Built-in Staking Now Available on SubWallet
The long-awaited feature has finally launched on SubWallet extension. Polkadot, Kusama, HydraDX and Aleph Zero are the first networks available for staking in this update; more parachains and solochains coming soon!
Staking on Polkadot and Kusama
Polkadot and Kusama uses a variant of Proof-of-Stake called Nominated Proof-of-Stake (NPoS), a consensus mechanism that allows end-users to stake for various validators and share their rewards. This approach has proven to outdo the popular Proof-of-Work currently used by Bitcoin and Ethereum 1.0, since it requires much less energy consumption and lowers entry barrier, thus reinforcing network decentralization and discouraging misbehaviors.
Among our first staking networks, Aleph Zero is based on another variant of a Proof-of-Stake protocol, AlephBFT, which the team integrated into the Substrate framework. The Aleph Zero blockchain is therefore not a parachain, but a solochain close to the broader Polkadot ecosystem.
That being said, regular users receive multiple benefits if they choose to stake as nominators. Once their nominated validators are chosen to validate, they get a share of the token rewards. Nominators can change their chosen validators at any time, and can also unbond their stake after a certain period of waiting time that varies with networks.
Staking with SubWallet
Rather than having to access each network’s portal to stake, users can now nominate validators from the comfort of their wallet extension. A list of networks is available with expected annual nominal return specified for each, providing a convenient benchmark for users to choose.
In addition, to further help users make well-informed choices, we provide transparent details about a validator, including their wallet address and whether or not their identities are verified, the total amount of stake and their own stake, the number of nominators and whether or not they are oversubscribed, the percentage of return and commission, as well as the minimum amount required to stake. Users can sort validators with either lowest commission or highest return, thus having a clearer idea to make better decisions.
If users change their mind about a validator, they can quickly unstake funds within a few seconds, and withdraw those funds after a certain unbonding period, namely 7 days for Kusama, 14 days for Aleph Zero and 28 days for Polkadot and HydraDX.
The process is simple and straightforward with a few taps only. Our 3-step instruction is already available!
About SubWallet
SubWallet is a pioneering user-friendly Web3 Multiverse Gateway for the Polkadot and Kusama ecosystems. With the mission of bringing crypto users closer to the Polkadot and Kusama ecosystem and opening the Web3 universe, we focus on building a product that provides the simplest and most secure way to connect to blockchain-based applications like Polkadot and Kusama ecosystem DeFi and GameFi.
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GithubOriginally published at https://subwallet.substack.com on June 25, 2022.
