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!
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Yeah, I am currently staking 4500~~ DOTs and I have about 13-14% per year.
(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?
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(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.
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(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.
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!
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(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?
Thanks! 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.
(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?
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Yes, any below 5% and you are good to go.
(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) 🙄
(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.
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?
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