Staking Cardano for Beginners Step by Step
Since the dawn of Cardano’s Shelley era, you’re able to delegate your ADA coins to a stake pool. This is known as staking where you earn new ADA as staking rewards. This guide is primarily for ada holders who wish to delegate their ada to a stake pool, but are not sure about where to start.
Staking via the Official Daedalus Wallet
|1) Visit deadaluswallet.io|
|2) Click "Download".|
|3) Download Daedalus for your Operating System.|
|4) Run the wallet and install.|
|5) Open Daedalus, accept settings, accept terms of service and restore or setup a new wallet. If you're setting up a new wallet, you need to wait for the blockchain to synchronize.|
|6) Daedalus wallet needs to synchronize and verify the blockchain. This can take a while and you can leave the wallet open in the background.|
|7) If you previously had ADA before Shelley, you need your Byron wallet recover phrase. Enter it and restore it.|
|8) You'll be prompted to create a Shelley wallet. Write down this phrase and keep it offline.This is very important! Double check the phrase is written correctly.|
|9) Your Shelley wallet will take some time to refresh and sync. Take a break.|
|10) Now that your ADA is in a Shelley wallet, you can begin to delegate. On the left side, click the network icon to goto the Delegation Center.
|11) Find the wallet you would like to delegate with. Click "Delegate".
|12) Review and confirm your delegation choice. Click "Continue".
|13) Search for the pool ticker you would like to delegate to. We would be honored to stake on your behalf. Pick ST3AK with pool ID
|14) Enter your spending password to make a delegation.|
|15) Congratulations. Now you are staking ADA with Steak.and.ADA. Thank you!
Now you're staking ADA. You're set to earn rewards every 5 days. First payout should arrive in about 15-20 days. HAPPY STEAKING!
Tips and Tricks
- Staked funds always remain in your possession. You are not sending funds away.
- You are free to move funds anytime. There is no lock up period.
- Delegating requires a 2 ADA deposit. You get back your deposit when you undelegate your stake.
- Staking does not require you to leave any wallets open. Feel free to close.
- You can check the progress of your rewards every epoch or 5 days.
- Rewards multiply with the power of compounding.
- If you add more ADA to your account, the new ADA is automatically delegated. No need to re-delegate!
- A minimum of 10 ADA is required to start a delegation.
When do my I get rewards (Detailed)
Staking and delegation are integral to the stability and security of Cardano, and through delegation, everyone is empowered to take part—making Cardano better for both the few and the many.