How to Stake $PDEX (Polkadex) with Polkadot.js Browser Extension
Dear friends, this step-by-step guide explains how simple the process is to stake your PDEX.
Our guide will consist of the following parts:
1) Buying tokens;
2) Creating Stash and Controller accounts;
3) Migration of PDEX tokens from ERC-20 to the native Polkadex network;
4) Nomination itself.
1) Buying tokens
As of the article date, Polkadex tokens are available on several exchanges:
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2) Creating Stash and Controller accounts
Since it is recommended by Polkadot / Polkadex for most users to use the Polkadot.js Browser Extension to create their addresses, we are focusing on this method.
Create a Polkadex Stash Account
Once you successfully installed the extension, click on the orange little «P» button in your browser bar to open the interface. Afterward, click on the «Plus Icon» and then on «Create new account».
Write down your mnemonic seed phrase and securely store it. Whoever has access to the mnemonic seed also has access to your funds!
Check the box on the bottom and click «Next step». Choose a descriptive name for your Stash account. Then click «Add the account with the generated seed».
Now you can see that your Polkadex Stash account has been successfully created. You will now also find the address in Polkadot JS under «Accounts» — reload the page if this is not the case. You can now fund this account.
Create a Polkadex Controller Account
In order to successfully bond your funds and nominate your validator set, you need a separate account, namely your «Controller Account». You will perform everyday staking operations like changing validators or claiming rewards using this account.
To create your «Controller Account», please repeat the same procedure as for your Polkadex Stash Account.
After this, you will be able to see both Stash and Controller accounts in the Polkadot Browser Extension starting screen
3) Migration of PDEX tokens from ERC-20 to the native Polkadex network
To be able to participate in the Mainnet and start staking, nominating, or validating, you will need some native PDEX.
It is important to remember that PDEX is currently an ERC-20 token. Starting 29.09.2021, PDEX migrates to the Polkadex network through a one-way cross-chain bridge. Once you have some PDEX, you can migrate it to Polkadex to start staking it; thus securing the network, and earning more of it in return.
How does the migration work?
In order to migrate your ERC-20 PDEX to the Polkadex network and turn it into native PDEX, you will need three things:
· A MetaMask browser extension with your Ethereum wallet with at least $30 in ETH to cover gas fees. You may need more ETH depending on the gas prices at the time you migrate.
· A Stash & Controller account which you can create with Polkadot JS Browser extension.
· Some ERC-20 PDEX in your Ethereum wallet.
Attention. For now, the migration of PDEX tokens is a one-way operation that cannot be reversed. The situation will change when Gate.io and other exchanges will start supporting native PDEX. This process may take up to several months.
First, you need to add PDEX tokens to your Metamask wallet. To do this go to this link and press “Add to Metamask”.
After this, withdraw your PDEX from an exchange to your Metamask wallet.
Please keep in mind that that for 28 days after migration sending funds between accounts will not be possible. If you migrated all your PDEX to the Stash account and due to this 28-day lock you can’t move PDEX to the Controller account. If you do not want to wait 28 days until your PDEX tokens become unlocked you have to split the tokens you want to withdraw.
For example, you have 10 PDEX on Kucoin. First, withdraw 6 tokens to your Stash account (do not forget about Kucoin’s commission 1.5 PDEX). Then migrate your ERC-20 PDEX to native PDEX.
PS memorize that you left 2.5 PDEX on Kucoin.
Now it’s time to migrate your ERC-20 PDEX to native PDEX via the Polkadex migration app.
1. Go to Polkadex migration app.
2. Click ‘Connect to a Wallet’ on Step 1 to connect to your Polkadex Stash wallet. This is where you will receive your migrated PDEX. You may have to approve the connection using the Polkadot.js browser extension. If you have multiple Polkadot accounts, click on the wallet once it is connected to select a different account.
3. Click ‘Connect to a Wallet’ on Step 2 to connect to your Ethereum wallet. This is where your PDEX currently is and where it will be migrated from. Ensure you have some ETH to pay for the Ethereum gas fees. You may also have to approve the connection using the Metamask browser extension.
4. Once you’re connected to both networks, click on the ‘Migrate Now’ button and approve the transaction amount on your Metamask wallet.
Processing on Relayer usually takes ~15 blocks of confirmation.
5. Do you remember we asked you to memorize how many PDEX you left on Kucoin? It is time to repeat the same steps for the rest of PDEX on Kucoin which were left for the Controller account. After the first withdrawal, you left 2.5 PDEX, withdraw the rest of your coins (simply repeat all steps).
No worries, 1 PDEX is more than enough to deposit to the Controller account.
4) Stake your PDEX token
On the Polkadot JS website, make sure that you are connected to the Polkadex mainnet. You can change the network by clicking the network symbol in the top left corner of your screen.
To start the staking process, click «Staking» in the «Network» drop-down menu. Afterward, 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, choose the amount of PDEXs you want to use for staking under «value bonded». Make sure to leave some funds in your Stash account. 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:
Please note that you cannot specify the amount delegated to a particular validator. Your bonded FISs 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 Polkadex network!
Your nominations will be effective in up to couple hours.
Manage your PDEX 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
· Change controller account
· Change reward destination
· Set nominees
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.
You can find us:
· Email us Support@stakecraft.com
StakeCraft - Trustworthy Validator
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