HydraDX is a Substrate-based, open, and permissionless cross-chain liquidity protocol for the Polkadot ecosystem. HydraDX is built as a parachain to provide a native swap solution for substrate-based assets as well as cross-chain interoperability with other networks such as Ethereum.
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The Relay Chain is the main chain of the Polkadot ecosystem (incl. Kusama/Edgeware/HydraDX). Your validator nominations count for the validators of the Relay Chain.
Most of the computation happens on Parachains, which are connected to and secured through the Relay Chain. Learn more about the status of Parachains here.
Token-holders can economically back up to 16 validators through their nominations. This increases the security of the overall network and enables token holders to earn rewards on their staked funds. You will receive rewards in the form of newly minted tokens (DOT, KSM, EDG, HDX). Conversely, if you do not participate in staking, your assets will get diluted over time.
You remain in full control over your tokens when you stake. You simply delegate the right to propose blocks and validate transactions contained in each token to the validators you nominate. However, please note that your tokens are illiquid while staked. You need to unbond in order to move your funds.
In Substrate-based chains both, validators and nominators can be subject to punishment in case of malpractice. This is referred to as "slashing" and can result in a (partial) loss of staked funds. Slashing in Substrate-based chains is a multi-level process according to its severity:
There are two different accounts to manage your funds, namely the Stash Account and the Controller Account.
Stash Account: This account holds the funds which are bonded for staking. This is sort of your "safety box". Most functions relevant for your staking operations are done via your "Controller Account".
Controller Account: Through this account, you nominate the validators of your choice. The Controller account only needs funds to cover transaction fees, so make sure to allocate some funds for that.
No, you can only create one Controller Account per Stash Account.
Every era, the validator set gets shuffled. Your bonded stake gets distributed among the validators you nominated and that got elected to the active set for that era. It is therefore advisable to nominate more than one validator, because if you e.g. only nominated one validator and he/she did not make it into the set, you will miss out on rewards for that era. You are best advised to nominate popular validators with a good reputation and track record (check the information provided in their on-chain ID). In order for you to increase your returns, you can also nominate a couple of smaller, less-popular validators with less stake backing them.
Make sure you do proper research on the validators you nominate since your stake is also subject to getting slashed in case of your validator misbehaving.
Snakenet is the incentivized testnet for the HydraDX network that will transition into mainnet after several phases have been completed. During Snakenet, HDX token transfers are enabled and the HydraDX team holds Sudo keys. These are security measures until the network runs stable and everything has been tested thoroughly. While staking rewards can be earned right away, slashing will be implemented in later stages. You can learn more in this official Snakenet walkthrough.
In Substrate-based chain such as Polkadot, Kusama, Edgeware and HydraDX, you are advied to nominate more than one validator (up to 16). Each era, validators are elected to the active validator set and stake is divided among the elected validators according to the 'Phragmen' algorithm to optimize for equal distribution. Therefore, your nominations can have different statuses:
Usually, you only have one nomination shown as 'active'.
In substrate-based chains, there is no limit on how many nominators can nominate a single validator, however there is a maximum amount of nominators that can back a single validator in the active set. Beyond that limit, the validator is considered oversubscribed and it will only be elected using the maximum allowed number of nominators. Nominators with a higher stake take precedence, so nominators with a lower stake than the lowest stake nominator of maximum allowed number of nominators are disregarded and will not earn any awards during that era.
The limit of maximum allowed nominators are:
Polkadot, Kusama & Edgeware - 128 nominators
Hydra - 64 nominators
