Subscan stands as the official block explorer for Polkadot and Kusama, offering explorers for over 70 chains within the DotSama ecosystem.
Staking Rewards is proud to announce a collaborative partnership with Subscan, aimed at empowering stakers in the Polkadot and Kusama ecosystem to make informed decisions when selecting a validator for staking. To enhance trust and transparency in the staking sector, Subscan will now display the Staking Rewards Verified Staking Provider emblem on their validator pages across all supported assets on StakingRewards.com. This initiative is designed to assist investors in navigating the vast array of staking Providers available.
How will the Verified Provider Program help Polkadot (DOT) Stakers?
The Verified Staking Program (VSP) is an initiative to increase trust, transparency, and reliability in the staking industry by verifying that Providers meet a set of criteria relating to risk management, longevity, and security measures. With the Verified Staking Program, we help investors make confident decisions about Staking Providers by performing in-depth due diligence.
Blockchains operate on a trustless foundation, ensuring all transactions are transparently verifiable on-chain. However, within the staking realm, investors can only authenticate the on-chain performance of Validators. Due to the confidential nature of their operations and security measures, Staking Providers often refrain from divulging detailed information.
The Verified Staking Program by Staking Rewards offers a self-regulated platform that allows providers to securely disclose details about their operations and security protocols. We then evaluate and, where feasible, validate this information on-chain, adhering to established standards and best practices within the staking sector.
With over a thousand validators in the Polkadot ecosystem, stakers may wonder where to start in selecting a validator. The VSP checkmark serves as a guide, aiding stakers in their due diligence process for Staking Providers. Staking Rewards exclusively endorses Providers that fulfill the rigorous criteria of the program and are deemed by Staking Rewards to offer dependable and secure staking services.
How does Staking Rewards Verify Providers?
Due diligence is conducted on the following areas of the Provider’s operations:
- Security Setup: Pre-determined criteria for key management & insurance, internal alerting, and many others to demonstrate the extent to which a provider meets high standards in offering a resilient and consistent service.
- Reliability: A provider’s uptime, slashing events, and many other criteria demonstrate the provider’s track record of performance and ability to maintain that performance.
- Business Operations: We assess, among other things, the legitimacy of a provider’s business, the delegator protection, and the sustainability of their services in a fast-moving environment like crypto. In assessing them, we especially emphasize their business practices and the veracity of the information they provide. We see this as the cornerstone of a truthful relationship between delegator and validator.
Investors and stakers enjoy the additional verification layer that makes it easy for them to pick a Provider vetted by the No.1 authority in the staking industry. Our users will save hours of their own personal time spent conducting due diligence by simply outsourcing that burden to us to vet Providers based upon the above criteria. Read more about the details of the checks in the documentation here. You can also view the verification questionnaire here.
How can I find Verified Staking Providers on Subscan?
Subscan showcases numerous validators on its dedicated page, where you can observe metrics such as:
- Total Bonded DOT
- Delegations
- Commission Rates
- Nominations
- Self-bonded DOT
- Total stake delegated to this validator
However, for a staker, these metrics might be unclear without insight into the validator’s setup. That’s where the VSP steps in, conducting thorough checks for you. Validators that successfully clear the program are distinguished by the official VSP checkmark.
Follow the steps below to find Verified Staking Providers on Subscan:
- Go to Subscan.io
- Select the specific block explorer (i.e. Polkadot, Kusama, or Aleph Zero)
- Click on ‘Staking’
- Click on the validator that has VSP Checkmark to see more information on that Provider on the Staking Rewards page
Conclusion
The Staking Rewards Verified Staking Program helps investors when choosing between thousands of staking Providers and brings new levels accountability to validators. Discover the Polkadot staking profile for more unique insights into DOT staking.