Do I need to be holding Polkadot to participate in staking?
Yes, in order to stake Polkadot (DOT), you first need to deposit Polkadot into your account.
Can I unstake Polkadot at any time?
There is no lock up period on Polkadot staking. You can stake and unstake at any time. However, please note that the processing time to unstake DOT is taking 5 days.
Which network can I use to deposit Polkadot?
Currently Polkadot can only be deposited by using the native Polkadot network. Make sure to only deposit native Polkadot to your account. Please refrain from using other networks/blockchains when depositing Polkadot to your Bake account, as it will otherwise result in the loss of your coins.
How long do I need to wait after staking to begin earning rewards?
Rewards are earned after staking with the next reward cycle. The first rewards can be seen after 12-24 hours.
How often do I get rewards in Polkadot staking?
Rewards are paid out twice a day.
What are the advantages of staking Polkadot on Bake?
Stake and Unstake Anytime - there’s no lock up period. You may easily stake and unstake crypto at your convenience.
Receive staking rewards in-kind, i.e. in DOT token - less hassle, and rewards can be auto-compounded.
Receive Rewards 2x a Day - staking rewards are paid out every 12 hours.
Gain Full Transparency On Your Rewards - rewards can be tracked on-chain via a staking address. You may be able to verify here anytime.
Benefit from Other Transparency & Security Protocols - as a Singapore-headquartered fintech company, we continuously find innovative ways to provide security and transparency to our users. For more information, you may click here to read about Proof-Of-Reserves and Liabilities or here to read about relevant platform features and protocols.
For more information about Staking, please check our other Staking FAQs.