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
- 1.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.
- 2.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!
- 3.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!
Go to the "Staking" tab → Switch to "Pool" & select the asset → Enter the amount → Click "Start staking"
- 1.Joining 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 "Join pool".
- 2.Confirmation: Make sure you're joining the pool from your preferred account, confirm the amount of your stake is correct, and click Join.
Always leave 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.
Click on the "Join pool" button → Confirm the amount of your stake and click "Join"
- 1.Select the Pool you'd like to join from the list of available ones
- 2.Confirm the transaction
- 3.All Done!
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:
Your Pool Staking menu on the "Staking" tab
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 (it can be seen on the previous screenshot), and you'll be provided with two options:
- 1.Pool Validators
- 2.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:
Pool & Validators information screens
- 1.Go to the Staking tab
- 2.Click on the "three dots" (top right corner of "Your Pool Staking" menu)
- 3.Click Stake more
- 4.Enter the value you'd like to add to your current stake
- 5.Make sure everything is correct and Confirm the transaction
.png?alt=media&token=a274ae31-8e68-4014-b1a7-f55eb24f75a3)
Stake more → Enter the amount → Confirm the transaction
If you'd like to unstake your tokens or decrease the value of your current stake, do the following:
- 1.Go to the Staking tab
- 2.Click on the "three dots" (top right corner of "Your Pool Staking" menu)
- 3.Click Unstake
- 4.Enter the value you'd like to unstake (either the whole amount or part of it)
- 5.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.
Last modified 2mo ago