Moonstake is one of the popular wallet for crypto investors that is designed with staking in mind. In past they have supported various crypto currencies for staking namely – cosmos, cardano, Tezos, Iris and few others.
Few days back, they announced the support for the polkadot (DOT). The current APY value they offer in the staking is also high for DOT. Currently they are offering 13.61 APY. Which is obviously subjected to change based on the market changes.
Image Credit: Moonstake
You can easily add the staking for Polkadot (DOT) through the moonstake wallet. Check the following steps to do that.
1. Login to moonstake on mobile wallet.
2. Now connect moonstake web wallet with the mobile wallet. (This step I forgot and took me a while to figure out)
3. Add new asset (DOT) into it. Then Click on staking.
4. Add your funds.
5. Press “Stake now”.
That’s it. Your funds are now staked into the polkadot cryptocurrency through moonstake.
Another important part is that to get reasonable staking rewards, you should invest more than 2-4 DOTs. Minimum 1 DOT is expected through the staking system. So go for the higher amount if you want any decent staking rewards.
Few things to note that you have to manually claim the staking rewards. And those rewards stay in the staking lab for only 84 days. So keep an eye on your wallet for the date. Staking does have the option to unstake where your funds go in locked period where they don’t earn any staking rewards. And you would be able to get funds within 28 days.
If you have DOT stock in your wallet which you wish stake then definitely go with the moonstake. For those traders who are into staking for them I think this is a good opportunity to lock in DOT at this APY rate.