Updated: Oct 25, 2021
Buy Cosmos(ATOM) token on coinbase or coinbase pro (in USA). Less fees on coinbase pro, but a little harder to use, download the app on Apple or google store. It takes about 3 days for your funds to settle and be able to withdraw the ATOM tokens.
Download Keplr wallet chrome extension, this is where you will send your ATOM tokens to get it in to Osmosis.
Create a new wallet on Keplr, you can use your google account if you have one, otherwise you will need to write a multi word “seed phrase” so you can recover your wallet if you lose access to it
Go to: https://app.osmosis.zone you will need to save this link, googling Osmosis will only find you a bunch of links about the science of molecules passing through semipermeable membranes
Connect your Keplr wallet to Osmosis, there is a button on the bottom left side that says “connect wallet”
Send ATOM tokens to your Keplr wallet. The address for your wallet is at the top below the name of the token. The drop down will show you a list of all your wallets, pick “cosmos” which is the same as ATOM. You can click on the wallet address to copy it. You will need to paste the address in the withdraw address area on Coinbase. Coinbase may require a “memo” to send your tokens, type anything in there like 123 or whatever. Send a small amount first to test it out, make sure it goes through, if it gets lost it can be hard/impossible to recover.
Once your ATOM tokens are in your Keplr wallet, you will be able to transfer them to Osmosis. Go to “assets” tab on osmosis, find “cosmos hub-ATOM” and push “deposit”. You should now see the ATOM thats in your Keplr wallet and you can deposit whatever amount you want to osmosis. When you deposit another window will open up, leave the fee setting to normal/average and click approve.
Once its in Osmosis you can go to “pools” which shows you the pairings that you can do liquidity pool to earn crypto. Their APR are displayed. I like DVPN/OSMO, AKT/OSMO, and XPRT/OSMO. These pairs consist of two tokens and you need to get both tokens in 1:1 ratio.
Go to “trade” tab. Trade half of your ATOM for OSMO token. Trade half for the other token of your choice AKT, DVPN, or XPRT. Now you have 50/50 of osmo and another token.
Go to “pools” again. Click on the pool to want to invest in. Click “add/remove liquidity” Now you can add the tokens you have to that pool, I just click MAX to add them all. Click “add liquidity” this will open another box asking about fees, click low, and approve.
Now you have the bonded token for that pool, you can click “start earning” and add the max amount, select 1, 7, or 14 day bonding period(this is how long it would take to get your crypto out if you wanted to, you keep earning during the unbonding period, the longer the bonding, the higher the APR)
Once you approve that last bonding transaction then you are done! You will see your earnings every morning at 10am pacific time in the form of OSMO tokens. You can now repeat this process by trading half of the osmo tokens to other token to add to your pools.
To get the rewards out you have to exchange OSMO token for ATOM tokens. ATOM tokens may then be sent to your Keplr wallet using “Withdraw” please note Osmo fee can be set to average which cost ZERO osmo.