We deployed the Staking Wizard as a free-to-use tool to facilitate a seamless staking experience for any delegator - regardless of their validator. Staking with us supports our community contributions.
The staking wizard guides you through the staking process step-by-step, reduces most of the complexity away, and is readily available with tips & tricks - we welcome you to a magical staking experience.
We are starting with support for the Polkadot blockchain, but will soon implement additional Proof-of-Stake networks. To stay tuned, join our Telegram or follow us on Twitter, LinkedIn, and YouTube.
Please note that the Staking Wizard is a supplement to Polkadot JS and has the sole purpose of facilitating a seamless staking experience. To send or receive DOTs, you need to use Polkadot JS.
The Wizard helps you with all aspects of your Polkadot staking operations: create a stash & controller account, nominate validators, bond/unbond funds, choose a staking strategy, and much more! You can find a step-by-step guide on how to use the Staking Wizard here:Staking Wizard Guide
We have limited the functionality and customizability in some places to simplify the staking experience.
Please note that the Wizard and the underlying protocols are in highly experimental stages and might be subject to sudden changes or bugs. Be careful when using the Wizard and always carefully check what you are signing! The use of the Staking Wizard is at your own risk. We are not liable for any lost, slashed, or stolen funds.
The Content on this website is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Proof-of-Stake (PoS) is a method used in decentralized systems to enable the collaboration of unknowing or untrusting participants. It requires validators (special nodes running the blockchain) to stake the blockchain's native token to propose and/or validate new blocks and ultimately earn rewards. A stake can be seen as a form of security deposit that disincentives bad behavior and contributes to the networks' security.
Staking refers to the process of a Proof-of-Stake (PoS) token-holder locking his/her tokens in order to participate in the upkeep of the PoS network (e.g. validating transactions; composing new blocks). This increases the security and reliability of the network and is an alternative to mining in Proof-of-Work systems (e.g. Bitcoin). Token-holders who participate in staking are compensated through block rewards and transaction fees. If you want to learn about Proof-of-Stake blockchains, we invite you to visit https://staking-academy.com/. The Staking Academy is a content-aggregation platform focused on the topic of staking.
We custom-built the Wizard from the ground up, deployed it, and maintain it. However, we do not restrict its' usage only to our own delegators, but make it accessible to every token-holder, regardless of which validator they are staking with. We do this to support the overall Proof-of-Stake ecosystem and to empower users to participate in these networks regardless of their technical knowledge.
Using the Wizard is free of charge. We deployed it to support the overall Proof-of-Stake ecosystem and provide users with a seamless staking experience. That being said, staking with us means supporting our community contributions and is greatly appreciated.
As of now, the Staking Wizard supports the Polkadot network. In the near future, we will teach the Wizard a few more tricks so that he can work his magic on other networks as well. Stay tuned!
In some PoS networks, validators as well as their delegators face the risk of getting slashed (i.e. losing tokens due to malpractice by the validator) proportional to their staked funds. Since we cannot vouch for the performance of a validator, we advise you to carefully research any validator before delegating to them.
Furthermore, since the Wizard is a non-custodial solution, you are responsible for managing your keys. Never share any sensitive information (e.g. your private key, a Keystore file, etc.) with anyone and make sure to safely store the information so that you do not lose access to it. Please note that the Wizard and the underlying protocols are in highly experimental stages and might be subject to sudden changes. The use of the Staking Wizard is at your own risk. We are not liable for any lost, slashed, or stolen funds.
No. The Staking Wizard is a non-custodial web interface solely for the purpose of guiding users through the staking process and facilitating a seamless experience. The validator you delegate your tokens to is not able to access your funds at any point in time since you are only delegating your staking rights. Your funds always stay in your wallet.
The Wizard only helps you stake, all other operations need to be done via https://polkadot.js.org/apps/#/accounts - there you can send & receive your DOTs.
There are two token balance thresholds you need to be aware of:
1. Reaping Threshold
If your account balance drops below 1 DOT, your account will be wiped from the blockchain. This is stipulated by the Polkadot protocol and not something we control. You do not lose access to the reaped address - as long as you have your private key or recovery phrase, you can still use the address - but it needs a top-up of another existential deposit (> 1 DOT) to be able to interact with the chain. Hence, we recommend having at least 2 DOTs on every account so that you can pay for transaction fees and do not see your account getting reaped.
2. Minimum Stake Threshold
Due to recent upgrades, there is now a minimum amount of DOTs that nominators need to stake in order to get rewards. This amount is dynamic and based on a couple of different factors. According to the Polkadot team, the amount is around 200 DOT.
For these reasons, we suggest allocation of at least 220 DOT for staking in order to be eligible for rewards and have enough DOTs unstaked to cover for transaction fees.
Head over to Settings in Polkadot JS and visit the Metadata section. There you can perform an update, which should resolve your issues.
Staking Facilities, the summoner of the Staking Wizard, is a Munich-based validator and node operator. We run industry-grade, highly secure architecture, and offer non-custodial staking services for thoroughly vetted public Proof-of-Stake blockchains.
We envision a future in which staking secures the world's most precious digital public infrastructures. Staking assets constitute a novel digital asset class and it is our mission to make them accessible to everyone around the globe.