Polimec’s Staking (Step by Step Guide)
Start your staking journey with Polimec Protocol by delegating your PLMC to the collator(s) of your choice.. visit Polimec’s Staking Dashboard!
Staking on Polimec Protocol
Parachains like Polimec can benefit from Polkadot’s security architecture by introducing collators. Akin to validators on the Relay Chain, in parachain networks, collators play a critical role in maintaining the parachain’s functionality by aggregating transactions from users on the parachain and generating state transition proofs for Relay Chain validators.
For this purpose, collators maintain a full node for the Polkadot Relay Chain and another one for the corresponding parachain. This enables collators to retain all necessary information to author new blocks and execute transactions. In the normal course of operations, transactions are collated and executed to produce an unsealed block, which is furnished, along with a proof-of-validity (PoV), to one or multiple validators responsible for proposing a parachain block.
Similar to Nominated proof-of-stake (NPoS), where DOT holders can participate as nominators, Polimec’s delegated proof-of-stake (DPoS) mechanism enables PLMC holders to act as delegators. By delegating PLMC to collators, delegators are eligible to receive rewards in PLMC in return. This process, referred to as staking, closely mirrors the procedure for DOT holders on the Relay Chain. During staking PLMC, a staking lock is activated, restricting transfers, evaluations, and participation in projects using the staked PLMC.
Staking rewards for collators and their delegators are paid out in PLMC on a round-by-round basis. The effective staking rewards rate is determined by the amount of PLMC staked in relation to the total supply. The more PLMC staked, the less staking rewards per staked PLMC.
Block Time: ~12 seconds
Minimum Delegation: 50 PLMC*
First Rewards Payout Delay: ~12 hours (3,600 blocks or 2 rounds)
Round Duration/Rewards Payout Frequency: ~6 hours (1,800 blocks)
Rewards Payout: 90% to delegators and 10% to collators
Unstaking Period: ~168 hours/7 days (50,400 blocks or 28 rounds)
Maximum Delegators per Collator: 300
Step by Step Guide: PLMC Staking
- Step 1: Enter to Polimec’s Staking Dashboard:
- Step 2: Connect your wallet.
- Click “Connect Wallet”
- Select your “Wallet” and “Account” from the drop-down.
- Click “Continue”
- Step 3: Select your preferred Polimec’s Collator from the drop-down.
- Step 4: Click “Max” or enter amount to delegate.
- Step 5: Set auto-compounding for rewards.
- Step 6: Click “Delegate”
- Sign the transaction in your wallet.
- In block: Only a few seconds left, please keep your browser open.
- Finalized: You can close this window now.
Ready! ☕️
You are Staking on Polimec Protocol.
To find out more about Polimec Protocol, check out the Whitepaper, Lightpaper, Polimec Knowledge Hub or in the website: polimec.org.
𝕮𝖔𝖋𝖋𝖊𝖊 𝕱𝖎𝖗𝖘𝖙..
-Wʜᴇʀᴇ’s Mʏ Cᴏғғᴇᴇ? DAO
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