Staking Dashboard: How to Join a Nomination Pool Print
Modified on: Thu, 9 Mar, 2023 at 3:01 PM
Start your staking journey or explore more information about staking on Polkadot's Home Page. Discover this new Staking Dashboard that makes staking much easier and check our extensive article list in the Overview article to help you get started.
This article explains how to use the Staking Dashboard to join a nomination pool.
In this example, we use the Westend testnet, but the process is the same for Polkadot and Kusama.
How to Join a Nomination Pool
‼️ 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. The pool account is controlled only by the pool's internal logic and no one else.
ℹ️ GOOD TO KNOW An account can only be a member of one pool at a time.
1. Connect your account to the Staking Dashboard.
2. Navigate to the Pools tab and click the "Join" button:
Clicking the "All Pools" button will also allow you to browse all available nomination pools.
2. Find the pool you would like to join and click the "Join" button next to it:
‼️ IMPORTANT Choose wisely. Before switching pools, a nominator must wait for the unbounding period: 28 days on Polkadot and 7 days on Kusama.
3. Enter the amount you would like to bond and click Submit. Take note of the transaction fees: you will need to pay them out of your remaining balance:
4. Once you sign the extrinsic, the Pools page will be presented again, displaying the information about the nomination pool you joined.
How to Increase Your Bond in the Pool
1. To increase your existing stake, click the plus button on the Pools page.
3. Enter the amount you want to add to your stake, and click Submit. Remember to leave some transferrable balance in your account to be able to pay for future transaction fees.
Limitations
- A member cannot vote (e.g. in Referenda or for Council members) with their nominated funds. This may be changed in the future once accounts are afforded the ability to split votes.
- For a member to switch pools, they must wait for the unbonding process: 7 days on Kusama and 28 days on Polkadot.
- A member can partially unbond the staked funds in the pool (at most 16 partial unbonds). See this article on how to unbond or exit a pool.
See this article for more information on how to create and destroy pools.
If you are more of a visual learner, check this video guide:
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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.
