Moonstake Wallet Officially Announces Staking Support for Polkadot (DOT)
Moonstake announced the support of staking Polkadot’s cryptocurrency DOT, one of the top 10 cryptocurrencies by market cap, in Moonstake’s Web Wallet. After Cosmos, IRISnet, Ontology, Harmony, Tezos, Cardano, and Qtum became the 8th available staking coin on Moonstake Web Wallet.
Polkadot is a next-generation blockchain protocol connecting multiple specialized blockchains into one unified network. Polkadot is the flagship project of Web3 Foundation, the world’s leading blockchain foundation founded by Ethereum co-founder and former CTO Dr. Gavin Wood. In addition to Dr. Wood, other key members of the Web3 Foundation include Dr. Aeron Buchanan, former Head of European Operations at Ethereum, and Reto Trinkler, co-founder of Melonport.
As of January 2021, 63% of the total supply or $6 billion of DOTs have been staked since Polkadot’s mainnet launched in May 2020. The price of DOT, the native token of Polkadot, and a cross-chain protocol for data and asset interoperability has risen more than 40% in December 2020 after two confidence votes by Binance, the largest crypto exchange by spot trading volume and placing it at ranking 7 cryptocurrencies by the market cap.
This time, Moonstake has added Polkadot’s staking service, a global cryptocurrency to further enhance the staking of cryptocurrency’s top market capitalization coins to giving users more choices.
Here’s a simple 4-step process to stake DOT on Moonstake Wallet: 1. Register your mobile Moonstake wallet (https://wallet.moonstake.io) 2. Add DOT with “Add New Asset” 3. Transfer DOT to Moonstake web wallet 4. Click the “Stake Now” button (*You need to have at least 1 DOT to start staking for the first time.)
How DOT Staking Works: When staking, you can select multiple validators (up to 16 validators) to stake. Simply choose 1-16 validators (staking providers) and nominate them. If more than 256 nominators nominate the same validator, it is “oversubscribed”, and only the top 256 staked nominators (ranked by the amount of stake) are paid rewards. If your stake is in place 257 or higher, you will not receive staking rewards.
How to get Rewards for DOT staking: APY is 13.32%. To receive the staking rewards, you must manually claim your rewards using the function inside the staking tab. Staking rewards are kept available for 84 days only. Please be aware that If you do not claim your staking rewards by this time, then you will not be able to claim them and some of your staking rewards will be lost.
How DOT unstaking works: You must unstake when sending a DOT during staking. However, for 28 days after the unstake, it will be in the “cancellation request” state and will be locked. After the 28-day lock period has expired, you can withdraw your DOT. There are no staking rewards during the lock period.
Moonstake was recently established to develop a staking pool protocol to satisfy increasing demands in regional and global blockchain markets. Moonstake develops a staking pool protocol and provides business services through partners and companies.
Moonstake aims to be the largest staking pool network in Asia by providing an active environment for crypto-asset holders. Establishing a clear partnership roadmap with Moonstake represents another significant milestone for continuing to strengthen ties with leading platforms across Asia’s burgeoning Distributed Ledger Technology (DLT) ecosystem. The partnership has been announced with Emurgo, Ontology, and NEO to boost staking adoption, Binarystar, Japan’s biggest blockchain hub, OIO Holdings Limited (SGX: OIO), a Singapore Catalist-Listed company. Industry’s reputed advisors, such as Lisk and Lawrence Lim of RAMP DEFI support Moonstake’s innovative journey.
With a full-scale operation launched in August 2020, we expanded our business and as of now, our total staking assets exceeded over USD 120 Million. https://www.moonstake.io/
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