Polkadot upgrades staking system
Polkadot has upgraded its staking system to provide users with an even easier and more user-friendly experience. The upgrade brings many improvements and new features to the platform, making the staking process easier and helping users better understand how their staking affects the network.
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Polkadot has simplified and improved its staking system to provide a secure blockchain space through fair representation of stakeholder users. Since launching the Dashboard and pools, various new features have been introduced, including enhanced filtering for selecting nominator / validators, simplified bonding process, and localization of the application into English and Chinese, in a wish to help the community make better staking decisions. In addition, the rate of $DOT collected from staking has been adjusted for inflation, and updated network statistics are now available on the overview page so that users are constantly informed of any data that might affect their stakes. The Staking Dashboard has also undergone a few aesthetic updates, including updated colors, statistics, and a more streamlined balance graph on the overview page.
The staking Dashboard and nomination pools have changed the way $DOT holders stake their coins. Instead of relying on third-party centralized staking services, users can now utilize a decentralized, user-friendly platform for staking. The introduction of nomination pools also allows for on-chain pooling of staked $DOT, making staking accessible to a larger number of users with a lower minimum stake amount of just 1 $DOT, while still retaining full control over their assets and keys.
Currently, 46 % of all DOT coins are staked through Polkadot, with approximately 22,500 active nominators.
In the Polkadot nominations pools, 2 million $DOT are now being staked, with 1,500 new users joining each month. To incentivize user participation in staking, a reward program was launched from the outset to encourage the selection of quality nomination pools. As of November 2022, approximately 5,000 users have joined one of the pools, and there are currently 90 pools to choose from.
Polkadot is diligently working on improving its staking platform so that people can operate solely on a decentralized platform without having to lock their coins with third parties, and it looks like they are heading in the right direction.