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How to stake DOCK using Polkadot JS Extension

What is Dock (DOCK)?

DOCK is a Scalable, Cost-Effective, User-Friendly, And Decentralized Network built using the Substrate framework of Polkadot to become interoperable with other blockchains and seamlessly integrate with the Polkadot network. With Dock, an individual or entity can create their own decentralized identity (DID) and manage it, and with blockchain technology Dock verifies its authenticity.

Installing the Polkadot JS Extension

In the Dock JS App, navigate to the Accounts tab and click on the link Polkadot JS Extension.

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Install the plugin using the link. After that, you will be able to create an account, add funds to it, and stake coins. Click Add to Chrome on the Polkadot JS extension page.

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Pin the extension to have a shortcut if needed: click on the extension’s icon in the top right corner and pin the extension.

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Account creation/import

Run the extension and click on Create a new account or select Import Account if you have created an account earlier. Enter your account name and private key.

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How to create a new account? Select the option Create Account

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Save the mnemonic seed in a safe place. It is necessary to have access to your wallet.  

Tip: Check our Crypto Security Guide to keep your assets in safety.

Complete the name and password fields and click on Add account with the generated seed.

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To stake DOCK, you have to create 2 accounts: stash and controller. Stash accounts hold the tokens that are staked, similar to a savings account. Its private key should be as secure as possible in a cold wallet. Controller accounts signal choices on behalf of the Stash account, like payout preferences and staking tokens to a validator. It should only hold a minimal amount of funds to pay transaction fees.

You should refresh the browser page and your accounts become visible.

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Adding funds to the accounts

To get your account details for transferring tokens, click on the address near the account’s name. Send tokens to this address by sharing them with the exchange where you’re buying DOCK. Dock is listed on several exchanges such as Binance, Kucoin, Huobi, Wazirx, Hotbit, Gate.io.

Staking DOCK

To start the staking process, go to Network Tab> Staking and choose Account actions. Then click the +Nominator button.

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Set up your accounts and 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. Besides, it is possible to get the rewards to another account, from which you can manage your tokens.

Enter the number of tokens you intend to stake and click Next. Dock Network does not have a minimum staking threshold, but you should take into account the network’s fee for delegation and similar transactions.

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Tip: Be mindful of the amount that must remain in accounts to be active. We recommend keeping a minimum of 5–10 DOCK in your balance, since further unstaking may not be possible with an account balance of less than that.

Now you should set up a nominator. In other words, you choose your trusted validator. The search bar will help you quickly find the validator you need. 

In this tutorial, we stake with Everstake — a reliable staking provider trusted by the entire blockchain community. Our delegators can safely stake their crypto assets. We use only high-quality servers, thanks to which we manage to achieve almost 100% uptime.

Our public key: 3EEZZ5AFagmFP4BPPRYSuEXhYJhN6oPdFN9xQ1KKmRSRsH38

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Enter the name of the validator in the search bar, check the details of the transaction, and if everything is correct, click Bond and Nominate. Then you should authorize your transaction.

Congratulations, you are now a Nominator!

Tip: Your nominations will be effective in the next era (~in up to 12 hours)

You can manage your staking operations in the Staking menu, click Account Actions and then click the three dots on the account’s field. There is an opportunity to perform the following operations: bond more funds, unbond, change controller account, change reward destination, set nominees.

How to unstake?

Click Account Actions and then click the three dots on the account’s field. There is an opportunity to perform the following operations: bond more funds, unbond, change controller account, change reward destination, set nominees.

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Enter the amount you want to unbond and click Unbond.

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Then you should authorize this transaction.

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You can track the status of your tokens by moving the cursor to the clock icon.  Lock-up period is 7 days, it is needed to pass before you can Withdraw your tokens. 

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Once your tokens are unbonded, there will appear a lock’s icon, and you need to issue another transaction namely, Withdraw Unbonded to be able to transfer your funds.

About Everstake

Everstake is a large staking provider run by an experienced blockchain, IT, and fintech development team.

The team is actively involved in various crypto projects, develops solutions to improve the process of handling PoS blockchains, and provides validator services. Everstake is one of the most ambitious and promising projects in the crypto industry nowadays.

The Everstake team strives to simplify the delegation process for token holders and provide convenient services for staking monitoring. Newbies will find helpful guides in different languages in the Everstake blog to help them figure out how to stake certain tokens in various crypto wallets.

 

Subscribe to Everstake on social networks to receive the latest news from the world of cryptocurrencies and read useful staking guides!

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