Polkadot

Last updated: Aug 06 2020

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


Polkadot is a network of interoperable but independent blockchains that share security.

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

Minimum Stake

0.1

Unbonding Period

28 days

Change Nomination

Up to 24 hrs

service fee

8%

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Delegation Instructions

Before you start

Please be sure you have claimed your DOTs. If you need help claiming your token, follow this guide.

Tip: If you are a Coinbase Custody customer, you can delegate your DOT in one-click from your Coinbase Custody management console. Learn more.

1. IMPORT YOUR STASH*

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

The current version of the Polkadot.js extension requires you to first create an account before you can import your own stash account. You may delete this account after you have imported your stash.

  1. Install the Polkadot.js extension
  2. Click the extension icon in your browser
  3. Click + to add an account
  4. Copy the provided mnemonic seed
  5. Enter a name for your account
  6. Enter a password
  7. Verify the password
  8. Click Add the account with the generated seed
  9. Click + in the top right corner
  10. Click Import account from pre-existing seed
  11. Enter the mnemonic seed for your stash account
  12. Name the account
  13. Create a password & verify
  14. 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, the Polkadot team recommends 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 DOT TO YOUR CONTROLLER TO PAY FOR TRANSACTION FEES*

*If your controller already at least 5-10 DOTs in it, skip to step 4.

  1. Go to Polkadot UI
  2. Click TRANSFER under ACCOUNTS in the top navigation
  3. Select your stash as the send from account
  4. Select your controller as the send to address
  5. Enter the amount of DOTs you want to transfer to your controller. You will need 1 DOT for your “existential deposit” (the minimum balance the network requires to keep your account open) and 5-10 DOTs to cover 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 DOT and NOMINATE BISON TRAILS’ VALIDATORS

  1. Go to Polkadot UI
  2. Click STAKING under NETWORK in the top navigation
  3. Select the ACCOUNT ACTIONS in the Staking navigation at the top
  4. Select + NOMINATOR at the top right of the screen
  5. In the modal, select your stash account and, if applicable, controller account
  6. Double check your controller has the nominal funds (6-11 DOTs) it needs for the “existential deposit” and to pay for transaction fees.
  7. In the value bonded field, input the amount of DOTs you’d like to bond. If you’d like to bond all of your DOTs, leave 5-10 DOTs in your stash account for transaction fees.
  8. 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
  9. Click NEXT
  10. Disable autoselect to enable searching for nominators
  11. Search for Bison Trails and select all validators labeled Bison Trails/Community #. Selecting all nodes will distribute stake among them evenly. Alternatively, you can also copy+paste the validator addresses above into the modal.
  12. Click Bond & Nominate
  13. Click Sign and Submit
  14. Enter your stash password in the pop up
  15. Click Sign the transaction
  16. 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.



More

We offer multiple ways for DOT holders to earn Polkadot participatory rewards by securing the network:

Contact us for pricing

Bison Trails Managed Controllers

A controller is a 1-to-1 proxy for your stash (where your tokens live). A controller can act on behalf of the tokens in your stash to nominate validators and participate in consensus, without being able to send transactions. This helps protect your funds because your stash account will not need to be accessed often.

Managing a Polkadot controller yourself is time-consuming and difficult. It requires you to take frequent actions to maintain and properly manage your participation effort. If done incorrectly, self-management puts your funds at risk of slashing due to the liveness requirements of the protocol.

Bison Trails’ managed controllers provide increased security and convenience, while reducing the risks of slashing. You retain custody and control of your stash and nominations. Choosing to bond to another controller account is a simple 2-step process within the PolkadotUI. Keep your stash in cold storage where it’s safest and choose a Bison Trails managed controller for accessibility and security.

Follow the above instructions to bond to our validators directly or contact us if you have questions about getting started bonding to a non-custodial Bison Trails controller, managed on your behalf.

Contact us

FAQ

Polkadot’s inflation rate is dependent on the staking rate of the network. It increases to 10% as the staking ratio approaches 50% (for a reward rate of 20%) and then declines sharply thereafter.


Polkdaot Inflation and Reward Rate
The blue line is the rate of inflation in the network and the green line is the rate of reward (the inflation divided by the staking rate). Source: Web3 Foundation

Validators can be slashed for misbehavior (e.g. being offline, equivocation). The slashed amount is a fixed percentage. A validator with more stake gets slashed more total DOTs. Since rewards are evenly distributed among validators elected to the consensus group, there is no economic advantage in staking more DOTs than required to be in the active set. In fact, because slashing is proportional, staking excess DOTs increases the loss in the event of slashing.

In general, Polkadot slashing is based on security threat levels:

THREAT LEVEL

SLASHABLE BEHAVIOR

MAX % SLASHED

Level 1 Low security threats such as isolated cases of unresponsiveness 0.1% (or kicking the validator out of the active set)
Level 2 Misconduct that occurs in good faith but is due to bad practices 1%
Level 3 Misconduct unlikely to happen in good faith or by accident, but does not lead to serious security risks or resource use 10%
Level 4 Misconduct that a) poses a serious security risk to the system, b) shows large levels of collusion among validators, and/or c) forces the system to spend a large amount of resources to deal with them 100%

Bison Trails charges a percentage service fee on all rewards earned by tokens delegated to our validator. The service fee is paid to Bison Trails automatically by the protocol. You can then withdraw your rewards from the protocol directly.

A controller is a 1-to-1 proxy for your stash (where your tokens live). A controller can act on behalf of the tokens in your stash to nominate validators and participate in consensus, without being able to send transactions. This helps protect your funds because your stash account will not need to be accessed often.

Managing a Polkadot controller yourself is time-consuming and difficult. It requires you to take frequent actions to maintain and properly manage your participation effort. If done incorrectly, self-management of your controller and validators puts your funds at risk of slashing due to the liveness requirements of the protocol.

Bison Trails’ managed controllers provide increased security, stability, and convenience, while reducing the risks of slashing. In addition, Bison Trails’ can optimize your participation in the network by spinning up and down validators on your behalf. You retain custody and control of your stash and nominations.

Choosing to delegate to another controller account is a simple 2-step process within the PolkadotUI. Keep your stash in cold storage where it’s safest and choose a Bison Trails managed controller for accessibility and security.

Follow the above instructions to bond to our validators directly or contact us if you have questions about getting started bonding to a non-custodial Bison Trails controller, managed on your behalf.

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Interested in delegating on other protocols?

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


Contact us




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.