How to Nominate
To nominate a Node in the xx network, you will be required to first bond the coins you wish to stake. While bonded, these coins will not be transferable but may be used for staking and governance. Staking and governance are considered separate actions and both may be done simultaneously with the same locked coins. For example, suppose you have 1,000 xx coins staked and nominating several nodes. In that case, you may use those same xx coins to vote on referenda, elect council members, and propose treasury spending without unstaking the nodes.
When a user wishes to unbond all or some of their coins to transfer them, there is a 28-day cooldown period until the coins may be used. The coins will not earn interest during this period and will not be counted towards your active stake. A user may rebond the coins at any time during this period and begin using them for staking again. This period ensures that the coins are available for slashing if a prior offense is caught within the 28-day unbonding period.
Overview of Steps to Nominate Nodes
- Create and fund a controller wallet
- Bond the coins you wish to stake
- Choose up to 16 nodes to nominate (with each bonded account)
- Wait for the next election for your nomination to be applied
- Claim rewards (rewards will automatically be staked so that they earn interest)
Before Starting
Before you can bond and nomindate, login to the xx explorer with your account. If you have not created a wallet or account, refer to Using the Wallet Generator to get started with a new wallet and Add an Account to the xx Explorer to login.
Bond the Coins to be Staked
Once you have your wallet with coins set up, you need to bond the coins into the network.
In the navigation menu, go to Network and in the drop-down menu, click on Staking. Or navigate to https://explorer.xx.network/#/staking.
The Staking Overview page will open.
Click on Account actions in the submenu.
Then click the Stash button.
The bonding preferences window will open.
Select the account to use. It should be the same account for stash and controller accounts.
Enter the amount you wish to bond
Once you have confirmed everything, click the Bond button.
On the next page, authorize your transaction by entering your password and clicking the Sign and Submit button .
You should see these notifications in the top right corner indicating the action was successful.