The time has finally come when you can stake your ADA knowing that you’ll earn more ADA, in a compounding way, as long as you wish. Now, you really can Grow Your Stake!!
Here’s a quick guide on staking your ADA with the Daedalus Wallet. If you are interested in using Yoroi Wallet, AdaLite, or Hardware, click here we’ve got ya covered.
- If you’ve never used a cryptocurrency wallet before, please read this guide on best practices. Install and stake your ADA at your own risk.
- Essential: keep your Daedalus recovery phrase/words safe (no-one should see the phrase/words but you). Also, make sure never to lose the phrase/words as you will lose access to your ADA if your computer breaks.
- Spending Password — you will also have to set up a spending password. Make sure to keep this in a safe place as well, and also if you lose it, your backup is to restore the wallet using your recovery phrase above.
- First and most importantly, update your existing wallet to the newest version if you haven’t already. If you don’t have already have one, use this same link to download the newest version. https://daedaluswallet.io/. Once you have downloaded and opened, it needs to sync with the blockchain.
2. Now you will need to create your wallet if you’ve never done this before. If you have, and you just updated to the newer version, you should see your available ADA. If that is the case proceed to step 7. Otherwise, let’s create your wallet! Click on Add Wallet on the bottom left, then click Create.
3. Now you’ll setup your Cardano ($ADA) spending password. This is important because anytime you need to spend or send ADA you’ll need to enter this password.
4. Before you’ve begin this next step make sure to save your password somewhere safe, or make sure it is memorized. Now you’ll be given a recovery phrase. These 24 words will be used to restore your wallet in the event that you lose the password above or lose access to your computer.
5. Success! Great work, and now that your wallet is created, you’ll need to put some ADA in it. Let’s get started. On the top left click the folder icon to make sure you are on the right screen. Now click receive in the top middle to obtain your receiving addresses. Copy one of the addresses listed, and then go to wherever you purchased your ADA and enter the address to send (if you haven't sent cryptocurrency before be sure to read the instructions on it at the platform you have your ADA.
6. If the send happens from a Yoroi wallet or another Daedalus wallet you’ll receive almost instantaneously. Otherwise, it will take about 10–15 minutes. Once you have the ADA let’s get it staked!! Click below the Folder on the Cardano mark at top left.
7. Now click on the Stake Pools tab, and enter the Grow Your Stake address in the search bar, and click “Delegate to this Pool”. One thing to note is the first pools you see are typically oversaturated, and this diminishes return once the pool is past the saturation point.
8. Now that you have selected “Grow Your Stake”, you’ll need to select your wallet, confirm the Grow Your Stake pool, and then enter your spending password.
COMPLETE! Way to hang in there, now just wait about two weeks, and you’ll see your first rewards start showing up. Thanks for reading and please feel free to reach out if needed at firstname.lastname@example.org.