Polkadot community, the time has finally come:

Nomination pools can go live any time now in Polkadot. This is a great milestone, removing any barrier for native relay chain staking for DOT-holders. This proposal suggests the following configuration for nomination pools on Polkadot, following Kian's advice from the staking team:

**1 DOT to join a pool.** "I actually used to suggest 5 DOTs for a slightly higher sybil resistance, but I think the 5x factor here is not that big of a difference, and allowing staker holders to join pools with at little as 1 DOT is a nice milestone. Moreover, this sybil attack is not really viable as we can easily lift the limit on maximum members (mentioned below) and then it would have no effect."

**200 DOTs to create a pool.** "This is not a cost or deposit. It is actually the initial collateral/stake of the pool, and by setting it to 200, it will ensure that all pools have an initial stake that’s more than the minimum that’s needed to earn rewards (~170 as of now). This initial stake still earns rewards for the creator of the pool, and can be unstaked once the pool is being dissolved."

**Maximum of 64 pools and 16k members in all pools**. "These are only there so that if there is a bug, we can easily migrate the data and perform a fix. If we reach these limits, they can trivially be lifted to a higher value. Moreover, if pools work fine for e.g. ~6 months, we can proceed with lifting them altogether."

"I have worked hard on communicating that: “Pools are designed to be infinitely scalable”, I am suggesting these limits only out of extra caution."

This initial configuration composition, aiming to be presented for a vote if the community agrees, can be found [HERE](https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Frpc.polkadot.io#/extrinsics/decode/0x270a0100e40b540200000000000000000000000100204aa9d101000000000000000000000140000000010040000000). Preimage is submitted. Please note this is an external motion needing root origin: after Council approval, the community will vote to approve or reject this proposal in referenda queue. 

Schedule a majority-carries referendum to be tabled next once it is legal to schedule
an external referendum.

The dispatch of this call must be `ExternalMajorityOrigin`.

- `proposal_hash`: The preimage hash of the proposal.

Unlike `external_propose`, blacklisting has no effect on this and it may replace a
pre-scheduled `external_propose` call.

Weight: `O(1)`

Update configurations for the nomination pools. The origin for this call must be
Root.

# Arguments

* `min_join_bond` - Set [`MinJoinBond`].
* `min_create_bond` - Set [`MinCreateBond`].
* `max_pools` - Set [`MaxPools`].
* `max_members` - Set [`MaxPoolMembers`].
* `max_members_per_pool` - Set [`MaxPoolMembersPerPool`].

- Nomination pools are going live on Polkadot.
- It will cost 1 DOT to join a pool.
- It will cost 200 DOT to create a pool.
- There will be a maximum of 64 pools and 16k members in all pools.
- These limits can be changed if needed.

#270 Polkadot Nomination Pools Initial Configuration