The Changing Dynamics of Staking
Following the changing dynamics of staking Polkadot and Kusama are a full time job. Before bonding and chosing a validator due diligence is the order of the day, mistakes cost time and money. I have a list of things learned so far:
- There is a minimum staked amout of Polkadot and Kusama required to recieve rewards. https://polkaview.network/dot
- Chosing the right validator is critical.https://wiki.polkadot.network/docs/en/maintain-guides-how-to-nominate-polkadot
- There is an unbonding period, which serves as a cooldown. You will be able to transfer your tokens after this time has passed (currently 7 days on Kusama / 28 days on Polkadot).https://support.polkadot.network/support/solutions/articles/65000167902-how-can-i-unstake-my-tokens-again-
- Always have some tokens in Your wallet, some actions require small payments.
- You can have an exchange do Your staking but if You want to do it, download a wallet and study the issue first.https://support.polkadot.network/support/solutions/articles/65000168057-how-do-i-stake-nominate-on-polkadot-
This is a forum where nominators can discuss the validating process.
What is a Nominator? Nominators secure the Relay Chain by selecting good validators and staking DOT.
You may have an account with DOT and want to earn fresh DOT. You could do so as validator, which requires a node running 24/7. If you do not have such node or do not want to bother, you can still earn DOT by nominating one or more validators.
By doing so, you become a nominator for the validator(s) of your choice. Pick your validators carefully - if they do not behave properly, they will get slashed and you will lose DOT as well. However, if they do follow the rules of the network, then you can share in staking rewards that they generate.
While your DOT are staked by nominating a validator, they are 'locked' (bonded). You can receive new DOT in your account but you cannot stake as validator or transfer DOT away from your account. You can un-nominate at any time to stop staking your funds. Keep in mind that the un-nomination is effective in the next era, and that un-nominating does not automatically unbond your funds. There is an unbonding period of 7 days on Kusama and 28 days on Polkadot before bonded funds can be transferred after issuing an unbond transaction.
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