Moonstake cryptocurrency wallet has announced staking support for Polkadot’s DOT cryptocurrency. Following the inclusion of staking services for Cosmos, IRISnet, Ontology, Harmony, Tezos, Cardano, and Qtum, DOT became the 8th staking coin on Moonstake Wallet. Polkadot is a Proof-of-Stake (NPoS) network designed with the roles of validators and nominators.
Moonstake Adds Staking Support for DOT
For users to stake the DOT cryptocurrency within the Moonstake wallet, users can select multiple validators (up to 16 validators) to stake. Subsequently, they can choose from the 1-16 validators (staking providers) and then nominate them.
If more than 256 nominators nominate the same validator, it will be tagged as being oversubscribed. Meanwhile, only the top 256 staked nominators (ranked by the amount of stake) will be paid with their staking rewards. For instance, if a user’s stake is placed 257 or higher, they will not be eligible to receive the staking rewards.
A notable point here includes that the staking rewards will be available for only 84 days. The announcement emphasized that those who do not claim the staking rewards by the specific deadline will not be able to claim their rewards, with some of the rewards being even lost.
APY Yield for Staking Rewards Includes 13.32%
DOT is a popular cryptocurrency being the top 10 cryptocurrencies by market cap. Since Polkadot’s mainnet launch in May 2020, 63% of the total supply or $6 billion of DOTs have been staked, as of January 2021.
The valuation of DOT has risen by more than 40% in December 2020 following two confidence votes by Binance, placing it as a 7th ranked cryptocurrency by market capitalization. The annual percentage yield (APY) for the staking rewards is 13.32%.
Moonstake was specifically developed for staking pool protocol, catering to the increasing demands of the regional and global blockchain markets. The crypto wallet aims to be the largest staking pool network in Asia by providing an active ecosystem for crypto-asset holders.