How to Stake on Talisman
Using Talisman gives you the ability to stake myriad assets directly within our platform. In this guide, we will give you the complete rundown on staking with Talisman.
Open up your Talisman extension, and navigate to the “Staking” option on the menu bar. Alternatively, you can go directly to app.talisman.xyz/staking to access the Staking dashboard.
STAKING
You should now be redirected to your Staking dashboard. Here, you can view a complete list of assets that are available for staking on Talisman.
Please note: Talisman does not provide staking services directly. Instead, we have integrated with the native nomination pool protocols for Polkadot and 3rd party liquid staking providers for Ethereum. Please see section below regarding Nomination Pools Custodianship and Safety for more information about nomination pool staking.
From the dashboard, you can choose one of our supported assets to stake. For the sake of this example, we will choose DOT.
Once you’ve chosen your asset of choice for staking, you will be shown a staking drawer where you will be able to select:
Account to stake from
Asset to stake
Nomination pool to stake with
From there, choose the amount of your chosen asset to stake. Once your choice is made, click the “Stake” button.
From there, confirm the staking transaction on your pop-up screen.
POSITIONS
With Talisman, you can view your current staked positions. Navigate to the”Positions” button on the Staking Dashboard to be shown your positions.
Via your Positions Dashboard, you have the ability to:
Click the “Increase Stake” button to add more assets to an open staking position.
Select the amount that you would like to increase your stake by, and click “Stake” to confirm your choice.
NOMINATION POOLS CUSTODIANSHIP AND SAFETY
Nomination pools in Polkadot are a special onchain decentralised staking mechanism that allows accounts with relatively small balances to pool their funds in order to stake. Nomination pools are built into the Polkadot protocol, and are not controlled or managed by Talisman or any other centralised entity. Nomination pool owners do not have access to your funds and can not take them, or help you recover them if you lose access to your account. Talisman's role as a nomination pool owner is to set up the nomination pool and curate the list of validators the pool will nominate to. In addition, we run an autoclaimer which ensures that stakers earn maximum yield on their funds without having to manually claim rewards.
When staking in Talisman's nomination pools on Polkadot chains, such as Polkadot, Kusama, Vara, Avail, and Aleph Zero, you have control and custody of your assets at all times, and can have a high level of trust and safety. You can choose to unstake and withdraw your funds at any time, bearing in mind there may be unbonding wait periods built into the protocol. Should Talisman have a service outage or a bug preventing access to our staking application, or if we were to cease operating as a business, you would still be able to access the pool using other frontend applications (for example the Polkadot Staking Dashboard) or the Polkadot API tools directly.
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