Staking Proxy

All about Staking Proxies!

The Polkadot ecosystem has a feature called Proxied Accounts, these are also known as Delegated Authorities in Nova Wallet. You can learn a lot more about Delegated Authorities here: Delegated Authorities (Proxies)

Staking Proxies

Staking Proxies will soon replace Stash and Controller accounts, for more details see: Controller Account Deprecation

Staking Proxies allow you to set up another account as the Delegated Authority for your primary account. This allows you to, for example, set a hot wallet as the Staking Proxy of your Cold Storage account. This means that you can carry out a range of staking-related activities such as changing validators, bonding more tokens, unbonding, and more without having to interact with your Cold Storage account.

Staking Proxies can ONLY CARRY OUT STAKING RELATED OPERATIONS – they cannot for example conduct balance transfers on behalf of the account that they are proxied to.