1. Sign in to your Polymesh wallet.
2. Go to Polymesh dashboard and click “Connect Polymesh Wallet”.
3. Go to the Staking tab and click “Stake” on the right.
4. Select the address to which you want to receive rewards and click “Next”. (If you choose the same one from which you stake then rewards will be automatically restaked.)
5. Enter the amount of POLYX you wish to stake and select one (or more) of our recommended operators.
6. Click “Submit”, then “Confirm” and sign your transaction in the Polymesh Wallet Popup.
7. After transaction confirmation you should start to earn first rewards after 24 to 48 hours, after this time you should be able to see information about actual staking provider on staking dashboard.
Enjoy your rewards on cold staking!
Frequently Asked Questions
How does Cold Staking work?
Cold staking is an innovative approach to earning passive income from your cryptocurrencies. To begin cold staking, users must store their assets in a non-custodial wallet and delegate their coins to a MyCointainer node or similar validators.
Your participation in cold staking entitles you to receive rewards in the form of additional tokens, and further creates a bigger impact on network security, and decentralization of the protocol.
What is Annual Percentage Rate (APR) and how is it calculated?
The annual percentage rate (APR) for delegators to dPoS validators is calculated based on several factors, including:
- Block rewards: The rewards earned from validating blocks and creating new blocks are distributed among validators and their delegators. The amount of rewards each delegator receives is proportional to the amount of stake they have delegated to the validator.
- Commission rate: The commission rate is a percentage of the rewards earned by the validator that is taken as a fee. This fee is taken from the rewards earned by the validator and its delegators.
- Inflation rate: The inflation rate of the underlying cryptocurrency affects the overall rewards earned by the validator and its delegators.
- Network performance: The network performance, such as the rate of block production, can also impact the APR earned by delegators.
All these factors are combined to calculate the APR for delegators to dPoS validators, which should be treated as estimate of the expected returns for staking over a certain period of time.
Will the APR always be a fixed percent?
There are factors that can move the APR up or down. Rates can be influenced by the network’s conditions, inflation, number of stakers and staked assets, and the validator’s performance.
When will I receive my Cold Staking rewards?
The frequency of rewards distribution for cold staking assets in dPoS assets typically varies depending on the specific network details. In some cases, rewards are distributed on a weekly or monthly basis, while in others, rewards are distributed daily or even often. It ultimately depends on the design of the particular network, and for some of them, you will need to claim produced rewards before making them free to use.
Are there fees for Cold Staking?
Yes, there can be fees associated with Cold Staking. They may vary depending on the specific dPoS network and the Cold Staking Provider you use. Besides rewards fees which node operators typically set up, there are network fees associated with executing delegation.
Can I access my assets while Cold Staking?
Since the assets are stored in your personal cold wallet, you always have access to your investments. You can unstake your assets anytime, but consider that various assets have different unbonding periods that are governed by the blockchain network.