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Staking Guide Kusama Via Polkadot Browser Extension

Want to get profit and rewards from Kusama? Ok then staking is for you. However, before you start, try answering yourself a few questions:

  • What is Kusama?
  • What is Staking?
  • If you're new to crypto, then the question of how to buy Kusama is also for you.
  • What is a Crypto wallet and how can you use it?

After you answer the above-mentioned questions this guide will come in handy. Here, our team decided to roll out a step-by-step tutorial that will help you stake with Everstake and Kusama network.

For your understanding of the general vision of the process, we present you the structure of the article:

  • Stage I - Installing and configuring Polkadot wallet
  • Stage II - Preparation for staking
  • Stage III - Appointment of the validator
  • Stage IV - Unstaking

Stage I - Installing and configuring Polkadot wallet

So, in the first step, you need to download extensions for your Google Chrome or Firefox browsers, which will allow you to easily and securely conduct transactions for staking and more. 

Please note that we recommend you double-check before you download and install any app.

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 After that go to Polkadot / Substrate Portal.

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When you install the app, the system asks you for permission to access it - give it permission.

Next, click on the extension undefined and click on add a new account as in the screenshot.

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Important: remember your Seed Phrase! We do not recommend storing the Seed phrase on a source connected to the network. More information about cryptosecurity here.

Once you've created your account you may use the wallet address for your transactions with Kusama: transferring, staking, receiving rewards.

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Press Next step and continue registration.

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  1. We recommend you choose “Allow use on any chain”, as this will give you more advanced options in the future to use the wallet
  2. Choose a name
  3. Choose a strong password (it can be changed later if you don't forget your seed phrase)

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Congratulations, you have created a new account. Click the "three dots" to the right of the wallet address to select a network Kusama.

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Please make sure your account is active. You can see the "eye" icon in the blue block to the right of your account address.

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It should look exactly as it does on the screen, if it looks different, then your account is not active, to activate just click on the "eye" icon.

Stage II - Preparation for staking


First of all, select Kusama in the upper left corner, as the default will be Polkadot.

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Do not forget to press the Switch button.

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It is possible to choose a language if it is important for you.

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Next, go to your Account.

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Top up your wallet and start staking. Go to the “Network” tab → “Staking” → “Account actions”.

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Next, you need to “reserve” Kusama in your staking account. For this, two accounts are created: Stash account and controller account in the Stash tab.

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Stash Account: This account holds the funds which are bonded for staking. This is sort of your "safety box". Most functions relevant for your staking operations are done via your "Controller Account".

Controller Account: Through this account, you nominate the validators of your choice. The Controller account only needs funds to cover transaction fees, so make sure to allocate some funds for that.

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Select a "value bonded" (block 2 in the screenshot)  that is less than the total amount (block 1 in the screenshot)  of KSM you have, so you have some leftover to pay transaction fees. Transaction fees are currently at least 0.01 KSM, but they are dynamic based on a variety of factors including a load of recent blocks.

Also, be mindful of the reaping threshold - the amount that must remain in an account lest it is burned. That amount is 0.01 in Kusama, so it's recommended to keep at least 0.1 KSM in your account to be on the safe side.

Choose whatever payment destination (block 4 in the screenshot) that makes sense to you. If you're unsure, you can choose "Stash account (increase amount at stake)" to simply accrue the rewards into the amount you're staking and earn compound interest.

Be very careful with this process, since the Bonded funds will not be available for sending them for 7 days (block 3 in the screenshot), but only nominations to Validators will be available. If you want to change the number of funds on your Stash account, you can do this using the changing menu: click the three dots on the right and select the required action.

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Note:

  • The minimum amount needed to stake and earn rewards on Kusama is now 0.1 KSM. This blog post by Polkadot is regularly updated with the current minimum amount. Please also note the existential deposit of 0.0000333333 KSM which is required to keep any account 'alive'. But maybe there are some changes to staking on Kusama and Polkadot. 
  • After you stop your nomination and send the un-bonding transaction, your funds will remain locked and illiquid for 7 days. This is a security measure stipulated by the protocol.


Click the “Bond” button → Then sign and submit your operation → You are now bonded!

Stage III - Nominate a validator

 

Go to the “Account Actions” tab and click on "Nominate" on an account you've bonded and you will be presented with another popup asking you to select some validators.

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Select the “candidate account” line of the Everstake validator and confirm the transaction. Now you nominate your bet.

Your nominations will become active in the next era. Era is last six hours on Kusama - depending on when you do this, your nominations may become active almost immediately, or you may have to wait almost the entire six hours before your nominations are active. You can check how far along Kusama is in the current era on the Staking page.

Stage IV - Unstaking

 

At some point, you might decide to stop nominating one or more validators. You can always change who you're nominating, but you cannot withdraw your tokens unless you unbond them. 

On the tab “Staking” click on the "Account Actions" tab at the top of the screen. Here, click "Stop Nominating".

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After you confirm this transaction, your tokens will still remain bonded. To unbond the amount, click the three dots next to the account you want to unbond tokens for, and select "Unbond funds".

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Select the amount you wish to unbond and click Unbond, then confirm the transaction. Once this process is complete, you will have to issue another, final transaction: Withdraw Unbonded, which will be available in the same pop-up. Then, you can click that icon directly to submit the withdrawal transaction. Finally, your transferrable balance will increase by the number of tokens you've just fully unbonded.

Our team is always happy to help!

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