Start staking

This document will show you how to start staking (also known as bonding) for Parallel liquid staking on SubWallet web dashboard.

If you are in "All account" mode

Step 1: Open SubWallet web dashboard and choose the Earning tab on the sidebar.

Step 2: In the Earning section, you will see a list of available protocols.

To view more information related to staking such as reward distribution, minimum active stake, minimum redeem, APY,... you can follow this instruction.

Since you want to stake for Parallel liquid staking, click on the "Stake now" button of the Parallel Liquid Staking protocol.

If you have previously staked for certain protocols, when you choose the Earning tab on the sidebar, the screen will be displayed in the following manner. Don't worry, just simply click on the "+" icon or "Add more fund" button to access the same screen as the picture above.

Step 3: At this step, you will be directed to the Earn screen.

To begin the process, please enter the required staking information.

Then please click "Submit" to continue.

When selecting the stake amount, ensure that the remaining balance (after deducting the stake amount and fee) meets or exceeds the Existential Deposit (ED) requirement.

Additionally, make sure your stake amount meets or exceeds the minimum active stake level. Find minimum active stake information here.

In the right corner of the screen, the system will display the step-by-step process for completing the stake, which you need to follow to successfully finish the process.

From this step, two scenarios can occur.

If you already have enough DOT on Parallel network

In this case, you can skip to Step 5 to continue the process and there are not any additional steps.

If you do not have/ do not have enough DOT on Parallel network

Then you will have to do one more step to XCM (cross-transfer) DOT from Polkadot to Parallel network.

Step 4: A pop-up window will appear. Check the information carefully and then click "Approve" to proceed.

Please note that you need to pay the XCM transaction fee in DOT.

Step 5: You have successfully transferred your DOT from Polkadot to Parallel!

Now choose "Continue" to mint your sDOT.

Step 6: Click on the "Approve" button below to proceed

Please note that you can pay the minting transaction fee in PARA. Therefore, make sure that you have enough PARA balance to cover the transaction fee.

Step 7: The result is in!

You can click "View transaction" to see the transaction details.

If you are in "Single account" mode.

In "Single account" mode, most steps are identical to "All account" mode. The only difference is that in step 2 you would not have to select the account.

The screen would be as the following image: