How to stake DYM (Dymension)
Everything you need to know to stake your DYM with Chorus One
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Everything you need to know to stake your DYM with Chorus One
Last updated
Was this helpful?
CATEGORY
DETAILS
Chorus One Validator
Block Explorer
Staking Rewards
Unstaking Period
21 Days
Dymension (DYM) is a blockchain platform that empowers developers to create customizable app-specific chains called “RollApps.”
These RollApps allow decentralized applications (dApps) to operate on their own independent chains with unique parameters and consensus mechanisms. By offering flexibility in the design of these app-chains, Dymension enhances scalability and performance for various use cases.
Dymension achieves this by utilizing a modular architecture that separates the consensus and execution layers, enabling greater adaptability and efficiency in building decentralized ecosystems.
Dymension is also part of the Cosmos ecosystem, promoting interoperability between different blockchains through its connection to the Cosmos Hub and other networks.
The DYM token token is used for governance, staking, and securing the network.
For the focus of this guide, we recommend using the Keplr wallet. While Leap is usable, this guide will be walking through a demonstration with Keplr.
However, if you would like to use Leap wallet and stake directly to the Chorus One validator via Mintscan, you can reference the quick guide below to start your Leap wallet.
In case you don't have the Keplr extension installed in your browser, please visit https://www.keplr.app/ and click on 'Install Keplr'.
Click on Install Keplr for Chrome if you are using a Chrome browser or Brave if you are using the Brave browser and follow the installation instructions.
Click on the extension in the Chrome/Brave toolbar and the following page will open up.
It is recommended to pin it to your browser toolbar by clicking on the jigsaw piece 🧩 icon and then the pin 📌 icon.
In case you do not have an existing Keplr account you can click 'Create a new wallet'.
If you already have a wallet to use, you can select 'Import an existing wallet' or you can connect with a compatible hardware wallet, such as a Ledger device.
Alternatively, Keplr now offers the ability to associate your wallet with your Google account, however, this is a less secure way of establishing your wallet and is not recommended.
If you choose to create a new wallet you will be shown 12 words as your mnemonic seed.
Optional: You can select the 24 words option for a more secure mnemonic.
Please be sure to back up your mnemonic seed securely.
It is recommended to store it physically; never in a digital format or as a screenshot.
Never share this seed phrase with anyone, as they will have access to your funds.
A lost mnemonic seed phrase cannot be recovered.
Anyone with your mnemonic seed phrase can take control of your assets.
Next, enter an account name and a passphrase to lock and unlock your wallet. You will be asked for the mnemonic again.
Enter the 12 or 24 words in order and case sensitive (all lower case).
This is to make sure you remember the mnemonic and confirm that you wrote it down correctly.
After verifying your 12 or 24 word phrase, you will be prompted to select any other Cosmos Hub networks you'd like to add to your wallet.
In this case, we will be adding Dymension (DYM), so please be sure to select that from the list or use the search bar to find it.
No need to add any other networks if you don't plan on using them yet. You can always select more networks later.
However, it is advisable to have 'Cosmos Hub' selected when creating your new wallet.
Once you selected the relevant networks you want to use, click 'Save' and you'll be all set to go.
Regardless of whether you already have an wallet or if you just created it, you can now click on the Keplr extension to view your address or visit https://wallet.keplr.app/?tab=overview to see your full Keplr dashboard.
If you don't already have DYM in your wallet, you can fund it with some tokens. You may use an exchange to transfer the tokens to your address or get them from a trusted third party that already holds some.
If you want to stake from the browser extension wallet, you can either navigate to the Keplr dashboard (shown below) or scroll down on the wallet screen and select DYM.
Alternatively, you can connect Keplr to the Mintscan explorer and stake to the Chorus One validator at this address: dymvaloper1ema6flggqeakw3795cawttxfjspa48l4x0e2mh
Next, you will be prompted to stake.
Once you are on the Keplr dashboard, to stake click on the 'Stake' tab on the left hand side of the dashboard.
Once there, you will see three steps highlighted in the pink box in the screenshot below.
Select Chain
Select Validator
Stake
Scroll or through the list or search for the chain you want, in this case DYM.
Then, repeat the same steps to find the Chorus One validator.
Once you've chosen the Chorus One validator, select how much DYM you wish to stake, then click the 'Stake' button at the bottom of the screen.
Clicking on Stake will take you to Keplr wallet for approval. Approve the transaction and you will be able to see your stake.
Note: If you are using a Ledger hardware wallet, you will need to have the wallet connected, unlocked, and approve the transaction there.
Please note that there is a 21 day unbonding process (also known as unstaking) for DYM.
During this period your stake no longer earns rewards and cannot be transferred, exchanged, or spent.
However, you can cancel the unstaking process if you wish without penalty.
After some time you will see rewards accumulating in your wallet.
This can be easiest to view from the Keplr dashboard.
You can simply go to the Keplr dashboard to claim them by selecting 'Claim' and approving the transaction.
You will see all rewards available from all networks you are staking with.
You can choose to claim all pending rewards or select which networks you specifically want to claim rewards for.
If you wish to unstake your DYM, you can do so from the same interface in Keplr that you used to stake.
Either go to the Keplr dashboard or manage your asset directly from the browser extension window.
Simply click on the validator you wish to unstake from and you will be prompted with the following screen.
Please note that DYM undergoes a 21 day unbonding period when unstaking.
To proceed, click on 'Unstake' and follow the prompts to select the amount of DYM you wish to unstake.
Then confirm and sign the transaction in your wallet.
And that's it! Your DYM will begin unbonding which you can track from your Keplr dashboard under the Staking tab.
You can view and manage all ongoing unstaking transactions (undelegations) from your Keplr dashboard and cancel them if you change your mind.
After the unbonding period is complete you will be able to transact with your unstaked DYM again!
If you are an institutional investor looking to stake Dymension (DYM) with Chorus One, please reach out to us via our staking request form.
