Getting Started with Kusama Staking: How to Stake KSM Using the Polkadot Dashboard
Staking Tutorial: How to delegate KSM to DragonStake using the Polkadot dashboard.
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Introducing Kusama, the scalable network of specialized blockchains built on Substrate with a codebase closely resembling Polkadot. Kusama serves as an experimental development platform, providing teams with the opportunity to iterate swiftly, evolve, and deploy applications. At the heart of Kusama’s ecosystem lies the native token, KSM, which plays a crucial role in facilitating various platform functions. Users can temporarily lock KSM through staking, actively contributing to the security of the Kusama Network. Additionally, KSM is utilized for network transaction fees, further enhancing its significance in the network’s operations. Join us as we delve into the world of Kusama and explore the possibilities of staking with KSM to secure the future of this dynamic blockchain network.
Here’s a step-by-step tutorial on how to delegate your staking to DragonStake:
- Create a Polkadot.JS Wallet and Add the Extension
2. Acquire KSM Tokens
If you don’t have KSM in your account, add some tokens. You can transfer KSM tokens from an exchange to your wallet address or receive them from someone who already has them.
3. Connect Your Polkadot JS Wallet, to your Kusama account.
Go to https://staking.polkadot.network/#/overview. Connect your wallet, click on “Accounts,” and select the wallet you want to delegate your KSM tokens with.
4. Select Network
In the left-side menu, under “Networks”, click in the network button and select Kusama Network.
5. Select DragonStake in the List of Validators
In the left-side menu, choose “Validators.” When you’re in the window, use the search bar to find DragonStake, click the heart ♡ icon to add it to your favorites.
6. Delegate Your KSM to a Validator
In the side menu, click on “Nominate” (Stake).
7. “Payout Destination”: Decide Where Your Staking Rewards Will Be Sent
Choose the destination for the KSM rewards obtained from staking. You have different options to choose from:
- Compound (Autocompound): Automatically restake the rewards obtained.
- To Your Account: Send the rewards to your account.
- To Another Account: Send the rewards to a different account.
Select any option and click “Continue.” If you want to go back to the previous option, click “Update.”
8. “Nominate”: Nominate Your KSM to One or Multiple Validators
In this new window, choose the validator(s) you want to delegate your KSM to. You can nominate up to 16 validators. There are two ways to do it:
- You can automatically choose using the “Most Profitable” option.
- You can manually add your favorite validators from the “From Favorites” option.
For this tutorial, we’ll choose the second option. When you select “From Favorites,” your favorite validators will appear. Click “Select,” and once chosen, click “Continue.”
9. “Bond”: Delegate Your DOT
In this step, select the amount of KSM you want to stake. The dashboard will display the available DOT amount and the maximum amount you can delegate. Choose the amount and click “Continue,” confirm the transaction, and your DOT tokens will be nominated.
Before delegating Polkadot, here’s what you need to know:
While your tokens are delegated, they will remain locked in your custody.
To stop staking, you can initiate an “unbond” action for your tokens, indicating your intent to discontinue the staking process. Subsequently, a 28-day countdown period commences. Upon completion of this unbonding period, your tokens will be released and made available automatically.
For Polkadot, there is a minimum requirement of 250 DOT to stake individually, but when using our Pool #69, there is no minimum threshold.
