Where and How to Stake Sommelier (SOMM)

Introduction

Staking Sommelier can be a great option for those who want to hold SOMM but earn yield in a safe way while contributing to the network. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.

Step-by-Step Guide

1. 1. Obtain Sommelier (SOMM) Tokens

   In order to stake Sommelier, you need to have it. To obtain Sommelier, you'll need to purchase it. You can choose from these popular exchanges.

   Platform	Coin	Price
   Gate.io	Sommelier (SOMM)	0.02
   CoinEx	Sommelier (SOMM)	0.02

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 good options.

   Platform	Coin	Staking rewards
   Stakewolle	Sommelier (SOMM)	Up to 10.3 APY
   Everstake	Sommelier (SOMM)	Up to 2.66 APY

3. 3. Delegate Your SOMM

   We recommend using a staking pool when staking SOMM. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their SOMM, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet’s interface.

4. 4. Start Validating

   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 you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.