Aug 27, 2021
How to Stake CFG with Polkadot JS
This step-by-step guide will explain to you how simple is the process of how you can stake your CFGs.
Create a CFG Stash Account
First, open Polkadot JS web page. If you don’t have an account then you have to create it. We will need two accounts — Controller and Stash accounts.
Click “Add account”, carefully write down your Mnemonic seed phrase.
REMEMBER! Write down your mnemonic seed phrase and securely store it. Whoever has access to the mnemonic seed also has access to your funds!
Click “Next”. Name your Stash account, set a strong password. Click “Next”
In the next step, you will be offered to save your wallet’s *.json-file. Save it in a secure place. You might need it if you will need to restore access to your wallet.
Create a CFG Controller Account
Please repeat the same steps when you created your Stash account.
Stake your CFG token
Before starting the Nomination process, send some funds from your Stash to your Controller account in order to cover transactions fees.
To start the staking process, click «Staking» in the «Network» drop-down menu. Afterwards, visit the «Account actions» tab and click the «+ Nominator» — button.
You can perform all staking operations under the «Account actions» tab in the «Staking» menu
Choose the Stash & Controller accounts accordingly, Select an amount that is less than the total amount of CFG you have, so you have some leftover to pay transaction fees.
Bond a max. of 95% of your tokens so that you are still able to pay for transaction fees.
Choose a destination account for your rewards under «payment destination».
Then click «next» to bond your token.
You can nominate up to 16 validators. Simply select the validators of your choice by clicking on them in the left box. You can unselect them from the right box by clicking on them again. Alternatively, you can also use the search bar at the top to look for specific validators by name or address.
Our Validator Address:
4fenPSM8fGXRe86ZyCn4za1jQwVUSAk5Z4q1C2c1bEqo16db
Please note that you cannot specify the amount delegated to a particular validator. Your bonded CFGs will be spread out among the validators you selected according to the NPoS algorithm.
Choose StakeCraft Validator.
In the following window, enter your password, afterward, click «Sign the transaction» to conclude your nomination.
Finally, you are now a Nominator on the Centrifuge network!
Your nominations will be effective in the next era (~ in up to 6 hours).
Manage your CFG Staking Operations
You can manage your staking operations with Polkadot JS. In the «Staking» menu, click «Account Actions» and then click the three dots on the very right to perform the following operations:
· Bond more funds
· Unbond
· Change controller account
· Change reward destination
· Set nominees
Manage your account’s staking operations under the «Account actions» tab
Please note that if you have bonded your tokens, a period of 7 days needs to pass before you can unbond. Once your tokens are unbonded, you need to issue another transaction, namely «Withdraw Unbonded» in order to be able to transfer your funds.
What are «Active Nominations», «Inactive Nominations» or, «Waiting nominations»?
«Active nominations» & «Inactive nominations» are the validators of your nominations that are currently in the active validator set. In general, your only one validator will be shown as «active». That is because the algorithm used to distribute your stake is optimized so that each validator in the set roughly has the same amount of stake backing him/her. Your stake is therefore usually only backing one of the validators you nominated.
«Waiting nominations» are the validators that are currently not in the active set.
Sincerely yours,
StakeCraft team.
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