How to Stake Polkadot (DOT)
Feb 24, 2023
Polkadot is a blockchain that uses a Nominated Proof of Stake consensus mechanism and focuses on interoperability through innovative parachains. It’s native token, DOT, is one of the top crypto tokens in terms of popularity and market size.
It is designed to support a constellation of blockchains, allowing anyone to deploy a blockchain with its own custom logic while still benefiting from the rigorous security assurances of the Polkadot network. The native token on the Polkadot blockchain is DOT, and it can be easily staked with any public validator node.
Before staking DOT, it’s important to note that there is a minimum staking requirement of 10 DOT, and a small amount of DOT is required for transaction fees. Additionally, this guide requires the use of a Ledger hardware wallet.
Here are the steps to stake your Polkadot DOT tokens:
Step 1: Access your Ledger Live account.
Step 2: Add the Polkadot (DOT) app to your Ledger Live account.
Step 3: Add a Polkadot (DOT) account.
Step 4: Add funds to your Polkadot account.
Step 5: Open the “Earn Rewards” window.
Step 6: Nominate to a public validators.
Step 7: Confirm and delegate your DOT tokens.
To access your Ledger Live account, download the Ledger Live app and connect your Ledger hardware wallet. Install the Polkadot (DOT) app and add a Polkadot (DOT) account. Then, add funds to your Polkadot account by receiving DOT from another address. Open the “Earn Rewards” window, and bond the amount of DOT you want to stake. Next, nominate your preferred validator displayed in the Nominate pop-up window. Finally, confirm the transaction on your Ledger device.
By following these steps, you can participate in the Polkadot network and stake your DOT tokens.