Staking Polkadot — Step by Step Guide

Before we cover how to stake your DOT, we should probably cover why it may be a good idea!

Staking your DOT helps support the operations that take place on the blockchain network. This helps Polkadot stay decentralized and extremely secure. This is because Polkadot uses the proof-of-stake protocol to enable its network. For your part in helping the DOT blockchain stay decentralized and secure through staking, you earn more DOT! While your DOT is locked up, it is earning an APY. At the time of this writing, the APY is around 10% minus validator fees. (It should be noted that the minimum requirement for staking is 10 DOT)

This article will provide instructions on how to actually stake your DOT!

How To Stake Your DOT

Step 1. If you haven’t already, you are going to need a Polkadot account. This is created by using the Polkadot.js browser extension. Click here for the Chrome extension, or here for the FireFox extension. Once you have that installed, open the app by clicking the logo in the top right of your browser as shown here:

Once you have the app opened, click the big plus button to create your account. It will walk you through all the steps and tell you everything you need to know to move onto step number 2!

(Note: It is recommended you make TWO different Polkadot.js accounts but its not necessary)

Step 2. Go to the Polkadot.js main webpage.

Step 3- Click the “Staking” link under the “Network” tab

Step 4. Click “Account Actions”

Step 5. Click “+ Nominator”

Step 6. Fill out the page that pops up. On the next page, you will need to select your validators. After that you click “Bond and Nominate” and you’re all set!

(Note: If you’re struggling to choose validators, check out this article)

See? Super easy! You are now doing your part to help the DOT ecosystem, as well as earning an APY for your hard work!