Staking DOT off exchange!

[NIrish]

With everything going on I'm making an effort to take coins off CEXs

I have set up a trust wallet but it's says to stake DOT I need a minimum of 270DOT

I am a small fish and only hold 100DOT

I can earn 15%+ on exchange staking it which I don't want to give up.

Is there any way I can self custody and stake or is on exchange my only option?

[Nwada001]

I don't think there is any way for such; moving your fund from a centralized exchange to a trust wallet is almost the same risk you share there; trust wallet is also owned by Binance, which is a centralized exchange; trust wallet is not an open source wallet; and it's also not completely decentralized since users data are now, at some point, backed up to Google Drive.

Have you tried checking out the Metamask desktop extension? I guess they have a few staking options; you just have to check them out for yourself, but you can't expect the rewards to be the same as those of the centralized exchanges, where you have a greater risk; the higher the risk, the higher the reward.

[_act_]

I can earn 15%+ on exchange staking it which I don't want to give up.

It is there when you want to stake DOT that

Due to the recent Polkadot network update, the minimum stake amount to receive rewards was increased to 270 DOTamd can fluctuate. Tap to learn more.

This only means that it is not Trustwallet that caused it, it is the protocol on DOT network.

Is there any way I can self custody and stake or is on exchange my only option?

I will advice you not to stake on exchanges.

[hd49728]

I am a small fish and only hold 100DOT

I can earn 15%+ on exchange staking it which I don't want to give up.

If you stake it in stake pools which set up by centralized exchanges, you will have to lock your coins in their pools and you won't know the exchange collapse like FTX. It is very risky and another risk from staking which is basic in DeFi is impermanent loss.

By staking, you have to lock your coins and receive staking reward gradually. Many things can happen with that project during staking time, also for the centralized exchange with its staking pool. That project can rug pull or will have high inflation. Staking basically causes inflation and it's not easy to control inflation with staking. Uniswap, Pancakeswap failed to control inflation in the last three years and their tokens lost value.

[NIrish]

I don't think there is any way for such; moving your fund from a centralized exchange to a trust wallet is almost the same risk you share there; trust wallet is also owned by Binance, which is a centralized exchange; trust wallet is not an open source wallet; and it's also not completely decentralized since users data are now, at some point, backed up to Google Drive.

Have you tried checking out the Metamask desktop extension? I guess they have a few staking options; you just have to check them out for yourself, but you can't expect the rewards to be the same as those of the centralized exchanges, where you have a greater risk; the higher the risk, the higher the reward.

I was lead to believe that Trust Wallet is open source which is one of the reasons I chose it over for example Coinbase wallet!??!

[Nwada001]

I was lead to believe that Trust Wallet is open source which is one of the reasons I chose it over for example Coinbase wallet!??!

Now that you know, you should be careful when dealing with wallets that are not open source. You never know what they are hiding behind your back; maybe they are backing up your private keys and phrases in their database.

Check out the list of . Open source hardware wallet by dkbit98 so that you can choose any preferred one from there, but most of them don't support ERC-20 tokens and talk more about staking, so if you want to stake your coins as I have suggested, you can use Metamask, but desktop and online wallets are not secured to some extent because of phishing and other forms of malware penetration.

[passwordnow]

I was lead to believe that Trust Wallet is open source which is one of the reasons I chose it over for example Coinbase wallet!??!

Just so you know that Trust Wallet is also owned by Binance so if you're believing that they're open source, I guess that's giving you an idea of what they really are.
I know that these staking percentages and profits are interesting and encouraging. But in reality, they do change and decrease overtime when more people take part to stake in these. Much worse is you're giving custody to the wallet where you'll be staking these altcoins you've got. That's why it's just better be set to hold it as you've got the keys.

[Apocollapse]

Staking always carry a same risk regardless you stake it off exchange or not because there's a chance of error on the smart contract. There's no way to verify if the smart contract is legit and has a very good security, not to mention trust wallet is a closed source wallet and no one actually know all the codes behind that. Maybe there's a code from the trust wallet developer to take over or compromise their users? who knows.

[Bitstar_coin]

Damn I honestly already forget about polkadot. I can't even remember the last time I heard someone mention that coin or make a reference to it.
Some projects really needs to learn to be dynamic and innovative otherwise they will just be left behind and eventually be forgotten.

@op staking is okay provided the exchange is trustworthy, the apr is appealing and stays that way. Also try to keep in touch with the projects latest update to be aware of what is currently happening with them.

[dansus021]

Last time Im using polkadot and kusama chain Im using wallet called Polkadot.js I think its the official and you can actually start staking your dot right away through the web they provide. You can go here - https://staking.polkadot.network/?utm_source=polkadot.network#/overview and there explanation about staking here - https://polkadot.network/features/staking/

and 100 Dot is a lot in my opinion to join nominee you need 250 DOT but to join pool you only need 1