Call this endpoint after setting the proxy on-chain to a Figment controlled address. Figment will then receive a notification and nominate within one or two business days.

Figment proxy address: 1R55aFt9abrYab95o25yMmX7e2dxziDmng43m7T8TjZeDnL

Why might a nominator want to go with Figment-managed Staking proxy services?

If a nominator holds a large amount of tokens, rebalancing their nominations from to a total of 16 validators can become a more active process.

Since every active validator on Polkadot receives more or less the same amount of rewards per era, optimizing return of a nominator’s DOT holdings requires that nominators efficiently spread their stake across a number of accounts and validators. Nominations in larger quantities spread across any number of validators incur a smaller overall return, since an increase in stake size does not mean a proportionate increase in rewards from all validators.
Fortunately, part of Polkadot’s extrinsics offerings mean that third parties can be delegated nomination power. Figment can use a Staking proxy to direct the nomination process on behalf of a nominator, meaning that we can take charge of the nomination process on behalf of our clients, in order to maximize rewards efficiency across the correct amount of validators.

There is a minimal amount of account balancing and creation required on the part of the nominator in order to allocate Staking proxy accounts to the benefit of maximized return - but this can be negotiated between Figment and the nominator, based on the token amounts that are intended to be staked.

In addition, Figment is happy to spin up dedicated validators set with 100% commission sent to the validator, with redistribution of rewards less off-chain commission handled external to the staking rewards palette, and settled between the nominator and Figment as a staking provider. This is our preferred strategy when dealing with large token holders, as setting a validator commission to 100% deters other nominators from selecting our validators and reducing the return to those with whom we have staking agreements and affecting return rates.

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