Staking Design Prototype
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Thanks for sharing and giving us a chance to comment. I'll definitely have some feedback when I get a chance. You've probably already seen my comments I submitted through a support ticket so can guess I'll have more to suggest 😉
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Anton no the new staking interface will have no impact to the underlying blockchain mechanics. You'll still be limited to nominating 16 operators max and the distribution of your stake will be based on the same Phragmen election mechanics with optimization to minimize the number of operators your stake is split across. The link is just to a mockup and it would be unlikely your stake would ever get split evenly across 8 operators as the mockup showed.
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This UI looks really awesome and is more informative than the previous version. And it would be even cooler if on the operator selection page, there would be an additional menu next to the names of companies, where there would be a brief information about the operator (field of activity, link to the site, if any), so that the staker would base his choice not only on the amount of commissions or the number of stakers in particular operator, but relying on the trust to the operator.
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Much of this is a duplicate of comments I previously submitted through a support ticket but I feel they are still relevant and wanted to post them here to hopefully initiate further discussion. I understand there is a desire to keep the interface simple however the current interface and the proposed mock-up does not provide enough information to allow a nominator to make an informed decision about staking.
As the following information is relevant to staking I'd like to see it made available somewhere on the staking interface. Or if not displayed directly a link provided to more detailed staking information (advanced mode?).
- Total Token Supply
- Total Staked with a % of total
- Inflation rate (annualized)
- Average reward (annualized) for the current era
- Total number of nominating accounts
- Limit on number of active Operators
- Total number of Operator. Instead of the total number instead the number of "waiting" operators could be shown. The main thing I'd like the interface to make clear is that not all operators will be elected in the case more than the limit (point 6) exist.
- Time until next election of operators. This can change to time until staking reopens during the election.
- Time until next reward payout / era end (or in the staking related documentation make it clear that reward payout is approximately 28 hours after the election of operators or closes.
- Some indication on the spread of number of tokens staked with operators. e.g a graph of amount staked by operator or display the average staked per operator and the minimum staked per operator. This is useful for a nominator to see if there is scope to improve their rewards by selecting an alternate operator to back.
- A link to an article explaining the staking mechanics for Polymesh similar to what Polkadot have but clearly stating Polymesh specific differences e.g. rewards curves, inflation, commission limits, slashing etc. The tokenomics article is a start but this does need to be fleshed out to make it an education reference for staking.
Ideally all of the above information should be viewable by an individual who has not completed on-boarding so they can get an understanding about staking on Polymesh. Onboarding was a pain point for the ITN so we need the dashboard to advertise itself well to new potential users.
Currently the dashboard can be viewed if someone installs the Polymesh wallet extension and creates a key, but full access requires on-boarding. The fact the user can get view access by installing a wallet and creating a key isn't made very clear. However, instead of making this clearer to users instead I'd like to see a button on the dashboard welcome page under the "Connect Polymesh Wallet" button to allow "View Only Access" (no wallet required) even if just to the staking information. Not requiring a connected wallet would also make the information viewable via mobile, even if they need to put their browser into desktop mode first, in case people wanted to be able to quickly check in on various staking/operator metrics. i.e. similar to how anyone can visit https://polkadot.js.org/apps/#/staking without a Polkadot wallet.
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Am I correctly understand that in the new design it is possible to select all operators to stake?
Will not this lead to quick oversubscription of all operators?0 -
I still haven't found time to get my comments together but this is a quick one. I feel the second screen (2/19) is redundant. The initial screen could instead have the get started text and button. Also the text that is on the second screen is very similar to that on the left of the screen so is largely a duplicate.
Edit: also clicking stake you'd think it's a given the person wants to "get started" so it can be skipped. Somewhat similarly, but not staking related, when clicking the Governance or Token Studio links it should bring you straight into those dApps instead of landing you on a page where you still need to click yet another link to enter.
