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Frequently Asked Questions
Here are answers to some of the questions our community has asked us. Get in touch if there’s more you would like to know.
Polkadot is a sharded protocol that enables blockchain networks to operate together seamlessly. Polkadot launched in May 2020. To learn more, please see their whitepaper.
New blocks on Polkadot are proposed by validators. To enable Polkadot to run seamlessly, validators need the technical capabilities to offer a secure, always on infrastructure.
Not everyone is able to do this. Some token holders participate indirectly by delegating the tokens they have to a validator. Validators are running a service for delegators. They typically charge a fee to cover their operational costs.
By delegating DOT, you help secure the network. You get part of the rewards provided by the protocol for this assistance. If you are planning to hold on to DOT for some time, delegating will help you accumulate more DOT while contributing to the health of the network.
Staking rewards will expire in 84 days on Polkadot. Delegators must claim their staking rewards by submitting a claim transaction within 84 days.
You are not giving away ownership of DOT by delegating. As a validator, stakefish will never have the ability to move your DOT.
Undelegating (also called unbonding or unstaking) can be done anytime. However, it takes approximately 28 days for your DOT to undelegate and become transferable.
We charge 4% from the block rewards received by our delegators. For example, if a delegator receives 100 DOT as a reward, stakefish will receive 4 DOT while the delegator will get 96 DOT.
Each validator can have up to 256 nominators per era. Only the top 256 nominators by stake amount will be paid rewards. Therefore, in order to maximize rewards on your stake, we recommend you nominate validators that are not oversubscribed in the current era. Please keep in mind that you can nominate up to 16 validators. You can read more here.
If you have any questions about staking or our validator services, please do not hesitate to reach out to us. We are happy to talk with anyone and help navigate community members through this exciting new ecosystem.Get in Touch