Nomination Pools on the Polkadot Developer Interface
Nomination pools are designed to permissionlessly allow members to pool their funds together and act as a single nominator account. You can read more details about this feature here.
Benefits of a Nomination Pool
Section titled “Benefits of a Nomination Pool”Benefits of joining a nomination pool:
- 1 DOT as minimum staking.
- No minimum to receive rewards (as low as 1 DOT can earn rewards).
- More control over rewards.
- The pool nominator will select validators on your behalf.
- Selected validators can attract more staking input.
How to Join a Pool
Section titled “How to Join a Pool”Any nominator can join a nomination pool. This article goes through the steps to do it using the Polkadot Developer Interface.
- To join a nomination pool, navigate to the Network > Staking Async > Pools page on the Polkadot Developer Interface and select the "+ Join " button next to the selected pool:
2. Enter the value you would like to contribute to the pool:
3. Take the transaction fees into account and sign and submit the transaction:
How to Exit a Pool
Section titled “How to Exit a Pool”Members can exit the pool at any time by selecting "Unbond funds " instead, as shown in the screenshot above. This is in the same drop-down menu under "Network " > "Staking" > "Accounts" > Pooled.
How to Claim Rewards
Section titled “How to Claim Rewards”The member can claim their portion of any rewards that have accumulated since the previous time they claimed (or, in the case that they have never claimed, any rewards that have accumulated since the era after they joined). Rewards are split pro rata among the actively bonded members.
On the Polkadot Developer Interface, navigate to "Network " > "Staking" > "Accounts" > "Pooled," where you can view your pool member account details. To claim rewards, click on the three vertical dots and click on "Withdraw claimable."
Withdraw Unbonded Funds
Section titled “Withdraw Unbonded Funds”Similar to nominating manually, the funds will need to be fully unlocked after the unbonding period ends. Withdrawing completely ends the relationship to the pool, allowing you to join a different pool if desired.
To do this, select the "Withdraw unbonded" button from the menu above after the necessary period of time has elapsed. If you would like to unbond all funds, it's highly recommended that you use the "all unbonded" toggle. Doing so ensures that all funds are unbonded, even some that may not display due to rounding by the UI.
Limitations
Section titled “Limitations”-
In order for a member to switch pools, they must wait for the unbonding period to end: 1-2 days on Polkadot and 7 days on Kusama.
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Auto-compounding isn't active by default, but it can be done either manually or permissionlessly if you opt for it.
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A member can partially unbond the staked funds in the pool (at most 16 partial unbonds).
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Rebonding during the unbonding period isn't possible.
See Nomination Pools for more information on how to create and destroy pools.