+- Hack Forums (https://hackforums.net)
+-- Forum: Money (https://hackforums.net/forumdisplay.php?fid=241)
+--- Forum: Crypto Currency (https://hackforums.net/forumdisplay.php?fid=380)
+--- Thread: Question about DOT staking (/showthread.php?tid=6217391)
Question about DOT staking - Tech?NO - Aug 15, 2022
Hello, guys!
I have a couple of questions regarding DOT staking. I just saw that Binance offers a bit over 20% APY if I stake DOT for 120 days. First of all, I have ~700 XTZ (tezos) which I plan to sell and convert for DOT (currently staked in Kraken). After that I will have total of ~350 DOT. I just want to make sure that my calculations are accurate. So, having 350 DOT staked at Binance for 120 days, should give 70 DOT (for a full year) / 3 = 23 DOT. Once I get all my DOT unlocked, I plan to move it to ledger and stake it there.
Do you think this is going to work out the way I think? And does it worth to convert my XTZ to DOT?
Thanks!
RE: Question about DOT staking - PR1V473 - Aug 15, 2022
Yeah, I am currently staking 4500~~ DOTs and I have about 13-14% per year.
RE: Question about DOT staking - Tech?NO - Aug 15, 2022
(Aug 15, 2022 02:50 AM)PR1V473 Wrote: Yeah, I am currently staking 4500~~ DOTs and I have about 13-14% per year.
Thanks for replying! I assume you are staking your DOTs on ledger right? Have you seen the binance locking offer?
RE: Question about DOT staking - PR1V473 - Aug 15, 2022
(Aug 15, 2022 02:53 AM)Tech?NO Wrote: Thanks for replying! I assume you are staking your DOTs on ledger right? Have you seen the binance locking offer?Yeah, I am staking on Ledger. Binance gives 4-5% more APY because they work with your money, and they use them. Anyway, your coins = your keys.
RE: Question about DOT staking - Upgrader - Aug 15, 2022
(Aug 15, 2022 03:23 AM)PR1V473 Wrote: Yeah, I am staking on Ledger. Binance gives 4-5% more APY because they work with your money, and they use them. Anyway, your coins = your keys.
This.
Also, yes it's worth to stake DOT OP, it's a great token and has a far brighter future than Tezos.
RE: Question about DOT staking - Tech?NO - Aug 15, 2022
Just converted all XTZ to DOT, but also realized that the binance offer for 20% APY applies for max of 20DOT staked. So I will probably stick to the Ledger. I heard that it's a bit difficult to do it and requires supervision in order to avoid penalization. Do you have any specific recommendations on that matter?
Thanks!
RE: Question about DOT staking - PR1V473 - Aug 15, 2022
(Aug 15, 2022 03:54 AM)Tech?NO Wrote: Just converted all XTZ to DOT, but also realized that the binance offer for 20% APY applies for max of 20DOT staked. So I will probably stick to the Ledger. I heard that it's a bit difficult to do it and requires supervision in order to avoid penalization. Do you have any specific recommendations on that matter?Just pick between 10-15 validators that have perfect performances and you're good to go. Slashing happens VERY rarely and is on a voting base.
Thanks!
RE: Question about DOT staking - Tech?NO - Sep 13, 2022
(Aug 15, 2022 04:20 AM)PR1V473 Wrote: Just pick between 10-15 validators that have perfect performances and you're good to go. Slashing happens VERY rarely and is on a voting base.
What commission should I look for?
According to their site:
If a validator's commission is set to 100%, no tokens will be paid out to any nominations in the validator pool.
So, let's say I choose only BINANCE_STAKE_9 (it says 100% commission) - does that mean I won't receive any staking rewards as they all go to the validator?
RE: Question about DOT staking - PR1V473 - Sep 13, 2022
Yes, any below 5% and you are good to go.
RE: Question about DOT staking - Tech?NO - Sep 13, 2022
(Sep 13, 2022 04:30 AM)PR1V473 Wrote: Yes, any below 5% and you are good to go.
Alright, I will select 10-15 with commission less than 5%
I am wondering why would people delegate their tokens to 100% commission validators (like BINANCE_STAKE_9) 🙄
RE: Question about DOT staking - nelz - Sep 14, 2022
(Aug 15, 2022 03:23 AM)PR1V473 Wrote: Yeah, I am staking on Ledger. Binance gives 4-5% more APY because they work with your money, and they use them. Anyway, your coins = your keys.
Would be interested in what else you're staking on ledger? Will be transferring my coins over to ledger this week.
RE: Question about DOT staking - Tech?NO - Sep 14, 2022
It's been over 24 hours, but my validators are still Inactive, some of them even turned to Unelected -> https://i.imgur.com/87dxxAt.png
Is that "unelected" something I should worry about?