By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
  • Home
  • News
    • Cryptopedia
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • Altcoin News
    • Latest Metaverse & NFT News
      • Metaverse & NFT Games
      • Virtual Land
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Search
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit Press Release
  • Submit NFT Project
© 2022 NFTStudio24.com News Network. All Rights Reserved.
Reading: Kusama introduces Nomination Pools on its network
Share
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Search
  • Home
  • News
    • Cryptopedia
    • Latest Metaverse & NFT News
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Have an existing account? Sign In
Follow US
  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
  • Global
  • Japan
  • South Asia
  • Partners
  • Community
HOME > News > LATEST NFT NEWS & METAVERSE > Kusama introduces Nomination Pools on its network
LATEST NFT NEWS & METAVERSE

Kusama introduces Nomination Pools on its network

news room
Posted news room June 9, 2022 466 Views 5 Min Read
Updated 2022/06/09 at 7:52 AM
Kusama, Kusama Nomination Pools, Nomination Pools, Kusama coin, Kusama Crypto, Nomination Pools, poll of nominators
SHARE

Kusama is the multichain canary network of Polkadot that provides scalable solutions and acts as an early deployer of Polkadot. Recently, Kusama announced Nomination pools are live on its network on May 30, 2022, through a Medium post.

Contents
How do Nomination Pools work?Nomination Pools Incentives proposalFinal words

Kusama and Polkadot are built on almost the same code but both have different priorities. Polkadot is the main network where all the applications and projects are built, while Kusama is made for experimentation and helps in the stability of the Polkadot network.

For the recent update, the team added nomination pools on the Kusama network after the launch of runtime v0.9.22. These nomination pools are key components that will facilitate users with staking services. They are scaling solutions solely created for Polkadot’s NPoS system but first launched on Kusama as experimentation in a low-stake environment. 

How do Nomination Pools work?

Kusama Nomination Pools, Kusama, Nomination Pools, Kusama coin, Kusama Crypto, Nomination Pools, poll of nominators

Nomination pools are permissionless scaling solutions that allow members to pool their crypto funds together. At first, an account creates a pool by depositing some crypto funds in it which are used as the pool’s stake. People are allowed to join in and increase the stake of a pool. Once the pool is full, the creator has the control to manage and appoint a validator for the pool.

In other words, each nomination pool is viewed as a single nominator from the staking system.

Nomination pools are created for members who don’t have enough stakes to participate in the staking system compared to Polkadot. For example, an individual on the Polkadot network can only become a nominator if they have 10 DOTs for the nomination and 120 DOTs to receive rewards, but through nomination pools, anyone with 1 DOT can receive rewards.

According to the Polkadot update for April 2022, another feature in nomination pools is the freedom to receive rewards whenever pool members want to. Nomination pools give full control over staking rewards to the members.

Rewards are split pro rata between active pool members to ensure everyone receives an equal reward.

Some terminologies to know in nomination pools include:

  • Bonded Pool: keeps an on the distribution of rewards among actively staked funds.
  • Reward Pool: traces rewards received by actively staked funds.
  • Depositor: the one who creates a pool and the first member. A depositor cannot leave the pool until all members have left it.
  • Nominator: an individual who can select a validator
  • State-Toggler: has the control over pool’s rules and can kick members out if the pool is blocked.

Nomination pools are quite effective to increase the circulation of Polkadot’s native tokens, DOTs. As more and more people participate in staking pools, the value of DOTs will also increase.

Nomination Pools Incentives proposal

Kusama Nomination Pools, Kusama, Nomination Pools, Kusama coin, Kusama Crypto, Nomination Pools, poll of nominators

Following the launch of the nomination pools, a governance discussion is in the process about giving incentives for early participation in the pools. @kianenigma in Polkassembly create a proposal to support the use of “the treasury funds to create a small extra incentive for pools being used in Kusama.” The user believes incentives can be a good way to achieve Kusama’s objective of experimenting. 

@kianenigma advised adding a reward account in the nomination pool. Each pool will have a reward account with some funds in it that will be claimable by pool members. The pool operators can receive extra incentives to operate pools and motivate members to join the pool.

Final words

The nomination pools on the Kusama network can be a good experiment before they are added to the Polkadot network. The team behind Kusama hopes that the nomination pools can help increase demand and supply for DOTs tokens and also attract more users to the platform.

For more information on Nomination pools, read the detailed blog post by Polkadot here, or for updates visit Kusama’s Github. 

Sign Up For Daily NFT Drops

Don't miss the next NFT drops!!!
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Blockchain based game, blockchain games, blockchain based games, blockchain based games 2022, Metaverse Game, Games, Metaverse, play to earn games, animoca brands,gamming world, gaming industry Blockchain-based gaming is the new digital craze
Next Article Epic Games, Epic Game, Epic NFT Games, GRIT, GRIT Games, GRIT NFT Game, Gala Games,Fortnite, Fortnite Game, WEB3 Gaming, WEB3, NFT Game, veve Epic Games Store lists the first NFT project and no one is happy about it
Leave a comment

Leave a Reply

You must be logged in to post a comment.

Don’t miss the NFT Drops! Sign up Now

I have read and agree to the terms & conditions

Latest News

Oasys and SBI VC Trade team up to bring new wallet solution for blockchain gaming in Japan
Oasys and SBI VC Trade team up to bring new wallet solution for blockchain gaming in Japan
BLOCKCHAIN NEWS EXCHANGES News WEB3 March 25, 2023
DeFi protocol DefiLlama has resolved its internal conflicts 1
DeFi protocol DefiLlama has resolved its internal conflicts
CRYPTOPEDIA News WEB3 March 21, 2023
Crypto Fear and Greed Index has reached its highest level
Crypto Fear and Greed Index has reached its highest level
BITCOIN NEWS News March 21, 2023
Join us
Ad imageAd image

You Might also Like

Hermes Takes Legal Action to Gain Control of MetaBirkin NFTs
LATEST NFT NEWS & METAVERSENews

Hermès Takes Legal Action to Gain Control of MetaBirkin NFTs

March 8, 2023
The Sensory VR Experience Feeling on Your Lips Mouth and Tongue
METAVERSE & NFT GAMESNews

The Sensory VR Experience: Feeling on Your Lips, Mouth, and Tongue

March 7, 2023
Snoop Dogg joins Web3 powered live streaming app as a co founder
LATEST NFT NEWS & METAVERSENewsWEB3

Snoop Dogg joins Web3-powered live streaming app as a co-founder

March 7, 2023
Rektguys tweet raises controversy over womens inclusivity in Web3
LATEST NFT NEWS & METAVERSENews

Rektguy’s tweet raises controversy over women’s inclusivity in Web3

February 27, 2023
//

NFTStudio24 delivers the latest NFT news to its global audience. We are committed to reporting mainstream and emerging talent via exclusive press releases, podcast interviews, NFT rankings, and much more.

GET IN TOUCH

  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy

Experts Alliance

  • Experts Alliance
  • About Alliance
  • Alliance Benefits
  • Membership requirements
  • Apply Alliance
//

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Follow US

© 2022 NFTStudio24.com News Network. All Rights Reserved.

Removed from reading list

Undo
Join us metaverse Join us metaverse
Welcome Back!

Sign in to your account

Register Lost your password?