How to be a Nominator

Requirements

You need an account with some pirl on it. If you have a Pirl 1.0 account and do not have claim it yet on the new blockchain, please refer to this tutorial

Setup

  1. You need to create a new account for control your staked Nominate Nominate

  2. Then send some pirl for covering network fees Nominate

  3. Then go to staking panel Nominate

  4. Add nominator Nominate

  5. For stash account, select the account with you stash (the one with all your precious pirl) and for controller account, the newly created account in step 1 Nominate

  6. Choose your validator, you can choose multiple validators. This choice is up to you.

WARNING

For avoiding being slashed (aka loose money), choose wisely your validator ! The validator need to have good uptime (99.99%) and good behaviour (see How does slashing works ? for more info about slashing). The list below is purely indicative and not a recommandation.

Nominate

How to find a good validator ?

You always can check validator stats in the targets tab by clicking on the stats icon on the right

Then you can see different kind of useful info for making your choice :

  • era point : Score of this validator for each era
  • elected stake : How much pirl has been staked on this validator each era
  • rewards & slashes : How much this validator get reward and how much it was slashed each era
  • commission : Value of the commission fee of this validator each era

Info

Rewarding system work as follow :

Validator are reward by block reward + 20% transaction fee. This do not depend on stake amount !

Validator take a % commision (you can see that info in staking overview)

Validator and Nominator share the remaining reward according to their share

Eg. Validator has 100 pirl staked, NominatorA has 50 pirl staked and NominatorB has 200 pirl staked

Validator get 28.57% of the remaining reward, NominatorA 14.29% and NominatorB 57.14%.

You can check potential profit/era in the targets panel, but be carreful, this value change according to nomination on each era

  1. Now you need to authorize transaction Nominate

  2. And tadaa ! Enjoy staking with Pirl. Your all done. Nominate

Written by WeHaveCookie