Nomination Guide for HydraDX
This is a simple step by step guide to help a HydraDX holders nominate a validator. So you might be asking yourself what is meant by nominate, what is a nominator? Well in short it is equivalent to the holder that stakes his token like you see on other proof of stake blockchains, like other proof of stake blockchains you will use your stake to back a validator or a node. But in HydraDX you nominate, hence why it is referred to as nominated proof-of-stake (NPoS).
Nominating has started 2021/03/22 on StakeNet also known as SnakeNet 🐍
Before Nominating
Note at this stage only individuals that bought HDX via the Liquidity Bootstrapping Pool in February 2021 can participate. If you one of those lucky ones you should have by now claimed your HDX on chain. If not you can still do so using this guide 👉🏻 link
Once you have your tokens on HydraX chain you can then start nominating.
Here is HydraX official nomination guide 👉🏻 link
Below is Staking4All nomination guide which should have similar steps ad the official guide
Step 1 — Open the UI
You can open the UI by using this link https://polkadot.js.org/apps/#/explorer
Then ensure
- To open the side panel and select your network
- Expand LIVE NETWORKS
- Ensure you are on HydraDX
On the accounts tab you should be able to see your wallet with HDX.
Step 2— Bond Your Amount to Be Staked
You will select staking in the top menu which will take you to the staking page.
Navigate to the Account actions part on the Staking ribbon. You should see nothing if this is the first time you nominating.
You will click on the “Stash” button to create a stash.
Then will be presented with bonding preferences. Use the same account for the Stash and Controller. Pay attention to the value bonded.
⚠️Ensure bonded value is less than the total balance ⚠️
You need to ensure you leave enough HDX left over for the transaction fees, plus you may want to change your nomination later. So always good to keep some spare for transaction fees. Leave +- 100 HDX unbonded. Can always bond more at a later stage.
Also note where you would like your rewards to be paid to, you can select it on the same window. Once done click on the “Bond” button.
Then sign and submit your transaction.
This should be your end result. This means you have successfully bonded an amount that you are happy to nominate with.
Step 3— Nominate your validators
You will now nominate validators with your stash (bonded amount) you did in previous step. Click the “Nominate” button.
You will then be presented with this window. In this window you will select your validators you would like to nominate. Can select up to 16 validators, however 4–8 is usually a good mix. Staking4All validator address on StakeNet is the below (without icon)
📬 7Kb7QZj8t6k8JzoLcBnC5JuS87hya6tXFNpcq5jTXPr6aQ7y
Find the address in the left window, click on them to add to the right blank window. The validator addresses in the right windows are the validators you will nominate. You might be asking who else are good validators? If you have a look at “Note Worthy Validators” section below where we mention some other validators you can consider, but also provide our credentials.
Should look like this once selected. Then click “Nominate”
Then sign and submit
Your end result will look like the below. You will see your nominations will appear as “waiting”. At this stage validators will be introduced slowly in the following weeks, they will turn to “Active”. Rewards will be high for early nominators and reduce as more nominators join, so be part of the first wave of nominators 🦾
Note Worthy Validators
It is always good to nominate validators that help a project grow but also provide a good validator service and keep the network safe 🔐
But also poor performing validators can get slashed and the slash can carry over to the amount you nominate with. So select wisely 🧐
Feel free to do your own checks on Staking4All, we are a professional validator service and are well known in the polkadot ecosystem. It is worthy to note HydraX is part of the Polkadot ecosystem. Here is our details
🌐 Website
✉️ Telegram @sheznez
📬 Validator 7Kb7QZj8t6k8JzoLcBnC5JuS87hya6tXFNpcq5jTXPr6aQ7y
Some additional community validators that are worth your consideration can be seen below.
📍 STAKENODE — telegram @stakenode_dev, 7LiWT1bdaZy4JhQSzNdcL1WV4DfAU3cbY9KXcHtqtFhm8fNa
📍 Simon — telegram @dev0_sik, www.crifferent.de 7NzHitwWA5UidhXiNJSTipSwbXgDfikKefdY9kB69sBJxPS7
📍 Tokenswolf — telegram @tokenswolf, www.tokenswolf.com 7NMNjF4nVE5FyA9yD1dCRKKauUDF1PkHXNt8stDhG8UKp1q8
Conclusion
Look forward to your support and growing the Polkadot ecosystem. Feel free to follow and reach out, below is Staking4All details.
🌐 Website
✉️ Mail
