Participate in LIT staking on Litentry
LIT staking is currently only available on Litentry - Polkadot parachain.
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 to permit delegators and collators to share risks and rewards.
After connecting your Polkadot wallet, you can compare the information of the available collators for staking and delegate your asset accordingly.
Once you've delegated your asset, you can view your current staking position and reward history by clicking the "My Stake" tab on the Web3Go dashboard.
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).
Web3Go dashboard also supports the unstaking-related function. To unstake, click the
unstakebutton right next to the
DelegateMorebutton on your existing delegation.
Upon clicking the
unstakebutton, the cool-down period to have your delegated LIT available will be shown and you can proceed to execute or cancel the unstake action.
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.
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
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.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
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
parachainStaking.executeDelegationRequest(delegator, candidate)- This command help to execute any due delegation requests provided the address of a delegator and a candidate are provided.
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.
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.