Stake Polkadot and Kusama Fearlessly
Fearless Wallet simplifies staking DOT and KSM
- With Fearless Wallet staking has never been easier, with a minimum of ~155 DOT/0.1 KSM you can earn passive income from blocks generated
- The longer you lock your tokens, the better your APY will be
Staking is locking your tokens in the network in order to generate new blocks. Using Fearless Wallet makes the process much simpler, with all the required information presented in a clear and intuitive manner for you to begin staking fearlessly.
Citing the explanation on staking available in the SORA article SORA VALidator Rewards, “To secure the network, large amounts […] must be locked up by validators and stake nominators in bonds that will be slashed if bad behavior is detected. This is great for creating economic incentives to keep funds from being stolen or payments from being disrupted by colluding validators,[…]. Therefore, to compensate users who lock up large amounts […], sufficiently large rewards should be given out[…].”
Network security and reliability are the end goal of staking in the Polkadot and Kusama blockchains, but for many people, the purpose of staking will be to put their tokens to work and earn passive income with each block that is validated and generated. Thanks to the Staking functionality in Fearless Wallet, you can back validators with tokens and get rewards from the comfort of your mobile phone.
Fearless Wallet helps potential Nominators by providing a list of Validators that can receive nominations and have not been slashed, as well as those having the most profits. Decentralization is key here, so you will only be able to select up to two nodes running from the same person or company.
How to Stake with Fearless Wallet
Directly from your Fearless Wallet mobile interface, all you need to do is tap the Staking section.
At the top, you can select whether to stake DOT or KSM.
You will see the minimum amount to stake in Fearless Wallet (this may vary depending on the current Kusama and Polkadot state).
You can then choose to Restake or Payout:
- If you select Restake your rewards will increase your stake and will continue doing so every subsequent era, ultimately increasing the eventual rewards
- If you select Payout, you can supply an address to receive your rewards (if you want them in a different account).
You have two options of validators:
- Validators suggested by the algorithm will show a list of those that are better reputable and more profitable as well as most trustworthy (this list can change over time)
- Your own validators, this option will display a list of all validators available, you will be able to filter or search the list based on different criteria.
When you proceed with validators suggested by the algorithm, you will get a list along with an APY percentage. You can select a maximum of 16 validators on Polkadot or 24 validators on Kusama (The more validators selected, the better the overall staking performance).
After you have selected your validators and pressed Continue, you will get a confirmation window that will provide you with a summary of your rewards selection and the number of validators you have chosen. Review the network fee and if you are happy with the results, you can press Confirm.
After confirming, you will be returned to the main staking screen. Depending on the time and date you proceed to stake, you might not commence staking immediately.
Once you have your staking set up, the Staking section of your Fearless Wallet will become the information hub for all your validators. You can easily access and review notifications from them in the Alerts view and have graphical summaries of your staked assets. It is this simple to stake fearlessly!
If you have any further questions or need some help with any of these steps, the Fearless Wallet Telegram community or the Fearless Wallet Telegram Support community will be happy to help and answer all your questions. You can also follow our Twitter account for updates. Finally, you can also consult the Fearless Wallet Wiki for more information.
Remember to #StayFearless
About SORA, Polkaswap, and Fearless Wallet
SORA is a new economic system aimed at creating a supranational, world economic system with built-in tools for decentralized finance (DeFi). The SORA network implements a new way of parachain architecture on Polkadot and Kusama network, with the capability to bridge external blockchains (like Ethereum) to the Polkadot ecosystem.
One of the DeFi applications that will run on the SORA network is Polkaswap, a non-custodial liquidity aggregating, cross-chain AMM DEX designed uniquely for the Polkadot ecosystem with boundless liquidity through its one-of-a-kind Aggregate Liquidity Technology (ALT).
Fearless Wallet is a mobile wallet designed for the decentralized future on the Kusama and Polkadot networks, with support for iOS and Android platforms. An awesome user experience, fast performance, and secure storage for your accounts. Fearless wallet will integrate Polkaswap for easy, decentralized swaps of assets.