Staking Wizard: Polkadot Guide

Learn how to stake DOT token on the Polkadot blockchain using the Staking Wizard web-interface together with Polkadot JS.

The Staking Wizard helps you stake your DOT tokens on the Polkadot blockchain — free & simple to use
  1. How to create & setup your Polkadot Stash & Controler Account
  2. How to nominate Validators
  3. How to manage your Staking Operations

General Information about Staking on Polkadot

Let’s talk about a few things you need to keep in mind when staking on the Polkadot blockchain:

Token ‘Reaping’ Thresholds

If your account balance drops below 1 DOT, your account will be wiped from the blockchain. This is stipulated by the Polkadot protocol and not something we control. You do not lose access to the reaped address — as long as you have your private key or recovery phrase, you can still use the address — but it needs a top-up of another existential deposit (> 1 DOT) to be able to interact with the chain. Hence, we recommend having at least 2 DOTs on every account so that you can pay for transaction fees and do not see your account getting reaped.

Slashing

In Polkadot, validators are subject to punishment in case of misbehavior (being offline for too long or trying to cheat the system by e.g. signing two blocks at the same time). In case a validator misbehaves in such a way, it gets “slashed”. In other words, it will lose a portion of its stake. Token-holders who nominated said validator will also lose a portion of their stake. Hence, make sure to choose your validators wisely. See if they provide an on-chain ID and check the information they provide there (e.g. Website, Twitter). Other good indicators are community engagement and technical setup.

Staking Strategies

Try to nominate 16 validators to maximize your staking returns. The Phragmen election mechanism will most often lead to your stake only supporting one validator that got elected to the active set for that era (~24h). This is indicated as ‘active’ in the ‘Accounts actions’ tab under ‘Staking’ on Polkadot JS. ‘Inactive’ means that the respective validators are currently not in the set. ‘Waiting’ means that the respective validators do not have enough stake backing them to make it to the active set just yet. Try to avoid nominating validators that are ‘oversubscribed’. You can find the status of each validator on Polkadot JS under ‘Staking Overview’ in the ‘Staking’ menu.

Rewards

Rewards are not automatically paid out to nominators. You, your validator, or another nominator of the same validator has to trigger a payout manually. We regularly trigger payouts for our nominators. However, make sure to check from time to time if you receive the rewards from your staking operations. You can do so by visiting the ‘Payouts’ section of the ‘Staking’ menu on Polkadot JS.

How to create your Polkadot Staking Accounts

Visit app.stakingwizard.com, read the disclaimer, and click ‘Accept’. Choose ‘Polkadot’, then download and install the Polkadot{.js} Wallet Extension. Once you have installed the Extension, reload the Wizard app and choose ‘Polkadot’ once more. Read through the information displayed in the extension pop-up and click ‘Understood, let me continue’. In the following window, click “Yes, allow this application access”.

The Staking Wizard currently supports the Polkadot network, but there is more to come!
How to create your Polkadot Stash Account using the Polkadot JS & the Staking Wizard
Choose the account you just created as your Main Account, aka. your Stash Account
You can create derive your Controller Account from your Stash Account or create a independent one
This will create an independent Controller Account with a separate Mnemonic Seed Phrase
Choose the account you just created as your Controller Account

How to nominate Validators on the Polkadot blockchain

Now it is time to send some DOTs over to your Controller Account so that it will be able to cover transaction fees. Please note that these DOTs will NOT be staked. Choose any of the suggested amounts to continue.

Note that these DOTs will NOT be staked!
Always leave some DOTs unstaked to cover transaction fees!
The choice is yours!
Different Staking Strategies for different Nominators, what’s it going to be for you?
Try to nominate 16 validators — it’s good for the network and good for you :)
Your staking operations at a glance
Last but not least, the signing queue

How to manage your Staking Operations

Whenever you visit the Staking Wizard now, you can choose “Manage Existing Staking Pair” (Polkadot) to unstake, change the usage of your rewards, change your nominations or stake more.

You are always in full control of your Staking operations

Let’s connect

In case you have any questions, need more assistance or simply want to chat, always feel free to reach out to us via Telegram, eMail, Twitter or LinkedIn!

We operate industry-grade architecture and offer non-custodial staking services. We’re advocates for web 3.0, set to accelerate its’ adoption!