Everstake
Published in

Everstake

How to stake Cardano (ADA) in Daedalus Wallet

At the end of July, the Shelley hard fork happened in the Cardano network, which marked the transition of the blockchain to delegated proof of stake (DPoS) mechanism. ADA holders can now delegate their tokens to the bid pool and receive rewards without having to launch their own nodes.

In this simple guide, we will tell you how to stake Cardano tokens (ADA) via the Daedalus desktop wallet to receive rewards.

How to create a Daedalus wallet

Before you start, you need to download the wallet from the official website. Daedalus is compatible with Windows, MacOS, and Linux platforms. You can check the specific OS versions and system requirements on the wallet download page. Next, we will describe the process of installing and creating a wallet.

Disclaimer. Download the distribution only from an official source. You can check the origin of the wallet using the PGP signature and SHA256 checksum.

Step 1. The wallet installation

The Daedalus wallet installation is very simple: run the installer file, select a folder to save the wallet file on your local disk, and click “Install”. Then wait for the program to install on your computer.

If you previously had the Byron network’s crypto wallet installed, then you need to transfer the legacy wallet to the new Shelley blockchain. To do this, after installation, wait for the wallet to sync with the new blockchain and restore the outdated wallet using the seed phrase, and then create a new wallet with the new seed phrase. After that, the new wallet should sync with the updated Shelley network.

Step 2. Creating a Shelley wallet

Launch the wallet file. On the start screen, select the language (English and Japanese are available), and then set the displayed format for the numbers, date, and time of the wallet. Continue and accept the terms of the user agreement, then click “Continue”.

Now wait for the Daedalus wallet to sync with the Cardano blockchain. After that, the home screen will load. Click “Create” to create a new wallet.

In the new window, enter the wallet name and password and confirm it. Then click “Create Shelley Wallet”.

The wallet interface will open. You need to add money to your wallet to get coins. Send ADA coins to it. After the coins are displayed on the balance of the crypto wallet, you can proceed to the next stage — staking.

Step 3. How to stake ADA via Daedalus

To do this, go to the Delegation Center section (highlighted in red on the screenshot).

Select the wallet from which you want to delegate ADA tokens and click on it. Next, you will be taken to the section for delegating cryptocurrency. Click the “Delegate” button.

Disclaimer. Please note that the wallet displays the time after which you will be rewarded. It is awarded at the end of each era, which lasts 5 days.

Then select the validator to whom you want to delegate your coins. It is important to choose a reliable validator so that there are no problems. The connection to the Shelley blockchain network must always be stable — the size reward depends on this. If there are failures, the reward may decrease. The Everstake staking provider always maintains a stable connection and has extensive experience in working with various PoS blockchains. In addition, Everstake delegates pay a low fee — only 3%. More info can be found here.

[EVE1] Everstake ID:

pool1uj4u73qgtprqre78q75fq2vkcrpfrcdreqcqkvn6u0m2k6nk2yp

https://adapools.org/pool/e4abcf4408584601e7c707a8902996c0c291e1a3c8300b327ae3f6ab

After you have selected a staking provider, enter your wallet password and click “Confirm”.

If the transaction was confirmed successfully, you will see the following message:

We remind you that reward is accrued every 5 days. You will see a detailed diagram of delegation cycles below. We wish you a profitable staking!

Don’t forget to subscribe to our blog and social networks to always keep up with important news and updates.

* * * * *

Website

Twitter

Medium

Telegram

Facebook

Reddit

--

--

--

Everstake is a leading staking service platform providing secure and reliable solutions to token holders and institutional investors looking to profit off their digital assets. With the running top Validators on the PoS and DPoS markets, Everstake became trusted technical partner

Recommended from Medium

Rio de Janeiro to Allow Paying Taxes with Crypto Starting from 2023

What Everstake has done for the ICON ecosystem in the second quarter of 2020

Trust, Transparency and your ICO

Unmarshal| Xscan.io |Smart Notification | Bullish on $MARSH | Discord Community |

New Educational Branch!

Wrapped XRP on Ethereum may provide the asset with a much needed boost

Still Perplexed by Blockchain? Read This Story That I Told To My 10 yr Old

Uniswap all ready to kick-start its rally thanks to these reasons

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Everstake

Everstake

Everstake — Staking Service Platform

More from Medium

Announcement: Earn Twice the Ardana ISPO Rewards by Delegating before March 31st

Cardano’s New Algorithmic Stablecoin Djed Launched On The Public Testnet

CEX’s, DEX’s and the Boom on Cardano

How to Stake MELD and earn 15% APY