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Polkadot Stakers Flock to Moonstake Wallet for 13.61% APY

  • Polkadot can be staked through Moonstake Wallet.
  • Moonstake Wallet offers 13.61% APY on DOT staking.
  • Join Moonstake to claim rewards as a Polkadot validator.

Polkadot (DOT), the eighth highest-ranked cryptocurrency by market cap on CoinGecko, is now available for staking on the Moonstake Wallet. The Asian staking pool made the official announcement on Twitter.

Moonstake offers Polkadot stakers an annual percentage yield (APY) of 13.61%. Users can claim their rewards manually by interacting with the staking tab. However, they will have only 84 days’ time to claim these rewards, after which it will be lost.

Polkadot has joined the Moonstake Wallet staking roster along with other famous altcoins such as Cardano (ADA), Tezos (XTZ), and Cosmos, to name a few. Out of all of Moonstake’s staking options, Polkadot offers the highest APY at the moment.

DOT staking on Moonstake consists of selecting multiple stake validators. Each user can choose up to 16 validators. Meanwhile, validators who get selected over 256 times are marked as “oversubscribed”.

This means that stake rankings starting at 257 above will not receive staking rewards. Since the amount determines the ranking of stakes, low-ranked stakes must select a new validator in order to receive rewards.

For first-time DOT stakers hoping to join the system, they can obtain 1 DOT to begin the staking process.

To join the Moonstake Wallet, they can start by registering a mobile or desktop Moonstake Wallet. After creating the wallet, they can proceed to add DOT as a new asset. Next, they can transfer available DOT to the Moonstake wallet. Finally, they can click “Stake Now”.

Since Polkadot’s mainnet launch in May 2020, DOT has increased by 63% in total supply. That is to say, $6 billion worth of DOT have been staked since then.

Read also: Polkadot (DOT) Price Prediction and Price Analysis 2021

The price of DOT spiked dramatically since its endorsement from Binance. It increased by over 40% last month alone.

Polkadot set a new all-time high price record at $10.63 on January 4. At press time, it stands at $8.22 per piece.

Colette Larsen

An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.

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