How to unstake DOT on Polkadot{.js}
This guide will walk users who have DOT staked on how to unstake on Polkadot{.js} extension.
Polkadot officially announced the very first batch of the next parachain auctions and the dates are drawing near. The auction will start November 11, 2021 with a batch of five slots, followed by batch 2 with six slots running until March 2022.
Parallel will be participating in the first Polkadot parachain auctions and will need to win a parachain slot to launch our network on Polkadot. We will be hosting a crowdloan campaign and we invite the community to be early supporters.
To bond DOT to the crowdloan campaign, those who have their DOT staked will need to ensure the DOT tokens are unstaked and available for contribution to the crowdloan. The process for unlocking the DOT tokens will take about 28 days. Tokens are not transferable until after this 28 days cooldown period. In preparation for the event, this guide will walk supporters who have their DOT staked on how to unstake DOT tokens on Polkadot{.js}.
We're about 4 weeks from the start date, unstake now so you can participate early! Follow Parallel on Twitter to stay up to date on all of our announcements.
Unstake DOT on Polkadot{.js} UI:
Connect to Polkadot network and click 'Switch.'
Hover over 'Network' and select 'Staking.' Go to 'Account Actions.'
Under 'Stashes' click on the 'Stop' button to stop nominating. Note that this step must be done first, else you will receive an 'InsufficientBond' error if you try to unbond your funds.
After you click the 'Stop' button and successfully complete this step, click the three dots next to the 'Stop.' Select 'Unbond funds."
Enter an amount to unbond, click 'Unbond' and confirm the transaction. If this went through successfully, you will see the unbonding balance with the amount of time left until fully unlocked (clock icon).
After ~28 days, follow step 1 and 2. In the 'Accounts' page, check to see the amount of time remaining on your unbond balance. If the balance can be withdrawn, you will see an 'unlock' icon and you can click on it to withdraw the funds to transfer the unbonded DOTs.
Visit the Parallel Crowdloan contribution page and support us! This will be coming soon on 11/11/21.
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