Kusama logo, with Parallel Finance logo

How to unstake KSM on Polkadot{.js}

Kusama announced the second batch of the next parachain auctions and the dates are drawing near. The sixth parachain slot auction is targeted to start on September 1, 2021, 12pm GMT. Kusama allows parachains to source tokens for their parachain bids through a crowdloan. This funding mechanism enables KSM holders to support a project by contributing KSM to a parachain bid. If the crowdloan campaign is successful, the tokens will be locked until the end of the parachain slot lease period. After the duration of the lease (up to 48 weeks), the KSM will be returned to the contributors and project teams can reward them with their parachain native token as they see fit.

Parallel will be participating in the upcoming Kusama parachain auctions and will need to win a parachain slot to launch our network on Kusama. We are running a crowdloan campaign and we invite the community to be early supporters. Follow Parallel on Twitter to stay up to date on all of our announcements.

To bond KSM to the crowdloan campaigns, those who have their KSM staked will need to ensure the KSM tokens are unstaked and available for contribution to the crowdloans. The process for unlocking the KSM tokens will take about 7 days. Tokens are not transferable until after this 7 days cooldown period. In preparation for the event, this guide will walk supporters who have their KSM staked on how to unstake KSM tokens on Polkadot{.js}.

To unstake KSM on Polkadot{.js} extension:

  1. Go to: https://polkadot.js.org/apps/#/explorer
  2. Connect to the Kusama network:
PolkadotJS header, dropdown to switch between networks
PolkadotJS header, dropdown to switch between networks
PolkadotJS, expanded dropdown to select a network to switch to.
PolkadotJS, expanded dropdown to select a network to switch to.

3. From the main navigation bar, hover on the “Network” dropdown and select “Staking.”

4. Below the main navigation bar, click on the link to ‘Account actions.’

PolkadotJS, Kusama network, Account actions tab
PolkadotJS, Kusama network, Account actions tab

5. On the ‘Account actions’ page, you will see the “All stashes” view. Click ‘Stop’ on the account for the KSM to unstake, in the far right column.

PolkadotJS, stop nomination for bonded Kusama (KSM)
PolkadotJS, stop nomination for bonded Kusama (KSM)

6. Authorize the transaction by clicking ‘Sign and submit’ in the pop up. Enter your password and sign the transaction. Once you get a success confirmation message, that means you have unstaked your tokens successfully but the tokens remain bonded. Follow the next steps to unbond.

7. Click the three dots for the stash you want to unbond and select ‘Unbond funds.’

PolkadotJS, Account action page to unbond Kusama (KSM)
PolkadotJS, Account action page to unbond Kusama (KSM)

8. Enter the amount you want to unbond and click ‘Unbond,’ sign and submit the transaction.

PolkadotJS, pop up to unbond, confirm and sign transaction
PolkadotJS, pop up to unbond, confirm and sign transaction
PolkadotJS, unbond Kusama (KSM) authorize transaction pop up
PolkadotJS, unbond Kusama (KSM) authorize transaction pop up

9. It will take about 7 days to fully unlock the KSM tokens and be able to withdraw. Afterwards, you will need to go to: https://polkadot.js.org/apps/#/explorer and connect to the Kusama network. Hover on the “Network” dropdown > select “Staking” > click the “Account action” tab.

10. To withdraw, click the three dots and select “Withdraw unbonded funds.” Authorize the transaction via submit and sign.

11. Once successful, navigate to the “My Accounts” tab to see your transferable balance. Your KSM should now be available and can be used to contribute to the Parallel crowdloan.

We will be publishing more guides and tutorials shortly to walk you through how you can contribute to Parallel Heiko’s crowdloan. In the meantime, register for our crowdloan here!

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