How to Buy and Stake Desmos Token (DSM)-Quick Guide
What is Desmos Network ?
Desmos is a blockchain that aims to empower the development of user-centric social networks in order to find a solution to social media issues, focusing on censorship and privacy issues. Desmos offers a decentralized network that is operated by DSM stakers & validators, besides public and open-source development and a decentralized proof of identity for creating cross-chain Desmos profiles.
It is a Proof-of-Stake blockchain built on the Cosmos SDK and based on the Tendermint Consensus Engine and specifically created for social networking apps and projects. It utilizes game theory and on-chain governance to decentralize social networks’ business model to prioritize users’ interests.
Why Desmos?
There are five main reasons to use the Desmos chain to build or use a social media app, according to the Network. The first is the commercials. Over 140 million businesses are attempting to reach communities on traditional social media applications such as Twitter and Facebook. All of their money now goes to the applications, but it should go back into the pockets of the users who, owing to the spread of their data, are able to connect.
Censorship is the second factor. In some countries, depending on the content of the message, social media posts are automatically censored. Decentralized networks, on the other hand, do not allow for this form of restriction, giving users more freedom of speech. Desmos can also be implemented into a variety of blockchain platforms. projects that offer a sense of community and sharing.
Furthermore, decentralized networks have the potential to improve the health of the billions of people who use social media. Anonymity will make it possible for users all around the world to be happy. Cryptography will also serve as the foundation for decentralized social networks. In other words, users will only provide their data if they receive cryptocurrency in exchange for it. Desmos believes that by providing a monetary incentive, people will be more motivated to improve the general quality of social media.
How to buy Desmos Token (DSM)?
So, currently, you can only buy Desmos token(DSM) in the osmosis.zone which is a decentralized peer-to-peer blockchain project built on the Cosmos ecosystem that features an automated market maker (AMM)
In order to buy something in osmosis, you will need two things
1 - Some ATOM/ UST/OSMO/SCRT To swap buy Desmos token( DSM)
2 - A Keplr wallet extension to connect to Osmosis and store your DSM In a safe, self-custodial wallet.
Step 1- Install Keplr Chrome Extension from here(Keplr).
Step 2 - After adding the extension you will be able to see your Keplr wallet like this.
Step 3- Now go to the osmosis.zone and click on connect wallet to connect your Keplr wallet.
Step 4 - Go to Assets section and Deposit the token you would like to swap for Desmos(DSM) For this example, we will use the Akash Network (AKT).
Step 5 - Now input the amount of AKT you would like to deposit. Next- Click Approve in Keplr to confirm the the transaction. (transaction time required)
Step 6 - You will now see your AKT in the deposit section. Next, go to Trade and select AKT in FROM section and DSM in the TO section. (*Down below You will see exchange rate, Swap fee, and estimated slippage. Just click on SWAP After Input your quantity ).
Step 7- Approve the transaction in Keplr and wait for a minute, and Boom! You have successfully Bought your first DSM.
Step 8 - Next, go to the assets section, you will see your DSM balance. Click on withdraw to get your assets back to Keplr wallet ( Click on approve to confirm the transaction).
Congratulations! You have successfully bought your DSM. Next, move to the stake section.
Step 9 - Next, open our website Smartnodes.one , Scroll Down on the home page. You will see the list of tokens, all with a Delegate button.
Search for the DSM token, click the Delegate button.
Step 10- Click on Delegate again.
Step 11- Click on Connect Wallet.
Step 12- Select Keplr - Click Approve.
Step 13- Input account name, make sure DESMOS is selected in Import addresses for chain. Click Next.
Step 14- Confirm check your address is correctly added and click on save.
Step 15 - You have successfully imported your DSM into Smartnodes.one
Next, click Delegate to proceed into the stake.
Step 16- Now select validator, input amount you want to stake, Fill gas fee as 3000, select Keplr wallet, click on Send.
Step 17- Approve the transaction in Keplr pop-up window.
Step 18- Congratulations, You have successfully staked your DSM with Smartnodes ( You can also see your asset allocation, rewards, balance).
Why choose SmartNodes as your Validator?
- Active in the community. Smartnodes Validator can usually be found in the Telegram and Discord chats answering questions and lending support to the community by answering various questions.
- The Infrastructure used by Smartnodes Validator is only the Best of the Best with 10 Layers of security in place to protect your assets.
- Smartnodes Validator offers 100% Fully refunded Slash and double sign protection.
- We are highly active in the cosmos and lend support where we can. We are community-driven. Smartnodes Validator actively Votes on proposals to help ensure proper governance.
- 100% support to the Cosmos ecosystem. Smartnodes Validator has given out over $5000 in tokens to help people get started in the cosmos space using our very own Faucet Bot https://t.me/smart_y_bot
