How to nominate in StaFi

Nomination process in StaFi

In this guide we will walk you through the nomination process in StaFi.

First of all, head to the StaFi user interface .

You can either use the same account for both your controller and stash accounts, or use two separate accounts (recommended). If you choose the latter, you should make sure you have a tiny amount of FIS in your controller account and the FIS tokens you are willing to stake on your stash account.

The stash account is the one holding your funds while the controller account will be responsible to act on behalf of the stash account for nomination and validation purposes.

Setup Nominator

Network → Staking → Account Action tab then click on Nominator

Network → Staking → Account Action tab

Select your stash and controller account from the drop down and choose the amount you would like to bond. Also keep in mind that you will need some FIS to pay for transaction fees. Do not bond all the FIS you have in your account. Keep few for transaction fees.

Finally choose a payment destination. By default it is set to stash account (increase the amount at stake).

Note that when you bond your tokens, they are locked. In order to unlock them you will need to unbond them and the process takes 14 days.

Payment destination

  • Stash account (do not increase the amount at stake): Sends your rewards to your stash without bonding them.
  • Stash account (increase the amount at stake): Sends your rewards to your stash account and are automatically bonded.
  • Controller account: rewards are sent to your controller account
  • Specified payment account: You can specify any account to receive rewards.

Choose the right validators:

Several points should be taken into consideration when choosing the right validators:

  • Choose more than one validator
  • Check that the validator has a verified identity.
  • Use the “Select to Maximize Profits” option to choose the validators with which you will have the most profit.
  • Pay attention to the commission
  • Make sure that the validator is not oversubscribed

You can refer to this article for more information

Input your stash account password then click on sign and submit. The transaction will be processed within seconds.

Nominations will be active until the next session, and nomination status will change from Waiting nomination to Active nomination. Once the nomination is active you will start getting reward for your stake at the end of each era (1 era = 6hours). If you vote for only one validator and the nomination stays inactive after the following era (election), you have probably voted for a validator that is not in the active set. However, if you vote for multiple validators, only one active nomination among them is sufficient for you to get the reward.

You can stop your nomination at any time. You can also:

  • Bond more funds: increase your stake
  • Unbond funds: This process takes 14 days. Unbonded funds cannot be staked
  • Withdraw unbonded funds
  • Change controller address
  • Change reward destination
  • Set nominees: choose new nominators

You can support us by voting for InChainWork on StaFi. This is our address: 34UScyMDwCLhcmu2zo79YKhDuCoennmh2ATnDvbcn6adRxPe

About the StaFi protocol

The StaFi protocol works in a purely decentralized manner. StaFi, which is based on Substrate, will be connected to Polkadot as a parachain, sharing the underlying Polkadot consensus. Safety and main performance are also guaranteed by Polkadot.

StaFi is the first DeFi — Decentralized Finance protocol that frees up the liquidity of staked assets. Users can stake PoS tokens (for example, DOT, FIS, ETH, KSM, ATOM etc.) via staking contracts integrated into the StaFi protocol, then obtain alternative tokens: rTokens (for example , rDOT, rFIS, rETH, rKMS, rATOM) in return. The goal is to always have the possibility of trading your tokens, in order to protect yourself against the volatility of the crypto markets, while earning the rewards generated by staking.

Website: https://www.stafi.io/

Twitter: https://twitter.com/Stafi_Protocol

StaFi’s User Interface: https://apps.stafi.io/#/

StaFi’s App: https://app.stafi.io/rAsset/native

About InchainWorks

InchainWorks is a staking service that currently combines over $ 5M in staking assets. We offer staking services in different blockchain networks such as Ethereum 2.0, Kusama, IrisNet, Kava, Edgeware, E-money, Centrifuge, Bluzelle and Desmos.

For more information:

Website: https://inchain.works/

Twitter: https://twitter.com/inchain_works

E-mail: contact@inchain.works