Stake native Ada on CardWallet and Earn Rewards!
We are ecstatic to announce that native Ada staking is now available on CardWallet!
Apart from storing various tokens and exchanging them in our application, users can now stake Cardano’s native token Ada, on CardWallet as well. In fact, for CW holders, there will be a cherry on top as we are experimenting with a mechanism that will increase the overall staking APY considerably. This would make staking Ada through CardWallet much more profitable than any other wallet. We will call this Soft-Staking, and will require holding a certain amount of CW tokens to activate the feature. More on this in the near future.
The ability to stake Ada on CardWallet will offer new opportunities to token holders to be rewarded for their participation in the growing ecosystem. It would also act as a great incentive to help onboard more users to the Cardano ecosystem.
For those who are curious about staking, here is a brief introduction to the subject.
In simple terms, staking is the process of “locking” up your cryptocurrency and earning rewards. Some staking mechanisms actually lock coins, while others, as is the case with Cardano, just means holding any amount for any given time. Staking essentially mimics removing your crypto from general circulation for a given period of time, as a way of contributing to a particular network or project. You contribute to scarcity in the open market, help to protect the network (Proof-of-Stake), and for such service you are rewarded with Ada.
Think of this process as an analogy to keeping your money in the bank and earning interest on it.
Staking can be a great way to use your crypto to generate passive income, especially because some cryptocurrencies offer high interest rates for staking. It’s important to understand that while staking, your coins are still owned by you. You’re essentially putting them to work, and you’re free to unstake them later if you want to trade them.
Can I stake my Ada to any Cardano Stake Pool?
No, and there is a reason for that. We are rolling out the Ada staking feature with a curated list of pools that will grow over time. At CardWallet, we are committed to serving newbies and the non-crypto native folks, therefore, we will eliminate all scam pools from the options.
Advanced user can, however, import their Yoroi seed phrase where they stake to any pool, and still benefit from CardWallet’s features.
In order to give back to the community, we will prioritize pools that have an honorable cause, like for example contributing to charities or other noteworthy causes/initiatives, medium/small and single pools. Very much like Cardano Foundation and IOHK’s delegation strategy. The next set of supported pools will be announced in the near future, so do watch out for them! This list will continuously grow, and we will be sure to support big, medium and small pools in equal proportion, so as to incentivize as much network equilibrium as possible.
We also encourage Stake Pool Operators to reach out and ask to be listed. Our team is working really hard to make this application process available on the website very soon. To apply, fill in this form — https://forms.gle/vufSR89dBm3Z64d18
With the introduction of Ada native staking on CardWallet, we want to make staking accessible to the entire community and incentivize them to interact with the Cardano ecosystem.
Tiago Serodio, the CEO and co-founder of CardWallet says:
“This is a huge announcement for CardWallet and I am really proud of our team that has pulled this together. We have been wanting to give more opportunities to our community members to earn rewards for participating in the ecosystem and what better way to do it than enable native Ada staking! Really excited and looking forward to seeing the progress in our staking mechanism.”
About CardWallet
CardWallet is a non-custodial wallet solution built for the Cardano blockchain and several other protocols, incubated by the Occam Association. With out-of-the-box support for Cardano native tokens and Visa, Mastercard, and ApplePay fiat on-ramps, CardWallet is expected to rapidly become a major wallet provider for the entire crypto ecosystem. CardWallet’s strategic and technical partners already include Scalable Solutions, Simplex, Occam.fi, Nodeseeds and Crypto Dorm Fund. Learn more at CardWallet’s website.
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