Polkadot Nomination Pool Hits Milestone; Pool Members Bond 1 M DOTs By CoinEdition

January 16, 2023 Scryptopia Polkadot 0

Polkadot Nomination Pool Hits Milestone; Pool Members Bond 1 M DOTs

  • Nomination Pool (NASDAQ:) hit a new milestone within two months of its launch.
  • The pool members bonded more than 1,000,000 DOTs.
  • The platform shared a detailed description of the features of the Nomination Pool.

The blockchain platform, Polkadot shared the platform’s success with its new feature, the Nomination pools. Reportedly, Polkadot Nomination pools have hit “another milestone”, within two months of its launch, with pool members bonding more than 1,000,000 DOTs.

Additionally, in a succeeding tweet, the platform briefly described the ways in which staking could be done easily, along with introducing a video to know more about “staking and nomination pools.”

Polkadot nomination pools make it easier to stake natively by lowering the barrier for earning rewards to as little as 1 DOT, and efficiently balancing the interests of smaller and larger DOT holders.

Interestingly, Polkadot has been cautious in providing details regarding the nomination pool and its functioning. A detailed description has been given in the form of a video, leading the community to experience the distinct processes of the Nomination Pool.

Further, the platform announced that “the maximum number of pools has just been doubled to 128”. Also, it introduced a system of earning 18% rewards, while nominating directly, provided the voter holds more than the minimum active bond, “currently around 240 DOT.”

Moreover, Polkadot has been ranked one on the list of cryptocurrencies having the highest Nakamoto Coefficient metric. The platform tweeted that the higher value of the NC metric represents “higher decentralization”.

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