How to Stake Sommelier (SOMM) in Australia

Introduction

Staking Sommelier can be a great option for those who want to hold SOMM while earning yield safely and contributing to the network. The steps may seem daunting, especially the first time you attempt them. That's why we've created this guide for you.

Step-by-Step Guide

1. 1. Obtain Sommelier (SOMM) Tokens

   To stake Sommelier, you need to own it. To obtain Sommelier, you'll need to buy it. You can choose from these popular exchanges.

   Platform	Coin	Cost
   CoinEx	Sommelier (SOMM)	0
   Gate.io	Sommelier (SOMM)	0.000991

   See all 4 prices

2. 2. Choose a Sommelier Wallet

   Once you have SOMM, you'll need to choose a Sommelier wallet to store your tokens. Here are some great options.

   Platform	Coin	Staking returns
   Everstake	Sommelier (SOMM)	Up to 2.66% % p.a.
   Stakewolle	Sommelier (SOMM)	Up to 10.3% % p.a.

   View all 4 staking rewards

3. 3. Delegate Your SOMM

   We recommend using a staking pool when staking SOMM. It's simpler and quicker to get started. A staking pool is a group of validators who combine their SOMM, increasing their chances of validating transactions and earning rewards. You can do this through your wallet's interface.

4. 4. Begin Validation

   You'll need to wait for your deposit to be confirmed by your wallet. Once it's confirmed, you'll automatically validate transactions on the Sommelier network. You'll be rewarded with SOMM for these validations.

What to Be Aware Of

There are transaction and staking pool fees to consider. Additionally, there may be a waiting period before you start earning rewards. The staking pool needs to generate blocks, which can take some time.