Polkadot Staking Made Easy: Delegating Your DOT to DragonStake
Staking Tutorial: How to Delegate DOT to DragonStake in Polkadot
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Staking is an essential part of the Polkadot ecosystem, enabling users to help secure the network and earn rewards by delegating their DOT tokens to validators. Validators are responsible for processing transactions, validating blocks, and participating in the consensus mechanism of the network, and in return, they earn rewards in the form of newly minted DOT tokens.
DragonStake is a reliable non-custodial staking platform that allows you to delegate your staking to a pool of validators on the Polkadot network. As one of the first nodes that DragonStake validated, Polkadot holds a special place in our history. Our successful collaboration helped in the project PolkaStats (http://PolkaStats.io), cementing our reputation as a trustworthy platform for staking your DOT tokens.
Here’s a step-by-step tutorial on how to delegate your staking to DragonStake:
- Create a Polkadot.JS Wallet and Add the Extension
2. Acquire DOT Tokens
If you don’t have DOT in your account, add some tokens. You can transfer DOT tokens from an exchange to your wallet address or receive them from someone who already has them.
3. Connect Your Polkadot JS Wallet
Go to https://staking.polkadot.network/#/overview. Connect your wallet, click on “Accounts,” and select the wallet you want to delegate your DOT tokens with.
4. Select DragonStake in the List of Validators
In the left-side menu, choose “Validators.” When you’re in the window, use the search bar to find DragonStake, click the heart ♡ icon to add it to your favorites.
5. Delegate your DOTs to a validator
In the side menu, click on “Nominate” (Stake). Remember, you need a minimum of 350 DOT to stake.
6. “Payout Destination”: Decide where sour staking rewards will be sent
Choose the destination for the DOT rewards obtained from staking. You have different options to choose from:
- Compound (Autocompound): Automatically restake the rewards obtained.
- To Your Account: Send the rewards to your account.
- To Another Account: Send the rewards to a different account.
Select any option and click “Continue.” If you want to go back to the previous option, click “Update.”
7. “Nominate”: Nominate Your DOT to One or Multiple Validators
In this new window, choose the validator(s) you want to delegate your DOT to.
- You can nominate up to 16 validators. There are two ways to do it:
- You can automatically choose using the “Most Profitable” option.
- You can manually add your favorite validators from the “From Favorites” option.
For this tutorial, we’ll choose the second option. When you select “From Favorites,” your favorite validators will appear. Click “Select,” and once chosen, click “Continue.”
8. “Bond”: Delegate Your DOT
In this step, select the amount of DOT you want to stake. Remember, you need a minimum of 250 DOT to stake. The dashboard will display the available DOT amount and the maximum amount you can delegate. Choose the amount and click “Continue,” confirm the transaction, and your DOT tokens will be nominated.
Before delegating Polkadot, here’s what you need to know:
-While your tokens are delegated, they will remain locked in your custody.
To stop staking, you can initiate an “unbond” action for your tokens, indicating your intent to discontinue the staking process. Subsequently, a 28-day countdown period commences. Upon completion of this unbonding period, your tokens will be released and made available automatically.
For Polkadot, there is a minimum requirement of 250 DOT to stake individually, but when using our Pool #69, there is no minimum threshold.
