Cosmostation Demo with App walkthrough
This thread uses the mobile wallet Cosmostation. First, with Cosmostation, how to create a wallet and stake. The importance of staking and airdrops will be covered later.
It is critical to explain that you can either use the same mnemonic or create a new one for each wallet. Remember to never share your mnemonic with anyone or any site for any reason. It is recommended not to share your address online for concerns of being doxxed; this is simply a demo account.
That is how you create a wallet. Next, how to stake funds.
There are many reputable validators, and there are various ways to choose them. In another post later, the validators may be covered in more depth. Think about potentially having a handful of validators and picking ones that may align with your values. The commission goes to these teams to help build their products. Such as Cosmostation having their validator.
It is worth noting that the commission is 8.11% of the 14.45%, so the adjusted is about 13.28%.
Memos are relevant if you want to send a message to someone. They are also needed for some centralized exchanges due to Omnibus Wallet structures.
Gas fees are ultimately up to the user on how fast they would like their transaction to be prioritized and completed. Think paying extra for Uber priority.
The following process is how to vote on the future of the network, which is a critical part of the decentralized community.
Within governance, there are details to decide how you would like to vote. There is often a lot of information on proposals on Twitter, Reddit and other sites.
The following process is doing an IBC send, which is a critical part of making the Cosmos ecosystem unique. The importance of IBC will be covered later but for now, think of it as sending an asset from one chain to another chain.
First, you will go to the assets on the chain.
Here you have two options: pasting the address you would like to send the coins to or using the wallet drop down allows you to pick your address.
Now the tokens are in Osmosis and you can start performing swaps and participating in DeFi. Osmosis will be covered more in depth later but is one of the largest and fastest growing Decentralized Exchanges (DEX). Where the users are providing the liquidity to earn yield.
In this process OSMO is being swapped for ROWAN to go utilize the Sifchain DEX.
The following process is the one previously covered on sending with IBC to send the ROWAN to the Sifchain DEX.
Before going to Sifchain, here is an overview of creating a liquidity pool (LP) in Osmosis. Risks and LPs will be covered more in a later post, but one of the risks is impairment loss (IL). The idea is that the LP rewards should offset the IL; do your own research if this is a good fit for you.
Now you have deposited tokens into Osmosis LPs. Still, you now need to go through the next earning process because of the various lockup periods.
The rewards differ depending on the lockup period as shown under EARNING #1 so it depends on your goals for earnings to lock up.
There now you will earn rewards daily in your wallet from your OSMO LP!
Next is Sifchain ($ROWAN) DEX. SIfchain is an excellent project offering the first DEX to meet ERC tokens. To start with, swap the ROWAN you transferred to another token. Sifchain will be covered more in depth later as it is a fantastic solution and underappreciated in the community.
Next you will enter the Sifchain DEX again and provide liquidity.
Now you are earning rewards paid out weekly in ROWAN!
About Curious Cosmonaut Research
Curious Cosmonaut Research plans to become a leader in Cosmos research. We will aim to create a write to earn model with time and allow anyone to contribute content as long as it meets the requirements of the platform.
Today our content is backed on Medium, Twitter, IFPS, and the Cosmos Hub using custom memos of hashes of the IFPS.
We encourage anyone who is interested in writing with us to go to our write with us section and see our formats and submit an article.
If you enjoy our content, any donations are appreciated, we have enabled a Starname to accept a wide variety of coins. Preferably ATOM for the most neutrality cosmos1yxa2tceefxacdsdsdg5u4ekd5lu0l3u06k7dt4.
