PolkaGate: How to Join and Leave a Nomination Pool Print
Modified on: Fri, 22 Mar, 2024 at 9:27 AM
PolkaGate is a Polkadot wallet developed and maintained by PolkaGate Foundation. It is an open-source browser extension available for Mozilla Firefox and Chromium-based browsers, funded by the Kusama Treasury. PolkaGate is compatible with many DApps and tools in the ecosystem.
This article guides you through joining a pool, managing your funds, and leaving the pool if you wish.
ℹ️ GOOD TO KNOW
If you have any questions about PolkaGate, or run into any issues and require further assistance, feel free to ask our AI chatbot or contact us.
Alternatively, you can contact the PolkaGate team directly and receive specialised assistance from the team that developed the wallet. You can contact PolkaGate support on Element or at [email protected]
TABLE OF CONTENTS
- How to join a nomination pool
- How to bond more in a nomination pool
- How to unbond or leave the nomination pool
How to join a nomination pool
To join a nomination pool from PolkaGate, follow the steps below. Please note that the screenshots show how to do it in Westend, but the process would be identical both for Polkadot and Kusama:
1. Click on the account you wish to join the nomination pool with.
2. Click "Stake" at the bottom of the following screen.
3. Here, you'll have two options: Join a nomination pool ("Pool Staking") or stake by nominating yourself ("Solo Staking"). Click "Enter" below "Pool Staking" to continue.
ℹ️ INFO
The steps below will guide you on joining a nomination pool, but if you want to stake solo, check the article "Polkagate: How to Stake Your DOT."
4. If you're currently staking, the following screen will show a summary; if you're not, click "Stake" at the bottom of the screen.
5. Click "Join" to join a nomination pool.
6. In this step, you can enter the amount you'd like to bond (1), search for the pool you're interested in (2), and apply filters to select one that fits your preferences (3).
ℹ️ INFO
Check the following article to learn about the best practices when selecting the nomination pool you'd like to join:
How Do I Know Which Nomination Pool to Choose?
‼️ IMPORTANT
Choose wisely. As a pool member, you must wait for the unbonding period before switching pools: 28 days on Polkadot and 7 days on Kusama.
7. After clicking "Next," you'll see a summary of the previous steps. Once you've reviewed it thoroughly, click "Confirm" to sign the transaction from your account.
8. And that's it! You are now a member of a nomination pool!
If you want to watch how to join a nomination pool in action, the PolkaGate team has created this short video showing the entire process.
How to join the Polkadot/Kusama Staking Pools
How to bond more in a nomination pool
After joining a nomination pool, you can increase your stake by bonding more funds. These funds can be obtained from your transferable balance or the rewards earned as a pool member (compounding). The following steps will guide you through the process in either case.
1. As a convenient shortcut, click on the right-pointing angle (">") next to the account you want to increase the bonding for in the nomination pool, then select "Pool Staking."
2. On the following screen, you can either stake the rewards (compounding) by clicking the "Stake" hyperlink in the rewards section (see step 3a) or stake from your available transferable balance by clicking "Stake +" at the bottom of the screen (see step 3b).
3a. If you choose to stake the pool rewards, the next screen will display a summary. Review it, type your account password, and click "Confirm."
3b. To stake from your transferable balance, click "Stake." Then, you can decide how much available balance you'd like to add to your stake in the nomination pool. Once you click next, you'll see a confirmation screen you must review. Type the password of your account, and click "Confirm."
ℹ️ GOOD TO KNOW Any unclaimed rewards will be deposited into your transferable balance once you bond more funds from that same transferable balance.
4. And that's it! Now, the amount of assets you added to your stake will be considered for future rewards.
How to unbond or leave the nomination pool
After joining a nomination pool, you can initiate the unbonding of your funds at any time. If you unbond the full amount, you'll effectively leave the pool. After leaving the pool, both the bonded funds and pending rewards will be released to your transferable balance once the unbonding period ends and you withdraw them.
The following steps will guide you on how to unbond part of your funds or completely leave the nomination pool.
ℹ️ GOOD TO KNOW
It takes 7 days (28 eras) to unbond on Kusama, 28 days (28 eras) on Polkadot, and 12 hours (2 eras) on Westend.
1. Click on the right-pointing angle (">") next to the account you want to increase the bonding for in the nomination pool, then select "Pool Staking."
2. From the following screen, click on "Unstake".
3. The screen below allows you to enter the specific amount you want to unbond, or you can click "All amount" to effectively leave the pool.
4. After the unbonding period ends, you will be able to withdraw the indicated amount.
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