Streamline Your Staking Strategy with a Staking Dashboard
With close to $100 Billion of crypto locked into the ecosystem, cryptocurrency staking is a popular strategy for earning passive income. However, managing multiple staking activities across different networks can be complex.
To maximize the experience, you should approach staking with a business-like mindset and get down and dirty with the numbers.
This is where a staking dashboard comes into play, as it offers you a platform to track your crypto investments and earned staking rewards.
Dive into our guide and learn about:
Let’s use a Polkadot staking dashboard as an example.
Polkadot (DOT) is a top 20 blockchain by market capitalization. The network uses delegated staking where users join nomination pools that will select validators. In Polkadot staking, many factors affect your staking rewards:
Especially in the case of ETH solo staking, you need to monitor your validator’s performance. Validators must be kept running 24/7. The hardware must also stay in top condition as overheating can lead to downtime.
If your validator is offline for a prolonged period of time, you may experience penalization in the form of slashing. If a participant attempts to attack the network, they risk losing a portion of their stake in a process called “slashing.”
Talisman Wallet is a leading browser extension wallet for the ETH and DOT ecosystems, with over 80,000 users. The wallet supports ETH liquid staking with Lido Finance as well as several nomination pools on DOT networks.
As a plus feature, dashboards may come with customizable alerts and notifications that will regularly alert solo stakers on Telegram or Discord. That way, you can monitor if anything is wrong with your validator.
Metamask, a top non-custodial wallet has a built-in dashboard with staking functions. You can stake from your wallet directly in just a few clicks. This wallet execution allows you to stake while maintaining control of your crypto.
The wallet supports staking across popular networks such as Celestia, Injective, and Dymension. In addition, the dashboard allows you to connect to various decentralized applications for DeFi and NFTs.
The AXS staking dashboard has an NFT staking component that allows plot holders to stake their land and monitor rewards.
- Why you should use a dashboard
- What features to look for in a dashboard
- What are the best free staking dashboards
Why a Staking Dashboard is Important for Crypto Investors
At the onset, cryptocurrency staking sounds like a simple concept. You deposit crypto assets into a network to become a validator. You then help verify transactions and keep the network secure. However, there are many nuances depending on the staking network and whether you are solo staking or delegated staking.
Let’s use a Polkadot staking dashboard as an example.
Polkadot (DOT) is a top 20 blockchain by market capitalization. The network uses delegated staking where users join nomination pools that will select validators. In Polkadot staking, many factors affect your staking rewards:
- Nomination Pools: Developed by (DOT), nomination pools allow you to pool your DOT together with other participants to select network validators. This allows anyone with as little as 1 DOT to participate in staking.
- Total Supply Staked: The ratio calculates what percentage of total DOT tokens are staked. The higher the staking ratio the greater the participation, but also the less rewards.
- Inflation Rate: Some networks such as DOT do not have a hard limit on the token supply. Depending on the network parameters, an inflation rate can diminish staking returns.
Why You Should Use a Dashboard
A staking dashboard is a centralized platform that provides you with a comprehensive overview of your staking activities. It allows you to monitor your staked assets, track rewards, and analyze staking performance. With the proper information on hand, you can make informed decisions about your staking strategy. Here’s why a staking dashboard is crucial for investors:Efficient Monitoring
Especially in the case of ETH solo staking, you need to monitor your validator’s performance. Validators must be kept running 24/7. The hardware must also stay in top condition as overheating can lead to downtime.
If your validator is offline for a prolonged period of time, you may experience penalization in the form of slashing. If a participant attempts to attack the network, they risk losing a portion of their stake in a process called “slashing.”
Maximize Staking Rewards
A staking dashboard provides valuable insights into staking rewards, including historical data and projected earnings. By analyzing this information, you can optimize your staking strategy to maximize your rewards potential.Risk Management
By centralizing staking data and performance metrics, a staking dashboard enables you to assess and mitigate risks more effectively. This includes monitoring network health and overall validator performance. In February 2024, the Solana network experienced an outage. Stakers would have seen the network deteriorate through a staking dashboard.Features to Look for in a Staking Dashboard
When choosing a staking dashboard, you should consider what type of staking you will be conducting. The staking activities for ETH solo staking, delegated staking, and liquid staking require different dashboard features. Here are some some essentials to look for in a staking dashboard:Multi-Chain Support
With hundreds of networks available for staking, the dashboard should support multiple blockchain networks and staking protocols. This empowers investors to manage all their staking activities from a single platform.
Talisman Wallet is a leading browser extension wallet for the ETH and DOT ecosystems, with over 80,000 users. The wallet supports ETH liquid staking with Lido Finance as well as several nomination pools on DOT networks.
Real-Time Data Updates
The dashboard should provide real-time updates on staking rewards, node performance, and network status. With this information, you can keep your staking operation up and running 24/7.
As a plus feature, dashboards may come with customizable alerts and notifications that will regularly alert solo stakers on Telegram or Discord. That way, you can monitor if anything is wrong with your validator.
Wallet Integration
Seamless wallet integrations allows investors to directly manage their staked assets, withdraw rewards, and participate in staking activities from the dashboard.
Metamask, a top non-custodial wallet has a built-in dashboard with staking functions. You can stake from your wallet directly in just a few clicks. This wallet execution allows you to stake while maintaining control of your crypto.
The Best Free Staking Dashboards
Aside from the staking dashboards mentioned above, here are a few others that have become favorites across the blockchain community.Keplr Dashboard
Keplr is a browser extension wallet application designed for the Cosmos Interchain ecosystem.
The wallet supports staking across popular networks such as Celestia, Injective, and Dymension. In addition, the dashboard allows you to connect to various decentralized applications for DeFi and NFTs.
Axie Infinity (AXS) Dashboard
Axie Infinity (AXS), known for its turn-based card battler, has also expanded into virtual real estate called plots. The virtual land serves as the home of the Axies and is used for crafting and enchanting in-game items.
The AXS staking dashboard has an NFT staking component that allows plot holders to stake their land and monitor rewards.
Conclusion
A staking dashboard is a powerful tool for crypto investors looking to streamline their activities and maximize rewards. By providing real-time data, performance analytics, and alert monitoring features, a staking dashboard empowers you to make informed decisions. Whether you are a beginner or an experienced investor, leveraging a staking dashboard can significantly enhance your staking experience and contribute to your overall investment portfolio's growth. At the very least, reflect on your personal risk tolerance.The content of solostakers.com is for informational purposes only and should not be considered financial advice. It represents the personal views and opinions of the author(s) and is not endorsed by any financial institution or regulatory body. Cryptocurrency and staking investments carry inherent risks and readers should conduct their own research and consult with a financial professional before making any investment decisions. The owner and author(s) of solostakers.com will not be liable for any losses, damages, or consequences arising from the use of the information on this site. By accessing solostakers.com, you agree to bear full responsibility for your investment decisions.
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