1. You DO NOT need to unbond or unstake your tokens to begin using Yieldmos
2. Navigate to the Blocks United Yieldmos page.
3. In the “Compound ATOM” box click “Select Strategy.”
4. If Blocks United is not automatically shown in the “Validator” box, click the “Add Validator” option and search for Blocks United.
5. Enter the number of ATOM tokens you would like to stake with Blocks United using the auto-compound strategy. Then, click “Next.”
6. Verify Blocks United is your selected validator and click, “Next.” Leave the “Use Fine Grained Allocation” unchecked, unless you are staking with more than one validator.
7. Confirm the details and enter your email address, if you’d like to be notified with updates on your position.
8. Approve the transaction in your wallet. If you did not provide your email address to Yieldmos, make a note of the strategy expiration on your calendar. You must renew every 3 months.
9. You will then see that you are staking ATOM as an active strategy and your staking rewards are being automatically compounded!
10. Click the icon in the top right corner to disconnect your wallet and you’re done!
If you are staking ATOM tokens, good for you. You are taking advantage of an attractive yield and hopefully claiming airdrops too.
You probably also know that claiming and restaking rewards as often as possible is how to accumulate tokens the fastest. You compound to build your stack.
Manually claiming and restaking rewards is time consuming and eventually becomes a chore.
Wouldn’t it be nice if there was a way to automatically compound your ATOM staking rewards?
Auto compound ATOM staking rewards with Yieldmos
Yieldmos uses the power of authz grants to claim and restake your rewards once per day for you.
YOU DO NOT NEED TO UNBOND OR UNSTAKE YOUR TOKENS TO BEGIN USING YIELDMOS!
Authz grants are given by your wallet to Yieldmos’ wallet. That means your wallet gives Yieldmos the ability to claim and restake your rewards. They do that once per day for you, known as daily compounding.
You still maintain complete control of your tokens. At no time does Yieldmos have the ability to send your funds anywhere.
The authz permission you grant to Yieldmos can be revoked at any time.
We encourage you to check out the official Yieldmos docs to learn more.
How to compound ATOM staking rewards with Yieldmos
1. There are two ways to begin automatically restaking ATOM rewards with Yieldmos. You can navigate to the Yieldmos app, shown below.
Or, you can navigate directly to our Blocks United Yieldmos page and it will look the screenshot below.
2. Select the “Compound ATOM” strategy and then connect your wallet, if you haven’t already done so.
3. If Blocks United is not automatically shown in the “Validator” box, click the “Add Validator” option and search for Blocks United.
4. Enter the number of ATOM tokens you would like to stake with Blocks United using the auto-compound strategy. Then, click “Next.” (see image below)
Remember, you must have at least 1 ATOM token already staked with any validator to use Yieldmos.
5. Verify Blocks United is your selected validator and click, “Next.” Leave “Use Fine Grained Allocation” unchecked, unless you are staking with more than one validator. (see image below)
6. Verify the details and enter your email address, if you’d like to be notified with updates on your position. Then, click “Confirm.” (see image below)
7. A window will pop up for you to approve the transaction in your wallet. In this example we are using a Ledger connected to Keplr. (see images below)
Notice the expiration date for the auto-compounding strategy. The strategy is active for 3 months and then you must stake again with Yieldmos. So, if you did not enter your email address be sure to make a note on your calendar.
8. You will then see ATOM staking as an active strategy and your rewards are being automatically compounded!
This wallet is automatically restaking KAVA rewards too, so you’ll notice both ATOM and KAVA are active strategies. (see image below)
Click the dropdown box next to your active strategies for options.
Clicking “Chain Dashboard” from the dropdown box next to your active strategies will display the number of ATOM you have staked, the current APY, and the number of days remaining before you must renew the strategy.
The strategy must be renewed every three months to auto compound your staking rewards. (see image below)
9. Click the icon in the top right corner to disconnect your wallet and you’re done!
Automatically compounding staking rewards is a wonderful convenience and Yieldmos makes it simple.
Thanks for staking with Blocks United. Welcome aboard!
Frequently Asked Questions
No, accruing ATOM rewards do not count toward your staked balance, unless you use a service like Yieldmos.
Otherwise, you must manually claim and restake rewards.
Rewards accrue every couple seconds for those who are staking. They are “paid” when you claim them manually. Or, Yieldmos can automatically claim and restake ATOM rewards for you.
Using authz grants, you can give permission to Yieldmos to automatically claim your pending ATOM rewards and restake them daily. This is called, automated compounding.
Compounding is the act of adding earned investment back into the original investment. You are then earning block rewards on both principle investment and accumulated block rewards.
Absolutely! Yieldmos allows you to select one or more of your favorite validators to auto-compound staking rewards for you.
Their “Fine Grained Strategy” option even allows you to restake 60% with validator A and 40% with validator B. You can choose how much is auto-compounded with each validator.
Every time you claim and restake, you are compounding earnings on top of principle investment. The more often you claim and restake to compound, the faster you accumulate tokens.
Daily compounding accumulates tokens faster than weekly compounding.
Weekly compounding accumulates tokens faster than monthly compounding.
Monthly compounding accumulates tokens faster than annual compounding.
Authz is generally considered to be safe. All a hacker could do is choose for your rewards to be delegated to a different validator. To revoke authz permissions check out this Keplr article.
The Yieldmos team said in their Telegram channel on April, 27, 2023:
“Since the user maintains custody of their assets, user funds never touch the Yieldmos wallet. Because of the way authz works, meaning you issue very specific permission to the Yieldmos wallet, if it was to be compromised, the wallet can only do what the user authorized it to do. In this case, claim staking rewards and delegate them to a validator, but not send or transfer.”
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Nothing we say is financial advice or a recommendation to buy or sell anything. Cryptocurrency is a highly speculative asset class. Staking crypto tokens carries additional risks, including but not limited to smart-contract exploitation, poor validator performance or slashing, token price volatility, loss or theft, lockup periods, and illiquidity. Past performance is not indicative of future results. Never invest more than you can afford to lose. Additionally, the information contained in our articles, social media posts, emails, and on our website is not intended as, and shall not be understood or construed as financial advice. We are not attorneys, accountants, or financial advisors, nor are we holding ourselves out to be. The information contained in our articles, social media posts, emails, and on our website is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation. We have done our best to ensure that the information provided in our articles, social media posts, emails, and the resources on our website are accurate and provide valuable information. Regardless of anything to the contrary, nothing available in our articles, social media posts, website, or emails should be understood as a recommendation to buy or sell anything and make any investment or financial decisions without consulting with a financial professional to address your particular situation. Blocks United expressly recommends that you seek advice from a professional. Neither Blocks United nor any of its employees or owners shall be held liable or responsible for any errors or omissions in our articles, in our social media posts, in our emails, or on our website, or for any damage or financial losses you may suffer. The decisions you make belong to you and you only, so always Do Your Own Research.