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The advanced mode mentioned by FOB is a necessary thing to evaluate the best options for depositing your funds and to better understand the structure of the staking process. In general, it would be nice to add a tab with guides and FAQ to the main page (This is not directly related to staking, but indirectly, this solution will help users better understand the mechanisms of the stacking process itself, and the result of increasing the level of education of the user will be the ability to understand more complex matters from the blockchain world, which will lead to increased demand for the advanced mode of the stacking interface, because the user will want to understand all the subtleties and nuances of what he does), next to the email notifications tab. And in the section "Rewards distributed to..." it would be very convenient to add the name assigned to the key above the address, so that the user can more easily navigate through their keys.
So the main proposal is to increase the information content, but not by oversaturating this concise and nicely-minimalistic interface, but by adding a more informative advanced mode and launching some educational process for users, by adding guides designed for a wide audience. And again, this is not directly related to staking, but based on the guides, you could come up with additional tasks for users, for which you could get bonus points. Like an exam, the user could pass a test for fixing the material after reading the guides and at the same time get points.
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More comments:
Screen 1 of 19 - See my previous comments. i.e. looking for more information and the get started button and text should be there to eliminate the need for screen 2 of 19.
Screen 2 of 19 - remove as mentioned previously
Screen 3 & 4 of 19 - These are fine to me. I'd maybe change the copy to explicitly state "This is the account where your staking rewards will be distributed. By selecting the same key as your currently active key, your staking rewards can be automatically re-staked based on your preferences". I know this is only a mock-up but the header shows a different key as being the active key than is shown for the Primary account yet the primary account shows auto re-staking as available. The dashboard needs to correctly identify when auto re-staking is and isn't available. From what I recall this is buggy in the current staking interface so should be fixed as part of the next update.
I'll follow up with more comments when I get time but operator related information (next few screens) is a big area I'd like to see improved as I've said before.
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One more comment on 3&4. On the left hand side it states "Controller and Stash key". These concepts will be alien to someone new to staking on Polymesh. This again supports the need for a more detailed staking guide or educational reference as mentioned.
The current staking dashboard does not allow you to have a different controller to stash keys and does not support you managing your stake if you do have a different controller and stash. If it's not planned to be added in the future the language could possibly be simplified. e.g. "Stake key"
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Screen 5,6,7 & 8 Can you please advise what the basis is for the "Expected daily reward"? I assume the reward displayed is actually an APR and not daily so that should probably be made clearer. As I mentioned in a previous support ticket the "Expected return" on my staking page does align with the actual returns I'm getting, nor does it align with the values shown at https://itn-app.polymesh.live/#/staking/targets
The text above "Your balance" states "...and which operators you want the algorithm to split your stake to." in the vast majority of case the stake won't get split so I suggest changing to something like "...operators you want to allow the algorithm to assign your stake to."
The information provided for the operators is still insufficient to make informed decisions about nominating them. for example the mockup shows 2 operators as oversubscribed. This means that there is a chance that a nomination may not receive a reward. however if I knew my stake was larger than the last eligible stake I could still consider nominating and be sure of a reward. Simply stating oversubscribed also does not make it clear if that is based on nominations or active stakers in the current era. Details of number of nominations, number of active stakes and size of stakes (particularly the 2048th) should be available to understand the level of over subscription. An option with a graph of nominations, as I suggested in the staking interface feedback document I previously submitted.
Commision on it's own is a poor metric to use to select an operator. without other information someone new to staking may assume that lowest commision = highest return however if the operator has a large amount of tokens staked with them relative to other operators they can actually give a significantly worse return. I'd prefer to see an estimate reward for the current era inclusive of commission.
"#of blocks created" is not a great measure of operator performance. an operator may have been around a long time and been slashed multiple times and have created many more blocks than an operator who has been around a shorter time but never been offline or been slashed.
I've made a copy of my previous comment available on Google Drive for people to reference. They include many more items not yet covered by me here.
https://drive.google.com/file/d/1o_JtSbbT4BpNb4tl4wJiRR8ncY1iW1lz/view?usp=sharing
I understand there needs to be a balance in the amount of information provided when staking to make it accessible for less technical people but currently the proposed level of information does not make it useful for making informed decisions on nominations. I'm probably asking for more than is necessary but it's my wish list of the kind of information I'd ideally like available even if it was under an advanced interface.
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