An introduction to Polkadot and DOT, plus a guide to staking DOT to earn daily crypto rewards.
As of today, March 31, you can start earning crypto rewards for staking Polkadot’s native asset DOT on OKCoin. DOT staking via Earn is available to all OKCoin customers in the United States and internationally, excluding those from Singapore and Brunei.
Polkadot is sometimes called the “blockchain of blockchains.” Launched less than a year ago by one of Ethereum’s co-founders, the value of DOT has already increased over 1,000% per OKCoin market data, making it the sixth largest cryptocurrency in the world by market capitalization.
Join our DOT promo to get $10 DOT when you purchase $10 DOT and for a chance to win up to $1,000 in DOT. Yes, that’s a lot of DOT.
We’ve made staking and earning DOT easy. Here are the highlights:
- Flexible terms — avoid the standard 28 day lockup period. On Earn, you can redeem your deposited DOT anytime with no lockup period.
- You can earn as much as 12% APY in DOT.
- Your DOT rewards are paid out daily, starting one day after you deposit on Earn.
- OKCoin charges no fees and passes 100% of your rewards to you.
Table of Contents
- What is DOT staking?
- What makes staking DOT on OKCoin unique?
- Step-by-step guide to staking DOT on Earn
What is DOT staking?
DOT is the native crypto asset of the Polkadot platform and is used for staking on the network to maintain its security (and get rewarded for doing so).
Unlike most other DeFi-related protocols, Polkadot is not based on Ethereum, but is its own blockchain protocol. The main function of Polkadot is to offer cross-blockchain communication.
This means making it possible to transfer data and assets between different blockchains and facilitate the creation of new blockchains — each blockchain within the larger Polkadot ecosystem is referred to as a “parachain.”
In addition to “bonding” — which is itself a way of staking and is a process of locking up DOT when adding a new parachain to the ecosystem — DOT has two primary purposes:
- Governance: DOT holders can vote and control every aspect of the protocol, including fee amounts and technical upgrades.
- Staking: DOT holders can lock their tokens to help secure the network and act as its validators. As a reward for doing so, they earn more DOT.
What makes staking DOT on OKCoin unique?
We now offer an easy version of DOT staking on OKCoin via Earn. You can participate in staking on Polkadot, but minus the restrictions and fees that are generally part of the process.
We do this by pooling DOT funds from all customers to stake on Polkadot — meaning we take care of the fees and minimums, and you get to seamlessly deposit DOT and earn.
Low minimum, high return
At OKCoin we believe people should be able to trade and take advantage of crypto’s most advanced financial products without high barriers to entry. So we made the minimum deposit for staking on our platform just 1 DOT (or about $36 at current prices). The maximum deposit is, well, the total amount of DOT you have in your OKCoin account.
In terms of your DOT rewards for staking, on OKCoin you can earn as much as 12% APY — yes, that’s much more than your average savings account. Keep in mind, however, that the APY is flexible and subject to change, depending on demand.
Staking DOT, like using DeFi protocols in general, comes with a complex set of interfaces, nuances and rules, plus a labyrinth of different fees. We scrapped all of that for you. On OKCoin the interface couldn’t be simpler — you can seamlessly buy and deposit DOT via Earn. Plus, if you stake on OKCoin, you save on network fees.
One of the main perks of staking DOT on OKCoin is maximum flexibility — we make sure you have access to your assets when you want them. Here’s how that’s different: When staking directly on Polkadot, if you want to redeem the DOT you deposit, you are subject to a 28-day lockup period when you can’t earn interest on those funds. Even with the few other staking options on other 3rd-party platforms, other timing restrictions still apply in most cases.
On OKCoin, on the other hand, you can redeem your DOT deposited on Earn whenever you want — the funds will be returned to your main account the next day. You can also deposit DOT on Earn to start staking and earning rewards at any time — rewards are paid out daily starting one day after you deposit.
Step-by-step guide — how to stake DOT on Earn
Step 1: Go to Earn
Head over to the Earn page on OKCoin. You’ll see the option to deposit DOT on Polkadot.
You’ll see that the term is flexible and the estimated yield rate is 12%: this is the average return you can expect to earn on the DOT you deposited.
Step 2: Deposit or buy DOT
Click the Deposit button on Earn, as shown above. Follow one of three scenarios below to deposit DOT on Earn and start earning.
- I already have DOT on OKCoin — If you already own DOT on OKCoin, congrats, you can follow the prompts to deposit your DOT on Earn to start staking and earning.
- I already have DOT, but not on OKCoin — If you own DOT, but not on OKCoin, you’ll need to deposit it into your OKCoin account to start. To do this, click on Assets in the upper right-hand corner and select Deposit. Select DOT as your currency to deposit.
- I don’t have any DOT yet — If you don’t own any DOT yet, just click Deposit → Buy DOT from the Earn page to purchase DOT on OKCoin, as shown below.
Now that you have DOT, you can continue the process to deposit your DOT on Earn.
Once you’ve deposited DOT on Earn to start staking and earning rewards, you can check the status of your deposit under “My earnings” toward the bottom of the Earn page.
Step 3: Start earning DOT rewards
Now that your DOT is deposited on Earn, all you have to do is wait until the next day and your earnings will start rolling in. DOT rewards are deposited into your funding account daily.
Step 4: Redeem your DOT
If you want to stop earning with the DOT you deposited on Earn, then it’s time to redeem your DOT. You can do so by clicking Action in the “My earnings” section at the bottom of the Earn page.
You can redeem your DOT at any time. Your DOT will be returned to your funding account one day after you redeem it. After redeeming your DOT, you’ll see your order status has changed to “Redeeming.” You’ll also see the date when those DOT funds will be moved back to your funding account (the following day).
That’s it! You’re all set to start earning DOT today. Go to Earn to get started.