Staking
Direct Nomination: A Personalized Staking Approach
Direct nomination, also known as standalone nomination, offers a personalized staking experience where you, as the user, act as the sole nominator. This approach provides you with complete control over your nominations, allowing you to select validators and adjust your stake without adhering to unbonding periods.
Minimum Stake Requirement:
To embark on direct nomination, you'll need a substantial minimum stake, currently set at 100 PHR. Please note that this requirement may increase over time as the network evolves.
Steps to Become a Direct Nominator:
Access the Staking Tab: Navigate to the Staking tab within the interface.
Enable Stashed Mode: Ensure that the Stashed mode is activated in the top-left corner of the Accounts tab.
Initiate Nomination: Click the "Nominator" button to start the nomination process.
Configure Nomination Settings: In the pop-up window, select your Stash account, specify the desired amount of coins to bond, and choose your preferred reward destination.
Select Validator: Choose the validator you wish to nominate from the available options.
Authorize Transaction: Confirm your nomination by authorizing the transaction.
Understanding the Nomination Process:
Once you submit your nomination, it will initially appear as a "Waiting nomination" in the Accounts tab. This status will transition to "Active nomination" at the beginning of the next era.
The following options are available as destinations for your staking rewards:
Stash account (increase the amount at stake) - the rewards are sent to your stash account and automatically included in your bonded stake, meaning they will increase your future rewards.
Stash account (do not increase the amount at stake) - the rewards are sent to your stash account, but are not automatically bonded. They are available as transferable coins right away and do not contribute to future rewards, unless manually bonded.
Specified payment account - the rewards are sent as transferable coins to some other account of your choice.
Unstaking :
Reducing Your Staked Coins While Remaining a Nominator
To decrease the amount of staked coins while continuing as a nominator, please follow these steps:
Access the Staking Tab: Navigate to the Staking tab of the mainnet and select the Accounts tab. Ensure that the "Stashed mode" is enabled in the top left corner. You will see a list of all your accounts participating in direct nominations.
Select the Account for Unbonding: For the account from which you wish to reduce your stake, click the three dots at the end of the line and select Unbond funds.
Specify the Amount: In the pop-up menu, choose the amount of coins you would like to unbond. Please note that you cannot reduce your stake below the minimum amount of 100 PHR.
Complete the Unbonding Process: Click Unbond and sign the transaction.
View the Updated Nomination: In the Accounts tab, your updated nomination will result in a new entry appearing in the bonded column. The amount you chose to unbond will be indicated with a clock icon. Hovering over this icon will display the number of eras remaining in the unbonding period.
Withdraw Unbonded Funds: After the unbonding period has concluded, click the three dots button again and select Withdraw unbonded funds. Note that this option will be available only if your account has funds that have completed the unbonding process.
Finalize the Withdrawal: Sign the transaction to transfer your unbonded coins.
Unstaking All Your Coins and Ceasing to Be a Nominator
To unstake all your coins and stop being a nominator, follow these steps:
Access the Staking Tab: Navigate to the Staking tab of the mainnet and select the Accounts tab. Ensure that the "Stashed mode" is enabled in the top left corner. You will see a list of all your accounts participating in direct nominations.
Stop Nominating: For the account from which you wish to stop nominating, click the Stop button at the end of the line and sign the transaction in the pop-up window.
Unbond Funds: Click the three dots at the end of the line and select Unbond funds.
Select All Bonded: In the pop-up menu, select the All Bonded toggle to ensure that all your funds will undergo unbonding. Entering the full value without this toggle may not work due to fractional coins that are not displayed in the UI.
Complete the Unbonding Process: Click Unbond and sign the transaction.
View the Updated Nomination: In the Accounts tab, a clock icon will appear in the bonded column, indicating your modified nomination. Hovering over the clock will show the number of eras remaining in the unbonding period.
Withdraw Unbonded Funds: After the unbonding period has finished, click the three dots button again and select Withdraw unbonded funds. This option will be active only if the corresponding account has funds that have completed the unbonding process.
Finalize the Withdrawal: Sign the transaction to make your unbonded coins transferable.
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