HydraDX — Incentivised Testnet — Nomination Tutorial
HydraDX Incentivised Testnet is here! As validators are already registered, here is the nomination step-by-step tutorial. Let’s start.
By becoming a nominator, you stake some of your HDX tokens to help secure the HydraDX network and to earn rewards. Unlike running a validator node, the process of nominating does not require advanced technical skills, making it the recommended choice for anyone who is not fully confident with becoming a validator.
When nominating, nominators appoint their stake to a validator of their choice. By doing so, nominators elect the active set of validators and receive rewards for their participation.
Nominating is a more accessible form of participation in the staking process, however, it also carries a certain degree of risk. If the validator you have nominated misbehaves (e.g. fails to maintain the required uptime), slashing can occur which may lead to a partial involuntary loss of the funds you have staked.
We highly recommend that you do your due diligence before nominating a validator.
Login to Polkadot app — https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Frpc-01.snakenet.hydradx.io#/accounts, and check if You see Your HDX balance in Your account.
If Yes, You are ready to start the nomination process.
If no, please check if You already claimed Your HDX tokens via Stakenet claiming engine if You bought xHDX on Balancer LBP. — https://docs.hydradx.io/claim
Preparing Stash Account to Nominate
- Go to “Network / Staking / Account Actions” section — https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Frpc-01.snakenet.hydradx.io#/staking/actions
- Add stash by clicking the “+Stash” button.
After clicking the Stash button, you should see the bonding preferences with four editable fields:
- stash account: the account holding the majority of your HDX tokens. HDX will be staked from this account. Make sure that you leave some HDX after staking to cover the transaction fees.
- controller account: the account holding a smaller portion of HDX needed to cover the fees associated with starting and stopping the process of nominating.
- value bonded: the amount of HDX you are bonding.
- payment destination: the account to which the staking rewards will be sent.
Select Your account with HDX balance as Stash and Controller. Put in value bonded but do not bond all (leave something for transaction fees — like 100 HDX). Select payment destination as stash account and decide — if You want to auto compound — (increase the amount at stake), or do not auto compound — (do not increase the amount at stake) option. Take into consideration 28 days unbonding time and “Bond” Your funds.
!!CAUTION!! — For security reasons, it is not recommended to have the same Stash and Controller accounts. However, since transfers are disabled on Snakenet, it is currently not possible to use separate accounts. We highly recommend that you switch to separate Stash and Controller accounts as soon as this becomes possible in the future.
!!WARNING!! — Bonded HDX tokens are at stake for guaranteeing the security of the network. Improper behavior of the validator node you have nominated may be punished by slashing which can lead to an involuntary loss of your funds. We strongly recommend that you do your due diligence when selecting which validator to nominate.
Nominate a Validator
After bonding HDX, you can now nominate a validator.
Before proceeding, you should do your due diligence and decide which validators you would like to nominate based on their (past and present) performance. You can also check if Validators are active in HydraDX community, are helping in HydraDX Discord or Telegram group, so You know those are active, educated, and contributive validators, trustworthy and You can have contact with them in case of any questions or issues.
To nominate one or more validators, navigate to “Network / Staking / Account actions” and click the “Nominate” button.
After clicking on the “Nominate” button you should see a popup called “nominate validators”. Here you can select one or more validators to nominate from the list of available ones. Click on the node address on the left side and check if it was selected as a nominated account.
If You would like to support and consider nominating Stakenode Validator nodes — here are the node addresses:
STAKENODE DX: 7J4gcZRQSRkKMKsHZfN6JQXXGVrhQu3QHZBb3anqmVn94cT5
Remember that You can add many validators to Your list. Your stake will always be with only one validator but in case that Your current active validator falls out of active validators, Your stake will be automatically switched to another active one from the list.
Stakenode also supports local and community contributors nodes as listed below, feel free to support decentralization and vote also for those nodes:
Tokenswolf — telegram @tokenswolf, www.tokenswolf.com 7NMNjF4nVE5FyA9yD1dCRKKauUDF1PkHXNt8stDhG8UKp1q8
Simon — telegram @dev0_sik, www.crifferent.de 7NzHitwWA5UidhXiNJSTipSwbXgDfikKefdY9kB69sBJxPS7
MrHajsenberg — telegram @MrHajsenberg
Hubert — telegram @hubobubo 7PLgsivMXtqsJirQvSC1jYWCntkces8uBX4KnYTFYPRakG5r
FreeStriker — telegram @freestriker00 7KedkXc9FXzKp1bm6w4oK114rhzqoF2Lz5og2xE7jpvDutSE
Checking the Nomination Status
After completing the nominating process, your nominations will be inactive for the remainder of the current era. Once the following era begins, your nominations will become active, provided that the validator nodes you have nominated are included in the active set of validators. If a given validator remains in the waiting queue, your respective nomination will remain inactive and you will not earn any rewards for this stake.
To check the status of your nominations, navigate to the “Network / Staking/ Account actions” section, where You can see your inactive nominations under “Waiting nominations”
Once a nomination becomes active, you should find it in the list of “Active nominations”
Congratulations! You just become a nominator on HydraDX Network and are staking Your precious HDX with a selected Validator.
“The real price of everything, what everything costs to the man who wants to acquire it, is the toil and trouble of acquiring it”
We highly encourage You to join the outstanding and contributive HydraDX community on:
Stakenode is supporting HydraDX from an early stage of community development and will be one of the first validators for the HydraDX network.
If You find Stakenode’s commitment to the HydraDX community and the Polkadot ecosystem in general vital and valuable, please feel free to donate to our future development. All grants and funds are only be used for community development tools.
$DOT account: 13QsbZRkG77HJMU2KJ9BQMQiDHcpbr3gYiJ7PuH8v3PtYXaX
$KSM account: HjxiFiLs9fEP1mbhYhqxPjheFRN49VDQWykgXMR5RDY6Xmh