Understanding SS58 Format
Understanding SS58 Format
What is SS58? SS58 is an address format used by Avail based on the Substrate framework that supports various blockchain solutions.
Features: This format helps create shorter, more recognizable addresses. It includes a network-specific prefix, which adds a layer of security and helps in network identification.
Security: Always ensure that the SS58 address matches the network you are interacting with to avoid cross-network errors or vulnerabilities.
Creating an account
To create an account, choose a trusted SS58-compatible wallet like SubWallet or Talisman or use the Polkadot JS browser extension.
Security tip: Securely store your seed phrase after creating your account. Write it down on paper and store it in a secure location such as a safe. Do not store it digitally to avoid risks of digital theft.
Connect account to Avail JS portal
Visit the Avail JS portal using a Chrome browser. Upon connecting, your wallet will request authorization. Navigate to the 'Accounts' tab to view your account balance and details.
The account should appear on the screen. This account will play the role of your stash. You can have as many account as you like.
We will continue with a single account but if there are multiple ones the following process of creation should be repeated for each of them.
Bond the amount of AVAIL you wish to stake
Navigate to Network -> Staking and select the Account tab.
Choose the amount of AVAIL to bond for staking. Ensure to keep a minimum balance of 1 AVAIL unbonded to cover transaction fees. Select your preferred method for receiving staking rewards: Stash account (increase the amount at stake); Stash account (do not increase the amount at stake); Specified payment account (send rewards to any 3rd party account).
We make payouts every day so you won’t need to pay a tx fee by yourself.
We recommend assigning a staking proxy account. It is a separate account that you should fund with 2-3 AVAIL and connect with your primary one to perform staking related operations on behalf of your stash, like triggering payout or nominating a validator. A staking proxy has no access to the funds on the stash account.In the next window select up to 16 validators you wish to stake with. If you would like to nominate P2P.org, you can search P2P.ORG and select our validators from the list. We highly recommend to select more than 1 validator to increase chances to being eligible for rewards.
Chosen validators will appear in the right column. Press Bond & Nominate to continue
Sign the transaction
Your screen should be updated and current nominations should appear in the Account tab. From here you will be able to manage your staking in future.
Staking itself will begin from the next era or two (24 - 48 hours). You will be able to track nominations from Staking -> Account. At least one nomination should become active thus your stake is working in full and generating rewards.
Unbonding funds
To start unbonding your funds to first need to express your desire to stop nominatiing. To stop nomination go to Network -> Staking and navigate to Account the tab and select Stop. It only stops your nominations but does not unbond your funds. After you need to sign the tx and continue with unbonding.
To start unbonding you need tap on three dots and select Unbodning funds and select how funds much you would like to unbond. After you need to sign the tx.
After singing the unbonding transaction you will see the timer on your unbonding period. In Avail it’s 28 days. After it your funds will be free and available to withdraw.
For more information about Avail staking please refer to the official docs.
For more information on staking Avail (AVAIL) with P2P.org, visit https://p2p.org/networks/avail.
For additional staking support, visit https://p2p.org/faq/en/collections/9235166-avail-staking.
You can also get in contact with a live agent by selecting the speech bubble at the bottom right of this page, sending a message to the Telegram bot, or emailing [email protected].