Kusama

Last updated: Aug 02 2020

Protocol teams occasionally change the delegation / staking process. If the following instructions do not work, please email support@bisontrails.co for assistance.


Kusama is a canary network for Polkadot.

It enables developers to build and deploy a parachain or experiment with Polkadot’s governance, staking, nomination and validation functionality in a real environment.

Commission

10% of rewards

Minimum Stake

0.1

Unbonding Period

7 Days

Start Delegating $KSM

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Delegation Instructions

Before you start

Before you begin, please be sure you have claimed your KSM. If you need help claiming your token, follow this guide.

1. IMPORT YOUR STASH*

*If you have already imported your Kusama stash to the Polkadot UI, skip to step 2.

  1. Install the Polkadot.js extension
  2. Click the extension icon in your browser
  3. Click I have a pre-existing seed, import the account
  4. Enter your mnemonic seed
  5. Name the account
  6. Create a password & verify
  7. Click Add the account with the supplied seed

2. IMPORT OR CREATE YOUR CONTROLLER*

* You can use your stash as your controller, however, for security reasons, we recommend you create a separate controller address. If you are importing an existing controller account, repeat step 1 with your controller mnemonic.

  1. Open the Polkadot.js extension
  2. Click +
  3. Click Create New Account
  4. Enter the password for your stash account
  5. Click Create derived account
  6. Name the controller account
  7. Create a password & verify
  8. Click Create derived account
  9. Save your seed in a safe place

3. TRANSFER KSM TO YOUR CONTROLLER*

*If your controller already has funds in it, skip to step 4.

  1. Go to Polkadot UI
  2. Click TRANSFER in the left-hand navigation
  3. Select your stash as the send from account
  4. Select your controller as the send to address
  5. Enter the amount you want to transfer. Your controller will need to have nominal funds (5-10 KSM) to not be reaped and pay for transaction fees
  6. Click Make Transfer
  7. Click Sign and Submit
  8. Enter your stash password in the pop up
  9. Click Sign the transaction

4. BOND YOUR KSM and NOMINATE BISON TRAILS’ VALIDATORS

  1. Go to Polkadot UI
  2. Click STAKING in the left-hand navigation
  3. Select the ACCOUNT ACTIONS tab at the top of the screen
  4. Select + NOMINATOR at the top right of the screen
  5. In the modal, select your stash account and, if applicable, controller account
  6. Your controller will need to have nominal funds (5-10 KSM) to not be reaped and pay for transaction fees
  7. In the value bonded field, input the amount of KSM you’d like to bond
  8. If you’d like to bond all of your KSM, leave 5-10 KSM in your stash account for transaction fees
  9. Select your preferred payment destination:
    → Select Stash account (increase the amount at stake) to compound your rewards on your Stash account (most common), or
    → Select Stash account (do not increase the amount at stake) to leave your rewards un-bonded and spendable in your Stash account
  10. Click NEXT
  11. Disable autoselect to enable searching for nominators
  12. Search for and select the Bison Trails validators, BisonTrails and BisonTrails2. Selecting all nodes will distribute stake among them evenly.
  13. Click Bond & Nominate
  14. Click Sign and Submit
  15. Enter your stash password in the pop up
  16. Click Sign the transaction
  17. Wait for the Transaction Success banner to pop up. This process can take a while if the network is behind.

Congratulations! You are now nominating the Bison Trails validators.

FAQ

Kusama has two participatory reward mechanisms. Its native rate of participatory rewards is determined by the staking rate of the protocol, capping out at 10% when 50% of the protocol’s tokens are staked.

Additionally, 1% of DOTs (native to Polkadot) will be distributed as rewards to Kusama participants. The reward distribution mechanism has not yet been determined, as the Polkadot protocol is still under development.

We increase participatory reward earnings by enabling customers to easily scale their validator count and distribute stake to increase presence in the active validator set.

In Kusama, only the 64 largest delegators to a validator will receive rewards. You can see the list of all delegators on Bison Trails’ validators in the Polkadot UI when searching for Validator 1.

If a validator doesn't follow protocol rules, Kusama slashes their bonded tokens as well as the KSM delegated to them.

Slashing primarily happens for one of the two reasons outlined below.

  • Double signing: If someone reports on chain A that a validator signed two blocks at the same height on chain A and chain B, the validator will get slashed on chain A.
  • Downtime: If a validator’s signature has not been included in the last X blocks, the validator will get slashed by a marginal amount proportional to X. If X is above a certain limit Y, then the validator will get unbonded.

Bison Trails’ takes these risks extremely seriously and have built our infrastructure to protect our customers and minimize slashing risk.

Bison Trails charges an 10% commission on all rewards earned by tokens delegated to our validator. The commission is paid to Bison Trails automatically by the protocol. You can then withdraw your rewards from the protocol directly.

Interested in delegating on other protocols?

Have tokens on other networks? Learn more about delegating to our public validators on Celo, Cosmos, Edgeware, Livepeer, Ontology, Polkadot, Solana, and more. We also offer dedicated participation clusters.


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Please review our Digital Asset Rights Delegation Agreement.

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THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY. PLEASE DO NOT CONSTRUE ANY SUCH INFORMATION OR OTHER MATERIAL CONTAINED IN THIS DOCUMENT AS LEGAL, TAX, INVESTMENT, FINANCIAL, OR OTHER ADVICE. THIS DOCUMENT AND THE INFORMATION CONTAINED HEREIN IS NOT A RECOMMENDATION OR ENDORSEMENT OF ANY DIGITAL ASSET, PROTOCOL, NETWORK OR PROJECT. HOWEVER, BISON TRAILS (INCLUDING ITS AFFILIATES AND/OR EMPLOYEES) MAY HAVE, OR MAY IN THE FUTURE HAVE, A SIGNIFICANT FINANCIAL INTEREST IN, AND MAY RECEIVE COMPENSATION FOR SERVICES RELATED TO, ONE OR MORE OF THE DIGITAL ASSETS, PROTOCOLS, NETWORKS, ENTITIES, PROJECTS AND/OR VENTURES DISCUSSED HEREIN.

THE RISK OF LOSS IN CRYPTOCURRENCY, INCLUDING STAKING, CAN BE SUBSTANTIAL AND NOTHING HEREIN IS INTENDED TO BE A GUARANTEE AGAINST THE POSSIBILITY OF LOSS. THIS DOCUMENT AND THE CONTENT CONTAINED HEREIN ARE BASED ON INFORMATION WHICH IS BELIEVED TO BE RELIABLE AND HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE BUT BISON TRAILS MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE FAIRNESS, ACCURACY, ADEQUACY, REASONABLENESS OR COMPLETENESS OF SUCH INFORMATION.

ANY USE OF BISON TRAILS’ SERVICES MAY BE CONTINGENT ON COMPLETION OF BISON TRAILS’ ONBOARDING PROCESS, INCLUDING ENTRANCE INTO APPLICABLE LEGAL DOCUMENTATION AND WILL BE, AT ALL TIMES, SUBJECT TO AND GOVERNED BY BISON TRAILS’ POLICIES, INCLUDING WITHOUT LIMITATION, ITS TERMS OF SERVICE AND PRIVACY POLICY, AS MAY BE AMENDED FROM TIME TO TIME.

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Questions?

If you have questions, or if you are interested in running a validator on the Bison Trails platform, please contact us. Our protocol specialists are happy to assist you.