How to Set Blockdaemon as Proxy for Nomination (Polkadot)
Please note that all screenshots are using Kusama accounts.
This guide assumes that you have access to the account in the Polkadot.js UI. There are multiple wallet extension integrations if your account holding the DOTs you wish to bond for delegation is in an outside wallet (Math Wallet, Lunie, etc…). Let your Blockdaemon Account Manager know what wallet you are using, and they will instruct you on how to connect it to the Polkadot.js interface.
- You will be able to revoke proxy status at any time! This will cancel any delegations that Blockdaemon does on your behalf.
- Polkadot will also reserve a selected amount of DOTs when the transaction is complete. These will be released when you revoke the Proxy permission. (Currently 20.05 DOTs on Polkadot.)
- It takes 28 days for tokens to be unbonded and available for transfer. Choose the amount wisely!
Step 0: Claim and Map DOTs
Follow step-by-step instructions on the Polkadot Claims website to Claim and Map your locked DOTs: https://claims.polkadot.network/
Please confirm that you can access the Polkadot address on the following explorer: https://polkadot.js.org/apps/#/accounts
Step 1: Stash Account Setup
Confirm your account where your claimed DOTs are accessible in the polkadot.js UI, https://polkadot.js.org/apps/#/accounts:
The account that holds the DOTs you plan to bond for delegation will be referred to as your Stash Account going forward.
- Include “Stash” in the name of your Stash account.
- Keep 10 DOTs unbonded if you wish to set an identity for the account
- This is more important for Validators than Nominators, but if you would like your nominator address branded on the dashboard, you will need to set an identity.
Step 2: Controller Account Setup
In the accounts tab (https://polkadot.js.org/apps/#/accounts), select to create an account. Be sure to save a backup of the account in a secure place.
This account needs at least 4 DOT for proxy reserve and transactions.
This account will be referred to as your Controller Account going forward.
Step 3: Bond Setup
With your two accounts setup, you can now set the Controller Account for your Stash Account, and how much you wish to Bond.
In the Staking tab, Account Actions (https://polkadot.js.org/apps/#/staking/actions), select +Stash.
Select your Stash and Controller Accounts, the amount you plan to bond, and where you want rewards to go.
Recommendations and Important Notes:
- Do not bond your entire available balance. Keep a small amount for transactions.
Step 4: Add the Blockdaemon Proxy Account to your Contacts
Go to Accounts, then the Contacts tab, or follow this link: https://polkadot.js.org/apps/#/accounts/contacts.
Your Blockdaemon Account Manager will give you an account address that was created by our staking team, that will be the proxy Stash account for only your account.
Add this to your Contacts in the Polkadot.js UI, so it can be accessible for the following steps.
Give it a name that makes sense to you, we recommend “Blockdaemon Proxy”.
Step 5: Set Blockdaemon as a Proxy
Go to the Extrinsics tab on the left, or follow this link: https://polkadot.js.org/apps/#/extrinsics
Select the following options:
- Using the selected account: <Select your Controller Account>
- Submit the following extrinsic: “Proxy”
- Proxy: Account ID: <select the Blockdaemon Proxy account added to your contacts in Step 4>
- Proxy_type: ProxyType: “Staking”
Then submit the transaction.
You will need to sign, and there is a small transaction fee.
You will see a reserve of DOTs on your Stash Account. This will be unlocked when you revoke the proxy.
Once complete, send your Controller Account address to your Blockdaemon Account Manager and they will move forward with setting up your delegations with the Staking team.