How to Join Nomination Pools Print
Modified on: Thu, 2 Jun, 2022 at 6:20 PM
Nomination pools have arrived on Kusama! The pools are designed to permissionlessly allow members to pool their funds together and act as a single nominator account. You can read more details about this new feature here.
Benefits of joining a nomination pool:
- No staking minimum
- Don't need both a stash and controller account
- No minimum to receive rewards (as low as 1 DOT can earn rewards!)
- More control over rewards
- A nominator can select validators on your behalf
- Validators can attract more staking input
IMPORTANT: You can only participate in a pool with transferable balance and the amount you participate with is transferred from your account to the nomination pool.
How to Join a Pool
1. To join a nomination pool, navigate to the Network > Staking > Pools page on the Polkadot-JS UI and select the + Join button.
NOTE: An account can only be a member of one pool at a time.
2. Enter the value you would like to contribute to the pool.
3. Take the transaction fees into account, and then sign and submit the transaction.
IMPORTANT: If your account, after the application of the fees, falls below the Existential Deposit, your account will be reaped and any remaining balance will be lost!
4. Claim your portion of rewards by switching over to the Network > Staking > Accounts > Pooled tab, where you can view your pooled member account details. Here you can expand the drop-down menu to select Withdraw claimable.
How to Exit a Pool
Members can exit the pool at any time, by selecting Unbond funds instead, as shown in the screenshot above. This is in the same drop-down menu under Network > Staking > Accounts > Pooled.
NOTE: It takes 7 days to unbond on Kusama, and 28 days on Polkadot.
Withdraw Unbonded Funds
Similar to nominating manually, the funds will need to be fully unlocked after the cooldown period ends. Withdrawing completely ends the relationship to the pool, allowing you to join a different pool if desired.
To do this, select the Withdraw unbonded button from the menu above, after the necessary period of time has elapsed.
See the wiki for limitations and more information on how to create and destroy pools.
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Send feedbackDisclaimer: 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.
