How to Start Staking with the Phron Dashboard
This guide will outline how to stake via the Phron Dashboard
First, you need to hold PHRON, which you can currently acquire through one of the available exchanges.
Currently, there are two ways to stake on Phron:
Direct Nomination: This method requires a significant minimum stake of 2,000 PHRON (as of the time of writing). Keep in mind that this minimum may increase in the future. With direct nomination, you have full control over your nominations and can change them freely without undergoing the unbonding period (which lasts 14 days).
Pooled Nomination: In this method, you join an existing staking pool that combines a group of stakers. One of the benefits is that you can stake as little as 10 PHRON. Additionally, it can be convenient for users who prefer not to select their own validator, as the pool operator makes that choice for you. However, there are some downsides: currently, switching between pools requires going through the unbonding period, and the only way to auto-compound your rewards is to manually claim them and periodically add them to the pool.
Staking via a nomination pool
Head to the mainnet web wallet and create one account as per this tutorial OR directly via one of the compatible extensions (listed below). You only need one account to join a nomination pool.
If you already have an account, you can skip this process.
Next, you need to ensure that you are using a compatible browser extension. If you are already using one, you can skip this step. If not, you will need to install a compatible extension and restore your accounts. The available options (with linked tutorials) are:
Subwallet
Talisman
Navigate to the Phron Dashboard and click on the Pools tab.
Click Connect in the top right corner of the page and select your browser extension. This will prompt a pop-up from the extension.
In the pop-up, authorize the connection.
Select Imported Accounts and choose your account.
Click Join, which will take you to the All Pools section. Then, click Join next to your desired pool.
Enter the amount you wish to bond to the pool and submit the transaction via the extension. Depending on your settings, you may need to enter your account password at this point.
NOTE!
When you stake through a nomination pool, it is normal for your coins to be transferred out of your account. Your coins are sent and bonded to the pool, meaning they cannot be accessed by the pool operator. Once you unbond (a process that takes 14 days), you will be able to withdraw your coins from the pool.
Congratulations! You have successfully staked your coins through a nomination pool. The Pool Status in the Pools tab should now display as Nominating and Earning Rewards.
Staking via Direct Nomination
Starting with release 12.0, controller accounts are deprecated for new stakers. When bonding funds, you will be required to set the controller account to be the same as the stash account.
With the release of 13.0, you will have the option to use Proxy Accounts.
Create an Account: Visit the Mainnet web wallet and create an account following this tutorial or directly through one of the compatible extensions listed below. If you already have an account, you can skip this step. Make sure your account has enough PHRON to cover transaction fees.
Check Browser Extension Compatibility: Ensure that you are using a compatible browser extension. If you are already using one, you can skip this step. If not, you will need to install a compatible extension and restore your accounts. The available options (with linked tutorials) are:
Subwallet
Talisman
Access the PHRON Dashboard: Navigate to the Nominate tab.
Connect Your Wallet: Click Connect in the top right corner of the page and select your browser extension. This will prompt a pop-up from the extension. Authorize the connection in the pop-up.
Select Your Account: Click on Imported Accounts and choose your stash account. If you are using proxy accounts, you can select either the proxy or proxied account, and the dashboard will import both for you. The proxy account will be used to sign staking transactions from this point forward.
Start Nominating: Click Start Nominating and follow the prompts until you reach the summary. You will need to enter or select the following details:
Reward Destination
Validator
Amount to Stake
Finalize Your Nomination: Once you reach the summary, click Start Nominating and sign the transaction via the extension. Depending on your settings, you may need to enter your account password at this stage.
Congratulations! You have successfully made a direct nomination! Your status should now show as Waiting for Active Nominations. Once the next era begins, this status will change to Nominating and Earning Rewards.
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