How to stake HydraDX (HDX)
2. Select a version of polkadot app you want to use. There are two versions of the app: hosted and IPFS one. The first one is more frequoently updated, but the second one is loaded in more decentralized way. If one of them is not loaded or doesn't operate properly, you may use the other one. We select IPFS version of the app because we like decentralization.
3. Confirm access of the Polkadot.js wallet extension to the Polkadot.js app.
4. Polkadot.js app is opened. Click on the "P" button at the top left corner.
5. Left pane of the app is opened. Click on "HydraDX" option in the "Live Networks" section.
6. Click on "Switch" button at the top right of the pane.
7. HydraDX section of the app is opened. Click on 'Accounts" tab, then on "Accounts" button.
8. Accounts section is opened. You can check your HDX balance here and track your staking portfolio. Click on "Settings" button at the top right corner.
9. Settings section is opened. Click on "address prefix" row and select "Default for the connected node" option if the other one is selected.
10. Click on "Save" at the bottom right corner of the "Settings" section.
11. Go to "Network" tab and click on "Staking" option.
12. A list of HydraDX validators and validators stats are opened. Click on "Account actions" subtab.
13. Click on "Stash".
14. In "Bonding preferences" window enter the amount you want to stake into the "value bonded" field. Leave ~100 HDX unstaked for future transaction fees.
15. In "Payment destination" field specify an account to which you will receive your rewards. If "Stash account (increase the amount of stake)" selected, your rewards will be compounded automatically. You can specify any account to receive the rewards as well as to compound them manually.
16. Click on "Bond" at the bottom right corner.
17. Sign the transaction in the window appeared.
18. Go to "Account actions" subtab again and click on "Nominate" button left of three dots.
19. Enter validator's name or address into the field. If you would like to stake HydraDX with us, you are welcome to enter Staketab validator or 7MMDs2zwE1TqBf395zgiAiz8fw9xk9CXjHRhAsvyjdLG6VfP address.
Note that validator can accept just 64 HDX delegations to which it will distribute rewards. Other delegations (e. g. 65th, 66th, 67th ones etc.) to a validator will not gain rewards. This is a feature of the HDX network so that it is truly decentralized and no validator is given more control.
Almost all validators in the HDX network has more than 64 delegations. This set of delegations is determined by the number of HDX tokens in the delegation, not by the order of delegating. For example, a delegator delegates 65th in the queue, but his delegation has more tokens than the delegator who delegated 64th and receives rewards currently. Then the delegator with more tokens displaces the delegator from the 64th position and enters the set of delegators receiving rewards. And the delegator who previously held the 64th position is dropped from this set and ceases to receive rewards.
In order to delegate tokens to the Staketab validator, there must be more than 675.4950 HDX tokens in the delegation. You can check the latest number of required tokens in the Overview tab of the Staking section by selecting any validator from there.
20. Click on validator's name appeared in the left "candidate accounts" square in order it appears in the right "nominated accounts" square.
21. Click on "Nominate" button at the bottom right corner.
22. Click on "Sign" at the bottom right corner. Then sign transaction in your Polkadot.js wallet window appeared.
23. Your delegation will become active with the start of a new epoch in the HydraDX network and you will receive your first rewards in HDX tokens.
Last modified 26d ago
Copy link