Introduction
Staking Polkadot can be a great option for those who want to hold DOT but earn yield in a safe way while contributing to the network. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.
Step-by-step
- 1
Obtain Polkadot (DOT) tokens
In order to stake Polkadot, you need to have it. To obtain Polkadot, you'll need to purchase it. You can choose from these popular exchanges.
- 2
Choose a Polkadot wallet
Once you have DOT, you’ll need to choose a Polkadot wallet to store your tokens. Here are some good options.
- 3
Delegate your DOT
We recommend using a staking pool when staking DOT. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their DOT, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet’s interface.
- 4
Start validating
You’ll need to wait for your deposit to be confirmed by your wallet. Once it’s confirmed, you’ll automatically validate transactions on the Polkadot network. You’ll be rewarded with DOT for these validations.
What to be aware of
There are transaction and staking pool fees you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.
Latest movements
Polkadot (DOT) is currently priced at $5.86, with a 24-hour trading volume of $219.79M. In the last 24 hours, Polkadot has experienced a decrease to -0.11. The market cap of Polkadot stands at $8.16B, with 1.44B in circulation. For those looking to buy or trade Polkadot, reputable platforms like PrimeXBT, M2, Uphold, Wirex, EarnPark and Kraken offer avenues to do so securely and efficiently.
- Market cap
- $8.16B
- Volume
- $219.79M
- Circulating supply
- $1.44B
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