Overview
You can stake and unstake Polkadot (DOT) with Wealthsimple. Staking allows you to earn rewards on your crypto holdings.
Before you stake your crypto, it's important to understand the benefits, risks, and fees involved. You can find more details in the table below and in our Crypto Product Risk Disclosure.
|
Crypto |
Polkadot (DOT) |
|---|---|
|
Currency in which rewards are paid out |
DOT |
|
Available to unstake? |
Yes |
|
Protected from slashing risks? |
No. Learn more in our Crypto Product Risk Disclosure. |
|
Fees |
Refer to our Crypto Fee Schedule |
|
Reward Rate (after fees) |
Check in-app for the latest reward rate |
|
Are rewards automatically staked? |
Yes, if you have auto-staking turned on |
|
First reward (subject to change) |
Up to 72 hours |
|
All future reward payouts (subject to change) |
Every 24 hours |
|
Minimum amount of crypto required to stake |
2 DOT |
How to stake Polkadot
Please review our Stake your crypto assets article for steps to stake crypto.
How to unstake Polkadot
You can decide to unstake (unbond) your DOT at any time. However, keep in mind there's an unbonding period, which is like a cooldown, during which you won't earn rewards. After this period, your tokens will become transferable again.
Unstaking DOT typically takes 30 days. This includes a 28-day unbonding period and 2 days for Wealthsimple to complete the unstaking process.
Things to consider when unstaking your DOT
-
Unstaking takes 30 days. Unstaking requests are processed on the Polkadot network, and the current timeline is 30 days. This includes 2 days for Wealthsimple to complete the process. The timeline can change depending on how many others are unstaking on the network.
-
You can't cancel your unstaking request. Once you submit an unstaking request, you won't be able to cancel it.
-
You can't trade, transfer, or stake DOT. During the unstaking process, you won't be able to trade, transfer, or stake any DOT included in the request.
- You won't earn rewards while your DOT is unstaking. After submitting an unstaking request, your staked DOT won't earn new rewards during the unstaking process.
We'll send you a notification when the unstaking process is complete.
Steps to unstake DOT
After reading the considerations, follow these steps to unstake DOT:
- Log in to the Wealthsimple app
- Select your Crypto account
- Under Staking Rewards, choose the coin you wish to unstake
- Select Unstake at the bottom
- Read through the unstaking information provided
- Tap Got it
- Choose the amount you would like to unstake
- Tap Continue
- Read through the review screen and tap Unstake
We'll send a notification when the unstaking process is complete.
Comments
0 comments
Please sign in to leave a comment.