Cardano Staking Guide
Table of Contents:
- 1. Download a Stake-Compatible Wallet
- 2. Create Our "Personal" Stake-Compatible Wallet
- 3. Save Our Recovery Phrase
- 4. Fund Our "Personal" Wallet
- 5. Let's Stake Our Cardano
1. Download a Stake-Compatible Wallet
We first need to download staking-compatible wallet. If you bought some Cardano using our Buying Cardano Guide, then you probably own some Cardano in your "exchange" wallet which is sitting on the exchange platform.
We will need to create a "personal" wallet that has the ability to stake to the network and then move our cardano from our "exchange" wallet to our "personal" wallet. You can select from one of the following wallet platforms below:
- 1. Yoroi Wallet (Google Chrome Extenstion)
- 2. Daedalus Wallet (Desktop Application - Windows, Mac, Linux)
In this tutorial/guide, we will be using the Yoroi Wallet (Chrome Extension) as it is cross-platform (meaning we can use the SAME wallet on both the Desktop and mobile phone).
NOTE: The wallet creation & staking process are relatively similar on both desktop and mobile Yoroi.
2. Create Our "Personal" Stake-Compatible Wallet
Once we have downloaded the Yoroi Wallet, we can open it up and create our first personal wallet.
NOTE: With the Yoroi Wallet for Chrome, we will need to select either "Simple" or "Advanced" mode (you can always change this later).We will go with "Simple" and skip the "Cardano Payment URLS" in this example.
We can select "Create Wallet" and start the wallet creation process! We will want to set it up for "Cardano."
*Ergo is a separate blockchain, and if you're interested, you can read more about it here.
Now create a spending password.
This password is used whenever we need to make a transaction!
(For example: Sending Cardano, Staking Cardano, etc.)
3. EXTEREMELY IMPORTANT! Save Our Recovery Phrase
PLEASE MAKE SURE TO SAVE THIS DOWN SOMEWHERE EXTREMELY SAFE! DO NOT SHARE THIS RECOVERY PHRASE WITH ANYONE!
Anyone who has access to this recovery phrase can steal your funds.
I recommend writing it on a piece of paper and storing it
under your bed in a safe.
Select our recovery phrase to confirm that we have written it down somewhere safe.
4. Fund Our "Personal" Wallet
We've just successfully created our personal wallet! We are almost there!
Now we need to fund our personal wallet by sending some Cardano from our exchange wallet.
Go to the Receive tab.
Copy the personal wallet's address.
From our exchange wallet, we will need to "Send" the Cardano to our personal wallet.
We can paste the recently copied address into the "To" field.
IMPORTANT NOTE: It is important to make sure the wallet address is correct. Sending funds is an irreversible action!
*You can compare the first 6 letter/digits and the last 6 letters/digits to double check the address is correct.*
Now we just need to wait for the funds to arrive.
We can visit the "Transactions" tab to see the transaction history.
5. Let's Stake Our Cardano
We can head over to the "Delegate/Delegation List" tab.
Now we can pick a pool to delegate to! If you want to support us then you can delegate to NOCAP!
A Few Important Considerations for Selecting a Stake Pool:
- 1. Staking to a smaller-sized pool, rewards will come at a lower frequency but receive larger rewards (based on the luck factor of pool).
- 2. Staking to a larger-sized pool, will come at a higher frequency but receive lower rewards (due to split amongst total delegators).
- 3. If a pool is oversaturated (too many stakers/delegators = centralization), then it will experience decreased rewards.
- 4. It is important to consider a pool based on their up-time and performance.
Confirm the details.
Once you're ready, select "Delegate".
Congrats! You've successfully staked your Cardano!
You can see details at the "Dashboard" tab.
Now you're helping decentralize the network and receiving rewards for helping!
- - It may take around 10-15 days for your Stake to register with the network.
- - Each reward comes after an Epoch. An Epoch in Cardano-terms is every 5 days.
- - If you've delegated to a smaller pool, you may see less frequent rewards per Epoch but in a larger amount.
We hope you've enjoyed this guide.
Special thanks if you are supporting our pool by choosing to stake with us!