In this article, I’ll show you how to stake Cardano ($ADA)–a popular “proof of stake” cryptocurrency.
You’ll be using Daedelus, the official Cardano wallet, and delegating your ADA to a ‘staking pool’.
By staking Cardano you get rewarded with more Cardano. Like interest payments for saving money in a bank. But instead, by staking, you are helping to secure one of the most profound decentralized networks in the world.
Go to the official Daedelus website: daedelus.io; and download the latest wallet.
Once downloaded, go through the usual motions to install Daedelus. After installing, go through the setup
You can check the wallet synchronization progress by going to the rotating icon. You don’t need to wait for the full synchronization to create a wallet, but, to send funds you will need to.
Create a wallet
On the Daedelus home screen, click Create a wallet.
Give your wallet a name, and a spending password. The spending password is the password used to transact with. Make it something you’ll remember.
Once the wallet has been created, you’ll be able to access your address (public keys) from the Receive tab.
Send some Cardano to your Wallet
I sent some Cardano from an exchange to my wallet before the synchronization was completed. And confirm the funds were transacted as expected.
But, it’s important to note that we can see the transactions on the blockchain before the synchronization is complete!
If we take our wallet address that we sent the coins to, we can paste it into a Cardano block explorer.
While we have our public keys and our wallet has been created, we can’t send funds until our wallets have been synchronized with the blockchain.
Unfortunately this can take a while, but, once it’s done, it’s done. So, in the meantime, clean your room, perhaps browse some other articles on our site. Or, if you’re really keen, you can look for a some exchange-based staking options on Binance.
Send more Cardano
Once you’re synced and you can confirm that you’ve received your initial test payment, send some more funds.
You’ll need a minimum on 10 ADA in order to stake. Once you’ve received your funds, you’ll be able to stake your ADA but delegating to a staking pool.
Select a staking pool
Goto the new Delegation icon that appears after synchronisation. Then goto Stake Pools. Here you’ll see a huge array of different pools. Each with their own pros and cons.
Switch the view to list view as the grid view is a little unhelpful. This way you can see the margin, saturation, cost and potential rewards.
Choose a pool that fits your needs. I personally go for pools that have lower margins and higher rewards.
Once you find one that you like, click it and delegate to the pool.
Ensure that you have a wallet with more than 10 ADA otherwise you won’t be able to progress. Once you’ve found a pool (or a few) delegate.
Once you’ve chosen your wallet, progress to the next step. Move forward and confirm the staking.
You’ll see the pool you staked to and and the pool ID, and the fees incurred. The fees are menial.
Await your Cardano staking rewards
Once you’re staked, you’ll start earning rewards on the next Epoch.
You’ll be able to monitor your rewards in the Rewards tab. Where you’ll see each staked wallet and the earned rewards.
Staking Cardano ADA with Daedelus is easy to do. Install Daedelus, create a new wallet, and await synchronization of the mainnet.
If you don’t have any Cardano, you can buy it easily via Binance or KuCoin. At present, it’s not available on Coinbase; though when Cardano is released on Coinbase, no doubt it’ll explode in price.