Welcome to this post, where we are going to see everything you need to know about the Keplr wallet, the most used wallet for the entire Cosmos ecosystem.
If you are thinking about investing in Cosmos or any cryptocurrency of its ecosystem, and you want to have your cryptocurrencies in a secure wallet, without having to depend on centralized exchanges, Keplr is the best option. In addition to the staking options it offers, which we will now see.
Keplr has many different networks, such as osmosis, secret network and most blockchains created through Cosmos. This allows the interoperability of different networks very easily, to move your cryptocurrencies from one network to another, or use different platforms on different networks.
How to create your wallet
If you don’t have a wallet yet, search for keplr wallet or go to keplr.app. The wallet is available on Google Chrome with an extension, or you can use their wallet app on both iOS and Android.
Once on the page click on install extension, and follow the steps. The same with the app. Now, you should see the option to create a new account, import existing account or import ledger. Click on create a new account if you have not created any wallet in Keplr before.
Now, you will see that the seed phrase appears, where you can select whether you want 12 or 24 words. This depends on whether you want this phrase to be more complex or not, which is the only way to access your wallet. Copy the Mnemonic seed in a safe place, indicate the name of your account, and the password to access it.
Click next, and now enter the Mnemonic seed in order to create your wallet and click register. Remember to save your Mnemonic seed in a safe place, as this is the only way you will be able to access your wallet from other devices.
Now you will have your wallet created to deposit funds and use it in the Cosmos ecosystem.
How to deposit and withdraw funds
With your wallet ready, the next step is to deposit funds into it in order to pay commissions and use it. We are going to see how to deposit funds in the Cosmos network, although the process is the same if you want to deposit funds in secret network, osmosis, kava or other networks available in the wallet.
For this we will use Binance, although you can use any centralized exchange that allows Cosmos withdrawals on the Cosmos network. If you don’t have an account with binance, you can create one just below to follow the steps.
In binance, once you have purchased ATOM, if you don’t know how to do it, you can find a guide on our site using the search engine, go to wallet and spot wallet, and click on withdraw.
In the mobile app, go to billerera and click on withdraw and search for ATOM. Now, we will have to open the Keplr wallet, and check if we are in the Cosmos network at the top middle. If so, where there is the address we can click to copy the address of our wallet. If you are in the Binance app, you can click on deposit to display a qr code and scan it. With the copied address, go back to binance and paste it.
You will see that it automatically detects the Cosmos network, and if this is not the case, you must select it. In MEMO we leave it blank, since our wallet does not have MEMO.
In Amount we indicate the amount, click on max if you want to send all the ATOM you have and click on withdraw. The withdrawal fee is quite low, 0.005 ATOM. Click on withdraw and confirm the codes you are asked for, and after a few minutes you will see the ATOMs in your Keplr wallet.
The operation is the same with Secret, if you want to withdraw Secret to your wallet, but always take care to change the network of your wallet when copying the address above, from cosmo to secret. And this with any cryptocurrency and every network found in this wallet.
How to staking
With ATOM or any other cryptocurrency in your wallet, besides being more secure and only depending on you, you can staking with them, and the keplr wallet itself makes it very easy. You can only staking the native tokens of the network, for example in Cosmos, Atom, in secret network, Secret, in Kava Netowrk, Kava and so on in each network.
In the case of Cosmos, they are currently giving 11% per year for staking with a validator of your ATOMs. To do this, in the wallet itself you will see the stake button, click there. It will open the browser, with all the validators of that network, in this case Cosmos.
Now you just need to choose a validator, click on manage, delegate, indicate the amount, always leaving a small part for commissions, and click on delegate. The wallet will open, confirm the transaction and you will have your ATOMs staked with the validator you have selected.
Keep in mind that all Cosmos ecosystem networks have 21 days to get your cryptocurrencies back once you stop delegating them, where you will not receive the staking rewards. So, if you want to get your ATOMs back, you will have to wait the 21 days to get them back in your wallet. It is a way to incentivize you to keep your ATOMs in the long term by staking.
How to choose the validator
In the validators you can find the voting power, which is the power they have to vote on new proposals, and the commission they get for delegating your ATOM or another cryptocurrency to them. Besides the name, for example, binance staking, you would be delegating your tokens to the Binance platform.
Although you may think that the best option is Binance, being the #1, it is best to delegate your tokens to validators that contribute to the ATOM ecosystem or the ecosystem where you are staking. Since by delegating your tokens to Binance, you are giving them more voting power, and really platforms like Binance or other centralized exchanges, do not contribute anything to the network to keep it growing. If you’re simply in it for the profit, you may see validators that don’t have commissions for another year or more, so you can use those validators.
If you want to support the growth of the cosmos ecosystem, the best thing to do is to stake your ATOMs to validators who contribute to the ATOM community, either by contributing information or by creating platforms on it. To do this, if you click on manage, you can see information about each validator, and some have their website where you can see who they are and what is behind the validator.
If you have time, you can look for information about the ecosystem and which validators contribute the most to the growth of ATOM to steaker your tokens in them.
Finally, if you click on the menu to the left of your wallet, you will see the settings where you can change aspects such as language, currency, control the connections you have of your wallet with platforms, where from here you can stop connecting your wallet with other platforms, quite useful and connect your wallet to the wallet on your mobile.
I hope it has helped you to learn more about how the Keplr wallet works, the most used wallet in the Cosmos ecosystem. Remember that, if you don’t have an account with binance, just below you will be able to create one.