How to check credentials of a Pool

Hello All,

I am new to the Polkadot ecosystem and would like to know how best to check the credentials of a particular Pool so as to be reassured when bonding funds.

Is there a best way to check?

Kind regards,

jazzd

1 Like

Hello Jazzd,

Welcome to the Polkadot ecosystem! When it comes to ensuring the credibility of a particular pool before bonding your funds, there are several key criteria you can consider. In Polkagate, we list pools based on their index and provide several filtering options to help you make an informed decision:

  1. Pool Owner Verification: Check if the pool owner has a verified on-chain identity. This is typically indicated by a green checkmark next to the pool creator’s address, providing an additional layer of trust.
  2. Pool Commission: Review the pool commission rate. Many popular pools have a 0% commission, but it’s important to confirm this as it can impact your rewards.
  3. Number of Participants: Look at the number of users who have joined the pool. A reasonable number of participants can indicate a balanced and trustworthy pool. Avoid pools with too few or excessively many participants.
  4. Validators Nominated by the Pool: Assess the validators that the pool has nominated. A diverse set of around 16 popular validators within the ecosystem is ideal. This diversity can enhance the security and performance of your bonded funds.
  5. Reward History: Examine the pool’s reward history to understand its performance and the consistency of rewards distributed to its members.

Polkagate allows you to filter pools based on these criteria, helping you to select the most suitable option. By considering these factors, you can bond your funds with greater confidence.

Kind regards,

Kami | Polkagate,xyz

2 Likes

Thank you, Kami, for your comprehensive reply. :+1: