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 to stake their assets and delegate their desired collators through its parachain staking pallet. The staking pallet is designed to permit delegators and collators to share risks and rewards.

How to stake

1. Cumulon (Previously "Web3Go")

The easiest way to participate in LIT staking is through Cumulon.

IMPORTANT NOTICE

When staking (first-time stake or bond more); Please make sure your account always has enough balance (0.1 LIT + tx fee) even after staking. The transaction fee is normally very small, so about 0.2 LIT would suffice so that your account doesn't get potentially reaped. Hence never stake all of your balance.

Upon opening Cumulon, click the Connect button at the top-right-hand corner to connect your Polkadot or Metamask wallet

After connecting your Polkadot wallet, select Litentry from the "Choose chain" drop-down options as shown below:

Then click on Litentry to access the staking interface.

Next, you can delegate your desired collator from the numbered list. It is important that you check the details of each collator such as the total stake, total rewards, APR, etc. before proceeding to delegate your LIT.

To delegate, enter the amount of LIT you wish to stake and hit the confirm button.

Note: The minimum amount is 50 LIT.

With this, you have successfully delegated your desired collator and staked your asset.

You can view your current staking position and reward history by clicking "My Stake" on the Cumulon dashboard.

Please refer to Cumulon'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 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

1. Cumulon

Upon opening your staking dashboard, you will see two following buttons on the right side of the collators that you staked into:

• Delegate - to add more staking

• Unstake - to unstake the previous staking

When you click the unstake button, the following pop-up window showing the cool-down period will appear. Click the OK button and you have successfully unstaked your asset.

2. PolkadotJS

You can also use Polkadot.js for any unstaking/stake-less action with more technical flexibility.

You can unbond/undelegate your LIT at any time. However, it will take 7 days for your funds to become transferable. However, it is essential 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. Below are the different scenarios to unstake your asset.

1. For leaving all of your Collator Delegations at once

parachainStaking.scheduleLeaveDelegators() - This allows 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 allows 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 bondless 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 allows 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 are 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 will not accrue rewards while unstaking is pending. You can cancel unstaking any time during the 7 days.

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.