How do I stake (nominate) on Polkadot? Print
Modified on: Tue, 4 Oct, 2022 at 3:43 PM
Start your staking journey or explore more information about staking on Polkadot's Home Page. Discover the new Staking Dashboard that makes staking much easier and check our extensive article list to help you get started.
This article explains how to stake on Polkadot-JS UI. If you are interested in staking with Ledger Live, please refer to the tutorial here.
Nominators help secure the network by bonding their DOT and selecting validators they deem trustworthy to produce blocks. If you want to learn more about the benefits and risks of being a nominator, you can check this article.
What to know before starting
- Nominating currently requires a minimum of 10 DOT staked funds on Polkadot (0.1 KSM on Kusama). Please make sure you are above that minimum or you won't be able to nominate.
IMPORTANT: Not all nominators with over 10 DOT will get staking rewards. The minimum amount needed to earn rewards is dynamic and can be found on the Targets page on Polkadot-JS UI. Please refer to this referendum for details.
- There is also a maximum of 50,000 nominators in place at the moment. That means, if there are already 50,000 nominators, you will not be able to nominate, even if you have more than the minimum amount staked. You can double-check the current number of nominators on the Staking Overview page.
- If you are staking above the dynamic minimum amount and still aren't receiving rewards, it's possible that your account needs to be re-adjusted by calling an extrinsic. This is due to the new bags-list feature. You can find instructions on how to fix this here.
How to stake using the Polkadot-JS UI
You can nominate validators (also known as “staking”) on Polkadot-JS UI using these steps:
Create a Polkadot account if you don’t have one already. Please note it is recommended to create two accounts: one to use as the controller account and one to use as your stash account. Learn more about this here and in the video tutorial below.
Also, make sure you leave a small amount of DOT transferrable in your stash account and that your controller has more than 1 DOT in it. This is in order to have enough liquid funds for paying transaction fees when bonding and unbonding funds.
Go to the Polkadot-JS UI main page.
Click the Staking link under the Network tab at the top.
Click “Account actions” (on top). It may take a while to load. If you're using a Ledger, skip the following steps and check the section below.
Click the “+ Nominator button” (top right).
Choose your Stash and Controller accounts. Then select the amount you want to bond and the rewards destination and click "Next".
In the next screen select your validators. Please make sure you've read the article on how to select validators. Once you're done, click “Bond and Nominate”.
Enter the password for your account and click "Sign & submit".
How to stake using your Ledger
NOTE: Ledger Live now natively supports Polkadot. In order to stake from Ledger Live directly, follow these instructions instead.
Since Ledger does not support batch transactions, bonding and nominating needs to be done in two separate transactions.
Follow steps 1-4 as described above.
Click the "+ Stash" button.
Choose your Stash and Controller accounts. Your Stash should be your Ledger account and it is recommended that your Controller is not on Ledger for easier access. Then select the amount you want to bond and the rewards destination and click "Bond".
- Confirm the transaction on the Ledger device.
- When the transaction is confirmed you will see the newly bonded account in the "Account Actions" page.
Select "Nominate" next to the new bond to select your validators.
Click on "Nominate" and confirm the transaction on your Ledger.
That’s it! You will begin earning rewards in the next era or the one after that, if you nominated during the last epoch.
IMPORTANT: Make sure that you have at least 1 DOT in the account that you are directing your staking rewards to. If you receive rewards of less than 1 DOT and they are sent to an empty account, you will lose them. This has to do with the existential deposit on Polkadot.
When you bond your tokens you can still use them for on-chain governance but you will not be able to transfer them while bonded.
If you are a visual learner, you can check the instructions in the video below.
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Disclaimer: We always strive to provide you with the best support we can and we take all care to ensure that our instructions are accurate and concise. However, following these instructions properly, as well as the general management of your accounts and funds, is ultimately your responsibility. Web3 Foundation cannot be held liable for any accidental loss of funds or any other damage you might incur.