Nomination Pools Staking
Here you will find all the information you need to understand and use the Nomination Pools staking functionality within Fearless Wallet.
Nomination Pools is a new feature for Polkadot’s staking system that allows users to pool their DOT tokens on-chain to nominate validators and receive rewards, significantly improving the system’s scalability. Anyone with as little as 1 DOT can receive rewards for staking natively on Polkadot. // Source - Polkadot Wiki
Getting Started
Switch to Pool Staking: First of all, make sure your stake is switched to "Pool", otherwise, you'll see the regular staking screen. In order to do that, go to the Staking tab and click on the three dots at the top of the screen.
Select the asset: Once you're in the "Assets" menu, simply click on the asset you'd like to stake (DOT or KSM). Keep in mind that you need to click on the option with the "Pool" annotation!
Start staking: Finally, enter the number of tokens you'd like to contribute and click the Start staking button.
Remember, there is no minimum bond unlike regular Polkadot staking. You can earn rewards even with 1 DOT!
Create a Pool
If you'd like to learn how to join an already existing pool, check out these instructions instead.
Creating the pool: After clicking on the "Start staking" button, you'll be redirected to the screen with the general info on the Nomination Pools feature. You'll see two buttons there, "Join Pool" and "Create Pool". For this tutorial, you will need to click on "Create Pool".
Give your pool a name and enter the deposit amount: Enter a name for your new pool in the Pool Name field and input the preferred amount of tokens you'd like to put into your pool for the initial deposit (either KSM or DOT) and press the "Create pool" button
Advanced settings If needed, click on the "Advanced" drop-down menu to edit your Depositor, Root, Nominator or State Toggler
Confirmation Review your Pool details and if everything is correct click "Confirm"
Join a Pool
Joining the pool: After clicking on the "Start staking" button, you'll be redirected to a screen with general info on the Nomination Pools feature. You'll see two buttons there, "Join Pool" and "Create Pool". For this tutorial, you will need to click on "Join pool".
Confirmation: Make sure you're joining the pool from your preferred account, confirm the amount of your stake is correct, and click Join.
Always have at least 1 DOT left on your transferrable balance, otherwise, you won't be able to join the pool since your transaction will be marked as "failed" due to the Existential Deposit.
Choose a Pool
Select the Pool you'd like to join from the list of available ones
Confirm the transaction
All Done!
Your Stake info
Once you have Pool staking set up, the Staking tab will become the information hub for your stake. You can see how much of your DOT is being Staked or Unstaked, as well as your Claimable & Redeemable rewards:
Pool & Validators info
If you'd like to see the list of your Validators (APY, Total stake, etc.) or check your Pool Info (State, Total stake, Members, etc.), simply click on the three dots in the "Pool Stake Info" menu (as seen on the previous screenshot), and you'll be provided with two options:
Pool Validators
Pool Info
These options will show you details about the validators you're currently staking with, as well as all the necessary info about the pool you've chosen:
How do I add more tokens to my stake?
Adding more tokens to your stake is extremely easy, just follow these steps:
Go to the Staking tab
Click on the "three dots" (top right corner of "Your Pool Staking" menu)
Click Stake more
Enter the value you'd like to add to your current stake
Make sure everything is correct and Confirm the transaction
How do I unstake my tokens?
If you'd like to unstake your tokens or decrease the value of your current stake, do the following:
Go to the Staking tab
Click on the "three dots" (top right corner of "Your Pool Staking" menu)
Click Unstake
Enter the value you'd like to unstake (either the whole amount or part of it)
Make sure everything is correct and Confirm the transaction
That's it! Thanks for reading this article, hope you enjoyed it and found it useful! :) If you'd like to learn more about the Nomination Pools feature and how you can use it via polkadot.js, proceed to this page.
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