What is desmos?
Desmos is a blockchain that aims to empower the development of user-centric social networks in order to find a solution to social media issues, focusing on censorship and privacy issues. Desmos offers a decentralized network that is operated by DSM stakers & validators, besides public and open-source development and a decentralized proof of identity for creating cross-chain Desmos profiles.
HOW TO STAKE Desmos?
INSTALL THE FORBOLE EXTENSION
Install the Forbole extension in your browser (Chrome, Brave, or FireFox). Next, you need to create a new wallet, or connect an existing one. Don't forget to save your wallet keys in a safe place.
Next you need to delegate your Tokens. In the Forbole extension, click on Delegate, in the next menu enter the number of tokens you want to delegate, click Next
CONFIRM YOUR DELEGATION
Then, select CrypTech validator, and click Next. In the last menu, check all the specified information and click on Confirm. That's it! You have successfully delegated the voting power of your tokens.
Most frequently asked questions.
When you decide to stake your DSM, you are delegating DSM to a validator. Delegating your DSM to validators could help to secure the operations of Desmos blockchain. The more amount of DSM is delegated in these validators, the more transactions they will be able to approve and validate within the Desmos blockchain.
When staking your DSM, you are able to choose how much DSM you want to delegate to the Desmos validator. You will accumulate rewards from the moment you stake any amount of DSM.
You can manage your DSM staking through the staking platform anytime you want to delegate more, undelegate or redelegate in another validator, as well as claim your rewards. Please note that delegations are non-custodial, so the nodes cannot steal the delegator's funds.
The minimum amount required should be enough to ensure you can stake as well as pay the Desmos network transaction fee. Always remember to leave 1 token unstaked to pay future transactions.
You will receive your staking rewards anytime you claim them through the staking interface. Please note that rewards do not expire. You can re-stake these rewards to earn a compounded interest.
The process of undelegating the tokens from the node is called unbonding and it takes 14 days to complete for DSM. Users can also move their stake instantly from one validator to another using the redelegate function.
In case you decide to unstake your DSM, you can choose how much DSM you want to unstake. The unclaimed rewards will be auto-claimed once you unstake your DSM. The chosen amount to unstake will become unbonding and you will have to wait 14 days to use your DSM.
Stakely.io only charges 1% fee to maintain and monitor the Desmos validator in a sustainable manner in the long run.
The consensus mechanism used by Desmos includes a slashing mechanism, that is to say, that part of the stake of a node might be slashed if it does not behave correctly. Other risks could be protocol bugs, network attacks, and bad key management by the user. We adopt the necessary measures to bring the slashing risks to the minimum. We also have a Staking Insurance Program to cover losses in case of an accident caused by us.
Stakely.io Desmos validator is managed by a highly-skilled team with Tendermint-based blockchains. In addition, Stakely counts on a Staking Insurance Program to cover any losses in case of slashing incidents, prioritizing the safety of users’ delegations.
you have a
Write your question and we will contact you soon.