How to stake on Dock
Last updated
Last updated
Token holders play an important role on the Dock network by selecting validators to run and secure the Dock network and, as a result, are eligible to receive token rewards. Follow the steps below to participate as a staker on Dock.
You will see a modal window to add your information for staking. Select the accounts that you would like as your Stash and Controller accounts, as well as the amount of tokens (stash) you would like to bond.
Enter the amount of Dock tokens that you would like to bond (stake). Select an amount that is less than the total amount of DOCK you have, so you have some left over to pay transaction fees. Transaction fees are currently around 2.045 DOCK, but they are dynamic based on a variety of factors including the load of recent blocks.
Tip: be mindful of the reaping threshold - the amount that must remain in an account for it to remain active. That amount is 1 DOCK on Dock, so it's recommended to keep at least 1.5 DOCK in your account to be on the safe side.
Choose your payment destination, which should typically be the Stash account. The "Stash account (increase amount at stake)" option enables you to simply accrue the rewards into the amount you are staking and earn compound interest.
You are now bonded which means your tokens are locked and could be slashed if the validators you stake misbehave. Be careful about the validators you choose since you will be slashed if your validator commits an offense.
Click on "Nominate" on an account you've bonded and you will be presented with another popup asking you to select up to 16 validators. Although you may choose up to 16 validators, due to the Phragmén election algorithm your stake may be dispersed in different proportions to any subset or all of the validators you choose.
Select your validators, confirm the transaction, and you're done - you are now staking! Your stake will become active in two eras, you can check how far along Dock is in the current era on the Staking page.
Assuming at least one of the validators you selected is in the active validator set, you will receive staking rewards. Rewards must be manually transferred to your account, see the Claiming Rewards article for more details.
If you decide to stop staking one or more validators, you will need to unbond your tokens. You may need to do this if for example you want to change which validators you are staking or if you want to withdraw your tokens. Detailed instructions about how to unbond are available here .
