Polkadot token DOT coin

What to Expect from the New Polkadot Staking Capabilities

Posted Thursday, June 8, 2023 by
Skerdian Meta • 3 min read

In little over a decade, Bitcoin not only created the world’s first digital currency, but also created a whole new era for the fintech niche. While Bitcoin offers a fast and secure payment service, other names have entered the fray with their own takes on how blockchain technology can be used to provide a host of products and services. One such name is Polkadot, a unique blockchain endeavour that first brought something new to the table and continues to innovate with the latest operability of Polkadot staking.

A quick look at Polkadot

Before we get into the uses of Polkadot staking, it can be important to understand a few basic features of the Polkadot blockchain. Those performing transactions using Polkadot have the unique ability to exchange messages and perform their digital currency-related tasks with other users, all without the input of any third-party institutions. This can be done using the native token DOT and has led to some significant success since its 2020 release.

Polkadot staking

Polkadot price predictions have remained steady, almost since pre-launch, and now that the Polkadot platform is moving into newer environments, things are only going to get better. This is where the launch of the Polkadot staking dashboard and subsequent nomination pools have taken up the mantle, to continue to provide users with the latest and most user-friendly protocols for performance.

Users now have an entirely new way to interact with and mine their DOT coins, and no longer have to use third-party staking services to perform transactions. The Polkadot staking dashboard is a decentralized, intuitive, non-custodial staking platform where all endeavors can be natively carried out. Nomination pools bring the additional functionality of unchained pooling of staked DOT, which is bringing down minimum staking values to one, all while keeping users in full control of both their assets and their keys. Right now, nearly half of all the DOT tokens in circulation are used via the staking dashboard – and the project, launched in November 2022, is consistently growing in both use and favor.

The benefits of using Polkadot staking

The Polkadot blockchain provides a decentralized environment that is secure and functions at a high level for a host of user needs (this is driven by user staking protocols). As a result of this, the overall functionality and UI interfaces of the system are consistently being improved upon and simplified, and users are not only finding value in the current staking protocol and nomination pools, but they will also have access to regularly upgraded services and ongoing additional features.

What to expect from the Polkadot staking dashboard and nomination pools

Right now, Polkadot nominators on the blockchain are able to use one of the easiest filtering methods available to find and connect with validators across global markets, app-wide localisation has increased the ability to switch between languages and users can even browse a real-time countdown timer, regularly updated network statistics, tips and more.

Future improvements that are being designed include:

  • A fast un-stake feature, which will allow users to access bonded tokens quicker so that validators can remove themselves from unsuccessful connections or those that lack in potential (as long as they are not currently supporting any validators)
  • Users may potentially have the ability to join multiple pools at the same time, under the same account, and be able to switch between these simply without waiting for unbonding times to expire
  • Automated staking benefits, so that those participating in pools will be able to claim staking awards automatically as operations trigger transactions

There is talk of Polkadot issuing governance, so that those with DOT stakes will have the ability to contribute to the decentralization of Polkadot, all with the added benefit of sharing input on how things operate both in real time and for the future.

Is Polkadot staking the way forward?

In short, Polkadot staking has only been available since the end of last year but has already shown significant applications across the blockchain itself – all while demonstrating that it is a fast-paced, innovative and ever-growing blockchain technology that is easy-to-use, accessible and sustainable well into the future no matter how individuals want to get involved.

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