How to stake Centrifuge Radial Tokens?

Centrifuge Radial Tokens can get staked in the Polkadot/Substrate Portal in the section “Network” and “Staking”. The Staking-section provides an overview of all validators for the Centrifuge-chain.
Before staking at least one validator must be nominated. My recommendation is to nominate more than one validator to minimize the risk of slashing (can happen if a validator refuses to vote on blocks). For the selection of a validator a view criteria should be considered:

  • Allow only validators with an identity (by activating the switch “only with an identity”) to be able to track detailed statistics such as rewards & slashing and elected stake
  • How much is the other stake? Usually the more the merrier
  • How much is the validator’s own stake? Usually the more the merrier
  • How high is the commission? A moderate commission is the best
  • How many blocks were produced by the validator? The more blocks the better

I do believe 8-10 validators are sufficient and the most viable way is to add the different validators to favorites. In the next step the chosen validators need to get nominated in the tab “Account actions” and “Set nominees” (by clicking on the three dots one below the other on the right).
The selection can be done by selecting manually from the list of favored candidate accounts or by searching in the search string. When the validators appear in the right column they need to get “nominated”. After the personal password for the Polkadot/Substrate Portal is entered and the action is “Signed and submitted” the nominators/validators are selected and staking starts as soon the transaction is confirmed in the blockchain.

The best way to monitor the progress of staking is in the “Account actions” or most suitable in a Centrifuge-explorer such as Subscan (–>Rewards&Slash) by entering its own Centrifuge-address.

Happy staking!

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Great post, Christian.

I recently spun up a node (Good KarMa) and am hoping to earn a spot as an official validator.

Can you shed some light on how a node is able to get an “identity?” I want to make sure I’ve checked all of the boxes so that nominators feel comfortable contributing their nominations to my node.

Thank you!

interesting. So it’s the same setup as Polkadot or KSM? Seems pretty simple. Thanks for the post.

Thanks!

For example a homepage is a plus, a website with more information increases my trust in a validator.
Maybe someone from the team can answer your question more in detail or you could get in contact with other validators to share their experience.

Good luck!

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Yes! It’s the same setup.

Cool. Thank you.

Yes, maybe someone from the team could explain how validators create an “identity” on the official Centrifuge portal?

TAG: @Dedi @cassidy @Mig

Users need 100RAD to set their on-chain identity. These RAD are only reserved, and a user can unlock them if they choose to clear their identity.

On the Accounts page in the portal, you will see three dots on the far right for every account. If you click here, the first option is to set the on-chain identity for the account.

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Thanks Cassidy. I eventually found that option and started the process. Unbonded 100 RAD the other day which should be complete in a few more days. Cheers!

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Sounds cool. How did you obtain the RAD?

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I got some from the faucet and a very kind, anonymous donor from the community sent me some as well. :pray:

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do you have a link to the faucet?

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The link is not valid anymore. Please contact the team:

faucet@centrifuge.foundation

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okay i will contact the team at faucet@centrifuge.foundation soon

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thanks! I will shoot them a message

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Super helpful. Glad theres people out there like you that help out with posts like this !

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Hello @Tjure07, thank you for this post. But what’s the advantages of staking your RAD/CFG? You may secure the chain but there is a risk of loss. Do you know what is the APY?

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From what I see in the wallet:

  • Inflation: 7.0%
  • Staking reward: 23.3%

You are welcome, glad I could help.

The staking rewards are hard to calculate because they differ from day to day (depends how much and when the validator distributes the rewards).

The current average reward rate is about 3%, as far as I know

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