StaFi Chain nominator

Introduction

In StaFi network (as well as Polkadot ecosystem), nomination refers to staking your token to validators. It is the same meaning as the staking action in other PoS projects. A user who stake his/her FIS to the validator is called a nominator.

A nominator can nominate up to 16 trusted validators simultaneously, pledging certain amount of FIS to them. If the validators you nominated are elected, the nominator will be rewarded by the amount of tokens s/he pledged. If not, then there will be no rewards. By that time, you can nominate others again.

Different to validators, there is no limit to the number of nominators in StaFi network. As long as a nominator chooses validators without misbehavioral background, the risk will be under control, and the nominator can enjoy rewards during the entire nomination period.

Restrictions

In StaFi network, you can become a Nominator as long as you hold FIS, no matter how much you own.

How to nominate

Anyone can apply to become a nominator. The validator list is open to all of them and each nominator can choose up to 16 validators. As long as you are holding FIS, you are able to become one validator, but we hope that nominators take the performance and reputation of validators into full consideration before nominating them.

Some key factors to consider before nominating

Commission: Check Subscan browser (opens in a new tab) for details, but other than that, you should consider other factors of a validator.

If a validator is cut off the connection to the network from time to time, its nominator's gain may be harmed. More importantly, if the consensus process is suspended due to some validators' not responding to the network, slash will take place.

Therefore, you should comprehensively consider the attributes of validators, such as their block-producing records, reward records, slash records, etc. Beside, you can fully investigate your validator, such as who are they behind the screen, their reputations, ambitions, etc.

Timing

In StaFi network, it is stipulated that 1 Epoch=1 hour, and 1 Era=6 Epoch

Suppose: Now is the Nth Era of StaFi network

If a nominator nominate by the first three quarters of the fifth Epoch in this(Nth) Era, and the validator is in selected validator list in the (N+1)th Era, the nomination reward will be generated from the (N+1)th Era, and the nominator can claim reward from the (N+1+1)th Era.

In the last quarter of the 5th Epoch, the nomination is suspended. Anyone shall not nominate.

If a user nominates in the 6th Epoch of the Nth Era, by that time the election for the next Era has already completed, so that user's nomination will take effect in the (N+1+1)th Era and rewards can be claimed by the (N+1+1+1)th Era.

Valid & Invalid Nomination

When a nomination takes effect in which the nominator picks 5 validators, and 3 of them are elected. These 3 are valid validators and the remaining 2 are invalid ones. The nominator cannot get reward from the invalid ones.

Therefore, StaFi recommends you to pick as many validators as possible(up to 16), to guarantee more validators elected.

Nomination Process

Setup Stash account and Controller account

Like Polkadot, a StaFi need 2 accounts, the one for storing assets(Stash Account) and the other for delegation (Controller account). Although a nominator can set the two as a single account, it is not recommended by us.

A nominator can create 2 accounts as Stash account and Controller account respectively. The one used for the nomination is Controller account, in which some tokens for transaction fees will be needed, or the transaction will fail if the balance is 0.

Nominate a validator(delegate a validator)

In StaFi network, a user may nominate (vote for) one or multiple(up to 16) validators.

Cancellation of Nominations and Staking

When a nominator needs to change their nominations, he can choose to cancel and then re-pick validators from the validator list. But it will not be effected until the next Era.

When a nominator needs to cancel nomination, he can do it by cancel part or all of FIS that are in Staking, which will be further locked for 28 days.

FIS for nomination

StaFi strongly recommends any nominator to create 2 different accounts as Controller and Stash ones respectively, and make sure that there's enough balance for transaction in each of them. Besides, you can store most of assets in Stash account.

Please don't Stake all of your FIS or you will not have enough balance for the transaction fee.