Polkadot (DOT)
What is Polkadot?
Why we like it:
Another great earner! Polkadot is a fan favorite of many of our crypto consiglieres. They love the project, love the rewards and truly believe Polkadot will be a big part of blockchain technology's future. A platform that can get BTC & ETH to talk to each another and work together as one, does sound pretty special.
Polkadot Steps
DOT is pretty simple to acquire. You can trade for it at any of the major exchanges. Once acquired, staking via Ledger is a breeze. Stake DOT to earn more DOT!
Trade for DOT on an exchange
Send DOT from exchange to your Ledger
Nominate the maximum amount of validators (16) *
Bond the amount of DOT you want to stake **
Earn daily DOT rewards that are automatically sent to your wallet
* Why? Ok, hang with me here. In order to earn DOT rewards, you must have your bonded stash picked up by a validator. To give yourself the best chance of being picked up by a validator, you're going to want to nominate the maximum amount of validators (16). The more validators you nominate = the greater chance of having your stash picked up!
** Once bonded, your DOT stash is locked up for a period of 28 days. You can un-bond at anytime, but you'll have to wait the 28 days (from the day of un-bonding) before you can make a move. Earned rewards are sent to your wallet un-bonded, so those you can play around with, BUT they will not count towards total staked amount...until you bond them. Simple, right!?!? (lol)