How do I stake (nominate) on Polkadot? Print
Modified on: Wed, 30 Jun, 2021 at 10:17 AM
This article explains how to stake on polkadot.js. If you are interested in staking with Ledger Live, please refer to this tutorial here.
Important note before you start:
- Nominating currently requires a minimum of 40 DOT staked funds on Polkadot (0.1 KSM on Kusama). Please make sure you are above that minimum, otherwise you won't be able to nominate with your staked funds.
- There is also a maximum of 22,500 nominators in place at the moment. That means, if there are already 22,500 nominators, you will not be able to nominate, even if you have more than the minimum of 40 DOT staked. You can double-check the current number of nominators on the Staking Overview page.
- This is a temporary situation for which solutions are being explored. Read more details on our blog here.
You can nominate validators (also known as “staking”) on Polkadot.js 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 both accounts. Do not bond your total amount from your stash, and also send a small amount of DOT to your controller account. This is in order to have enough liquid funds for paying transaction fees when bonding and unbonding funds.)
Go to the Polkadot.js main page
Click the Staking link in the Network tab above
Click “Account actions” (on top). It may take a while to load.
Click the “+ Nominator button” (top right). If you use a Ledger, please use this workaround.
By default, Polkadot.js will try to auto-select a good subset of validators for you. It does this by estimating what your profits will be in terms of additional tokens that will be given to you as staking rewards. To choose this option, click “Bond and Nominate”
If you want to choose your own validators, turn the “automatic selection” button off, set up your validator list manually, and click “Bond and Nominate” when you have made your selection.
Enter the password for your account.
Sign & submit.
That’s it! You will begin earning rewards in the era after the next one. Which is after approximately 2 days.
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 for the bonding period.
Get more detailed information on nominating on Polkadot on our Wiki Nomination Guide or in the video below.
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