Now available: Polymesh Private. Discover polymesh.network/private →
.svg)
Stake POLYX on Polymesh node operators to help secure the blockchain and earn rewards.
Staking is the process by which users commit POLYX to help secure the Polymesh blockchain under its nominated proof-of-stake (NPoS) consensus mechanism. This mechanism defines how permissioned node operators are selected to validate transactions and produce new blocks.
Stake POLYX to align incentives with node operators. Nominators delegate POLYX to node operators, who must maintain high availability and comply with network protocol rules to earn block rewards, which are then shared with their nominators.
Any holder of POLYX can participate in staking on Polymesh. Stakers nominate one or more permissioned node operators by bonding POLYX to them. In return, stakers earn POLYX rewards based on the operator’s performance.
Stakers back node operators of their choice with the POLYX token to be rewarded on the node operator’s performance (i.e. keeping their validator node online; writing transactions on the blockchain per its rules). Staked POLYX can also be used to signal support in Polymesh governance.
Who are node operators?
Set the amount of POLYX tokens you wish to stake and select the node operators you wish to stake your crypto on. Changing your stake may take up to 1 day to update, and any amount of unstaked POLYX will be locked in your wallet for 28 days.
Stake POLYX on node operators to increase your chance of receiving POLYX token rewards. Only the top 2,048 stakers per operator will receive rewards.
Rewards in POLYX are distributed automatically to node operators and their nominators based on the number of blocks validated and the amount staked. Rewards are calculated per era (24 hours).
Nominated proof-of-stake on Polymesh defines how node operators (known as validators on other networks) are allowed to participate in the blockchain's consensus protocol and validate transactions in the form of new blocks. It keeps the blockchain highly secure by only permitting node operators with the highest amounts of stake to validate blocks.
Nominated proof-of-stake makes it harder for a single adversary to attack the blockchain since it takes considerable reputation to build up stake. It also makes attacking the system costly, since underperformance or protocol violations by node operators may result in slashing of staked POLYX.
Node operators selected as validators receive POLYX rewards for each block authored. Rewards are also shared with their nominators. Penalties may apply for downtime or protocol violations. At this time, there are no penalties for nominators, however this could change in the future subject to Governing Council decisions.
