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Participate in LIT staking on Litentry

LIT staking is currently only available on Litentry - Polkadot parachain.

Overview

Litentry uses a Delegated Proof of Stake (DPOS) consensus mechanism that allows LIT holders stake their assets to delegate their desired collators through its parachain staking pallet. The staking pallet is designed in a way that it permits delegators and collators to share risks and rewards.

How to stake

The easiest way to participate in LIT staking is through the Web3Go's Litentry Staking Dashboard.
After connecting your polkadot wallet, you can compare the full information of each collator available for staking.
You can also view your current staking position and history reward at Web3Go "My Stake" Page.
Please refer to Web3Go's Official Website for more staking dashboard features.

2. Polkadot.js

The second option is to use Polkadot.js. PolkadotJS remains the right point of call if you want to perform any potential Litentry parachain function.
For first time users that wish to perform delegation staking, you will go through the parachainStaking.delegate route.
However, if you are an already existing user and intend to perform more delegation staking, you'll go use the parachainStaking.delegatorBondMore method.
Both parachainStaking.delegate and parachainStaking.delegatorBondMore digests the inputs of your target collator account address and your target staking amount in 10^12 form. (i.e. If your input amount is 100 0000 0000 0000, it means you want to stake 100 LIT).

How to unstake

Web3Go dashboard does not supporting unstaking at the moment, so if you intend to unstake, you'll have to use polkadot.js for any unstaking/stake-less action.
You can unbond/undelegate your LIT at any time. However, it will take 7 days for your funds to become transferable. However, it is important to note that, as a result of longer block times due to an issue on the relay chain, unstaking takes a bit longer than 7 days.
As a user who wishes to unstake his LIT, you need to schedule your unstake/stakeless command and execute it to claim your funds after the cooldown period expires.

1. For leaving all of your Collator Delegations at once

parachainStaking.scheduleLeaveDelegators() - This allow you to schedule a request to leave the set of delegators and revoke all ongoing delegations. Scheduling the request does not automatically execute it.
parachainStaking.executeLeaveDelegators(delegator) - There is an exit delay that must be waited before you can execute the request via the executeLeaveDelegators extrinsic.

2. For adjusting one of your single existing delegations without full exit

parachainStaking.scheduleDelegatorBondLess(candidate, less) - This allow you to schedule a request for a delegator to bond less with respect to a specific candidate. Also, scheduling the request does not automatically execute it like in parachainStaking.executeLeaveDelegators mentioned earlier.
parachainStaking.executeDelegationRequest(delegator, candidate) - This allows you to bond less both existing delegator and candidate. There is an exit delay that must be waited before you can execute the request via the executeDelegationRequest extrinsic.

3. For full exiting one of your single existing delegations

parachainStaking.scheduleRevokeDelegation(collator) — This allow you to schedule a request to revoke a delegation given the address of a collator. Scheduling the request does not automatically execute it. There is a wait period before it is executed via the executeDelegationRequest extrinsic.
parachainStaking.executeDelegationRequest(delegator, candidate) - This command help to execute any due delegation requests provided the address of a delegator and a candidate is provided.

Important things to know if you want to unstake

If you unstake your LIT tokens from a collator, the remaining staked tokens must be at least 50 LIT. Otherwise, you must unstake the full amount by canceling the delegation to that collator.

If you regret your unstaking command

Your tokens continue to accrue rewards while unstaking is pending. You can cancel unstaking any time during the 7 days without a penalty.
The following method is for canceling your unexecuted command:
parachainStaking.cancelLeaveDelegators() for condition 1 above - With this, you can cancel a pending scheduled request to leave the set of delegators.
parachainStaking.cancelDelegationRequest(candidate) for condition 2,3 above - This command help to cancel delegation request for all delegations.