How To Stake NYM (without bridging)
A short tutorial on how to stake native NYM tokens. A next generation privacy infrastructure built on the Cosmos-SDK; capped supply, 7.2% APR and backed by Binance, Polychain Capital, Lemniscape, a16z and many more.
1. Intro
The Nym mixnet is a multi purpose mixnet that prevents traffic analysis by an adversary capable of watching the entire network, including the NSA. The video explains it very well. You can also skip this video if you are already familiar with NYM.
2. Buy NYM on Kraken
As of today Kraken is the only place to buy the native NYM tokens. So make sure to buy them on Kraken— otherwise you must bridge them from Ethereum over Gravity Bridge to NYM. So if you want it simple, buy through Kraken. If you already bought NYM on other exchanges (as ERC-20) reach out to me. I can guide you or bridge it for you.
3. NYM Wallet: Download and Install
Once bought, you’ll need the native Mixnet-Wallet of NYM. Follow the steps as follow:
- Open the official NYM website: https://nymtech.net/
- Go to “Downloads”
- Download the NYM software and install it afterwards
Once installed you’ll find your application on your machine. Open the application.
4. NYM Wallet: Create Account
Once the application is open, create an account
Make sure to save your mnenomic. If you lose them, your coins are lost. Ledger is, as of today, not supported. Best is to write them down on paper — do not safe it on your computer nor iPhone!
After you noted down your seed, verify your mnemonic as requested by the software and set your password. Password should be min 8 characters, at least one number and one symbol.
Now login with your password.
5. NYM Wallet: Send Tokens From Kraken To Your Wallet
Open your wallet and select the “Balance” dashboard. Copy your address.
Move back to Kraken and withdraw your funds to your wallet.
Withdrawal is proceeded within minutes. You can the transactions or your balance on the Guru explorer: https://nym.explorers.guru/
If you got your tokens from Kraken on your wallet, you can proceed with the next step.
NYM Wallet: Delegate
By delegating you only give your staking power to the mixnode (in that case to Swiss Staking) to mix packets on your behalf for a small fee. You can undelegate at anytime and you are the only one in full control of your coins: A mixnode does not have access to your tokens!
- Mixnode identity (Swiss Staking) 26WHDRFM5QU7whg1hnxKk4iVY7DnXyZknPcNMitX6GXp
- Balance: Choose the amount to delegate (leave 1 NYM in your wallet to pay for tx fee).
Approve the “Delegate Stake” button. It will take about 7s to confirm your transaction.
That’s it — you are set! It may take up to one hour to take effect.
Keep in mind that delegated tokens are NOT reflected in your balance on the NYM software. If you want to check your delegated or claimable amount, use the Gure explorer and search your address: https://mixnet.explorers.guru/
Your support is appreciated! ❤
Swiss Staking is an ever-expanding proof-of-stake validator and venture fund based in Switzerland. We offer “Staking as a Service” and back the blockchain protocols of tomorrow. With our own digital assets locked up, we are fully engaged towards the success of each of the protocols we are operating on. We fully believe in this paradigm shift and have high confidence in our philosophy and approach.
Reach out to us:
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