sign with your Ledger.
Staking
Now that the hard part is over, click here to stake.
You will need to enter the amount that you want to stake and then you will be prompted to either enter your password or connect and sign with your Ledger.
That’s it! Happy staking! 🥩🥩🥩
