Polkadot has become one of the most popular betting platforms, and with returns of over 13%, it’s easy to see why.
So, if you’ve loaded your DOT portfolio and read the instructions on how to load them, you’re probably now wondering how to choose which validator to call. Here’s what you need to know.
How are your benefits calculated?
First some general information about how a betting bonus works. Awards are distributed equally among validators, which includes applicants whose DOT is associated with each validator. You can see a list of validators at polkadot.js.org.
Let’s say the validator is currently entering 900 DOT and you are entering another 100 DOT. You will receive 10% of the nomination fee. So you want to appoint an appraiser who receives an equitable share of the fees, but your share is also the maximum possible percentage of that appraiser’s fees.
However, there is only a certain number of seats available for validations, and you want to offset the risk that the validator you choose will not be selected. Because if they don’t validate, there’s no prize. As you can see below, there are currently 297 reviewers waiting for the next round and another 545 hoping to be selected as reviewers.
So it is clear that choosing the right validator is an art. Polkadot.js has a number of indicators that can help you narrow down your list.
First, you can filter the list by reviewers who have an ID using the toggle bar at the top. You can also check to see if they have a green check mark or dash next to their name, indicating a valid identity verified by Polkadot. If the name is grayed out, it is verified, and if the entire record is grayed out, it is just a portfolio address with no other information.
The checked records are shown below.
In general, it is riskier to use unidentified validation systems. The numbers in the columns next to each reviewer can also provide you with additional information to help you decide who to nominate.
Then you can check the commissions. Validators may choose to receive a commission on their fees to cover their operating costs and ensure that they are rewarded for their efforts.
If the committee is set at 100%, the validator will not present awards to nominees. This can happen if the Validator has a high DOT interest, meaning they are not dependent on candidate bids to ensure they are approved as a Validator.
It should also be noted that the percentage of the fee may vary at the discretion of the validator.
The global issue also plays a role. In general, you will receive more rewards from validators with a smaller share because your share makes up a larger portion of their rewards. However, you should also make sure that you bet above the lowest bet amount displayed at the top of the screen.
Personal bets are also a consideration, as they allow the validator to keep their own skin in the game. This is important because it means that if a validator is cut for having acted against the interests of the network, their own resources are at risk.
Of course, the fact that the validator has a small share does not mean that there is anything suspicious. They can use another portfolio to appoint themselves to keep their commission pay low. However, shareholding is a public way for validators to demonstrate their commitment to positive participation in the network.
On the right side of the screen, next to each inspector’s file, you can view their statistics and history. This shows you their time points, which they get for producing blocks or interacting with parashas. You can also check out their awards and citations. Thus, the most reliable reviewers are those who have a high score and are not often eliminated.
Once you have selected your validators and already connected your DOT wallet, check the box on the right side of the screen and select Name Selected at the top of the screen.
As you can see, there are many variables when choosing a validator. However, if you follow the steps in this guide, hopefully you can maximize your DOT reward rates.
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Published: Polka dot, DeFay.
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