Not all heroes wear caps. Polkadot's heroes wear the mantle of validators. In this article, we'll look at the top 10 Polkadot validators in June 2023 and some new tips to pick validators for staking Polkadot.
Polkadot's Staking System
Staking Polkadot can be conducted on the best staking exchanges for Polkadot or your Polkadot.js wallet. Polkadot offers four levels of native staking, including:
- Beginner: Join a nominator pool.
- Intermediate: Launch a nominator pool.
- Intermediate: Nominate validators and join the governance system.
- Advanced: Run a validator.
Polkadot's staking system offers several unique aspects that set it apart from other blockchain networks:
- Nominators and validators: Polkadot's staking system involves two key roles: nominators and validators. Nominators select validators they trust and allocate their DOT tokens to support those validators. Conversely, Validators are responsible for maintaining the network by producing blocks and validating transactions.
- Flexible staking options: Polkadot allows users to stake their DOT tokens directly or nominate them to validators they trust. This flexibility enables token holders to participate in staking according to their preferences and risk appetite.
- Staking rewards and slashing: Validators receive staking rewards for their role in securing the network. Nominators also earn a portion of the rewards based on the performance of the validators they nominate. However, validators and nominators face the risk of slashing when they behave maliciously or fail to fulfill their duties properly. Slashing involves a reduction in staked funds as a penalty for such behavior.
- Active governance participation: Staking DOT tokens in Polkadot also grants users the ability to participate in the network's governance. Staked token holders can vote on proposals, including protocol upgrades, parameter changes, or adding or removing parachains.
- Chilled DOT: Chilled DOT is a unique concept that allows stakers to temporarily halt their active engagement in staking without unbonding their funds. More details on how to chill when staking DOT are available here.
How to Choose a Polkadot Validator
When selecting a Polkadot validator, consider the following tips can help you make the right decision. However, it's noteworthy that there is no best validator, only good ones, and it's always best to do additional research before further proceeding.
- Performance and reputation: Assess the validator's performance history and reputation within the Polkadot community. Look for validators with a consistent track record of producing blocks and maintaining high uptime. Consider their experience, contributions to the ecosystem, and any positive feedback from other participants.
- Security and infrastructure: Evaluate the validator's security measures and infrastructure. Ensure they have implemented robust security practices to protect against potential attacks or vulnerabilities. Look for validators with reliable server infrastructure, backup systems, and redundancy measures to ensure stable and secure operations.
- Stake and commission rates: Consider the validator's stake and commission rates. Higher stake percentages can indicate a stronger commitment to the network's security. However, be cautious of extremely high commission rates, which can significantly impact your staking rewards. Seek a balance between stake percentage, commission rates, and the overall reputation of the validator.
- Community engagement: Assess the validator's level of community engagement and transparency. Look for validators who actively communicate with their delegators, provide regular updates, and participate in community channels. Validators who foster an open dialogue and maintain strong connections with their delegators are likelier to be trustworthy and responsive.
- Slashing and governance policies: Understand the validator's approach to slashing prevention and governance participation. Validators should have clear policies and procedures to minimize the risk of slashing and protect the interests of their delegators. Additionally, validators who actively participate in the network's governance by voting on proposals demonstrate a commitment to the long-term development and success of the Polkadot ecosystem.
Top 10 Polkadot Validators - June 2023
Staking Polkadot offers an opportunity to earn up to 15% on average. The reward rate, however, is only relevant at the publication time and subject to potential changes in the future.
When researching and picking the best Polkadot validators, we've ruled out validators with 100% commission. Many validators set their commission rate of 100% as they run nodes for the purpose of staking on centralized platforms.
Here is our list of the top 10 Polkadot validators for June 2023.
- Self-bonded: Also known as self-stake, self-bonded is the amount of DOT a validator has staked himself.
- Total bonded: The total amount of DOT has been staked by both the validator and his nominators.
- Commission: The percentage of rewards that a validator earns.
- Era: The time point which is equivalent to 24 hours. Each era has 6 epochs, and rewards are distributed to the validator at the end of each ear.
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Frequently Asked Questions
Is Polkadot staking risky?
Slashing is the biggest risk associated with Polkadot staking. It happens due to the validator's misbehavior, for example, a network attack or software problems. Slashing can result in losses of staked DOT of both validators and their nominators.
What is the minimum DOT staking for Polkadot?
Polkadot's minimum stake for a nominator is 250 DOT.
How long will Polkadot staking last?
You can pause or stop staking Polkadot anytime you want. But it's important to note that once unstaking is activated, your DOT tokens will be locked for 28 days.
How to check Polkadot staking rewards?
You can check Polkadot staking rewards of the current era on the Payout tabs within the Staking Dashboard.