In this guide, we will tell you how to choose a validator to participate in the PoS share and get rewarded for staking DOT tokens. Before we start, we would like to inform you that you can’t add coins to staking without selecting a validator. We offer you the Everstake validator: 15XQrm3X1UtiBF1qBpwb5y9kMMyfK7PxgWhotAJPqv2r6YCD for DOT token staking.
Who are the nominees?
Nominees are passive participants in the Polkadot PoS ecosystem. They are not involved in maintaining the health and security of the network. They have two main tasks — to choose a responsible validator and put their share of tokens. An example of a validator is the Everstake staking provider — 15XQrm3X1UtiBF1qBpwb5y9kMMyfK7PxgWhotAJPqv2r6YCD . They are active members of the network and distribute rewards among the nominees who got their coins by voting for their chosen validator.
How to nominate a validator
You can do this in two ways: using the Polkadot UI or via the console.
Note. At the moment, you can only nominate a validator, but you will not be able to stake DOT tokens yet. This will be available in the near future, but you can pre-select a validator, such as Everstake, and then stake your coins when the feature is available.
Go to the Polkadot.js control panel and open the Staking section. The Staking section displays all active Polkadot network validators and their detailed statistics. Let’s describe the procedure for adding a validator.
1. Go to the Account actions subsection located on the top panel and click the “+ Nominator “ button.
2. Opens the settings window. In the “value bonded” field, you must specify a smaller amount of DOT tokens than you have on your wallet balance.
Note. At least 0.01 DOT must remain on the wallet balance for it not to get burned. We recommend leaving at least 0.1 DOT for security reasons.
3. You have reserved your tokens. Now you need to assign a validator. Choosing a validator is very important, because your tokens can be cut off if your validator is caught cheating. Therefore, choose only reliable staking providers. One of such validator is Everstake, which has proven itself in terms of reliability and security. In addition, you will be able to view the full statistics on staking in Everstake as soon as the staking becomes available.
Address : 15XQrm3X1UtiBF1qBpwb5y9kMMyfK7PxgWhotAJPqv2r6YCD
Account index : 128WWY
To select the Everstake validator in the search enter the address: 15XQrm3X1UtiBF1qBpwb5y9kMMyfK7PxgWhotAJPqv2r6YCD
Click the “Nominate” button after you select the validator.
5. Confirm your transaction to complete the process. Validators become active once a day. You will need to wait for the expiration date: from 0 to 24 hours. After that, you can only wait for the moment when you can claim DOT tokens.
You can interact with the Polkadot network using console commands, using the Command-Line Interface (CLI), bypassing graphical user interfaces (GUIs) that are considered more vulnerable. This approach is recommended only for experienced users. In addition, installation is only possible on Linux operating systems with NodeJS with npm installed. To nominate a candidate, follow these steps:
1. Enter the following command to install
npm install -g @polkadot/api-cli
2. Reserve DOT tokens. Type the command:
polkadot-js-api — seed “MNEMONIC_PHRASE” tx.staking.bond CONTROLLER_ADDRESS NUMBER_OF_TOKENS REWARD_DESTINATION — ws WEBSOCKET_ENDPOINT
- MNEMONIC_PHRASE — your seed phrase;
- CONTROLLER_ADDRESS — your hidden backup address;
- NUMBER_OF_TOKENS — the number of tokens that you want to reserve (in the format 1 DOT = 1,000,000,000,000);
- REWARD_DESTINATION — Staked, Stash, or Controller, depending on which address you want to claim DOT to.
3. Now all you have to do is assign a validator. To do this, enter the command:
polkadot-js-api — seed “MNEMONIC_PHRASE” tx.staking.nominate ‘[“VALIDATOR_ADDRESS”]’ — ws WS_ENDPOINT
VALIDATOR_ADDRESS is your chosen validator address. You can assign multiple validators separated by commas. But you will only really need one reliable validator, for example, Everstake — 15XQrm3X1UtiBF1qBpwb5y9kMMyfK7PxgWhotAJPqv2r6YCD
. . .