On 27 April 2022, The Aleph Zero project announced their native Coin, the AZERO staking program. Interested users can participate and nominate the Aleph Zero Foundation validators and can earn up to 20% on their staked AZERO coin. The project is currently offering 0% commission until the community validators program is live. Users can buy AZERO coins from Gate.io, MEXC, or HOO.
So, here in this guide, we will explain in detail how you can participate in AZERO staking.
What Is Aleph Zero?
Based on a Directed Acyclic Graph algorithm, Aleph Zero is a blockchain protocol that aims to overcome the issue arising from Blockchain Trilemma. It focuses on serving as the best base layer for future decentralized applications. One of the biggest advantages of using DAG is that it allows multiple users to produce blocks together, and then those blocks are subsequently ordered and validated by the consensus. This mechanism helps in enhancing the speed and throughput of the entire platform.
How You Can Contribute To Aleph Zero
Interested users who wish to join the Aleph Zero community can be categorized into two sections:
As A Validator (coming soon)
To become a validator, users must stake more than 25K $AZERO coins and satisfy the hardware and technical requirement. Currently, only Aleph Zero Foundation validators are present. The project is planning to expand the validator network soon.
Note that these details may change over time.
As A Nominator
Other users holding less than 25K AZERO coins can also contribute to the network operation as a nominator. These nominators can delegate their coins to the validator. The minimum amount to stake for the nominator is 100 AZERO coins.
AZERO is a native coin that powers the Aleph Zero mainnet. Also, users need to acquire the AZERO coins to stake. You can get the AZERO token from Gate.io, MEXC, or HOO.
We are holding some AZERO coins in our MEXC exchange account. We will first set up our Polkadot.js wallet and then transfer the AZERO coins.
Connect To Aleph Zero
To set up an AZERO wallet, users can either go to mainnet.alephzero.org OR https://azero.dev/#/explorer or they can open their Polkadot/substrate portal, and from LIVE Networks you can select Aleph Zero (see below screenshot).
Once you select the network, go to Accounts-> Accounts. You will see that our Polkadot.js extension account is connected, but we have no AZERO coins in our account.
We will now transfer the AZERO coins from our MEXC exchange account to our Polkadot wallet.
Transfer From Exchange To Polkadot.js
To transfer from the MEXC exchange (or any supporting exchange), you can click on the Withdraw button against the AZERO coins in your spot account. Now, fill in the following details:
- The public address of the Polkadot.js extension wallet in the receiving/destination address field
- The amount you wish to transfer
- Network as AZERO
- Remarks (optional)
Confirm the process, and you will receive the AZERO coins within a few minutes (see screenshot below).
As we have mentioned earlier, for nominators, the minimum amount required for staking is 100 AZERO coins. We have enough AZERO coins in our account to stake.
Stake AZERO Coin
From the Polkadot/substrate portal, go to Network-> Staking ->Accounts. You can see the below screen. Next, click on Nominator (highlighted below).
This will open up a page where you need to fill in the details regarding AZERO staking:
- Select Stash Account
- Select Controller Account
- Amount of AZERO you wish to bond
Once you fill in the above details, click on Next. In the next window, you have to select the validator account to which you wish to delegate your AZERO coins. You can check and select the validator list from the Validator tab.
Once you select the validator, click on Bond & Nominate.
And finally, confirm the process by giving your wallet’s password. Once the transaction is successful, you can check the status of bonded coins from Staking -> Account.
Note that you can nominate only one validator at a time from your account.
How To Select A Validator
Currently, there are only 10 validators. There is no limit on the number of nominators that a validator will hold. However, only the top 1024 nominators with a maximum AZERO coin staking volume will be paid.
The project is planning to extend the number of nominators that a validator can support to 2048 in the future.
Before selecting a validator, you should check the below two points. You can get this information from the Targets tab:
- The commission should be less. Check the commission tab for the commission charged by the validator
- Check Validator stats, you will get information about timely rewards payout, slashing activity, etc
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