How to Stake your ADA
How do I buy ADA
To buy ADA first you need to sign up to an exchange, this will give you access to buy a multitude of tokens but let’s just concentrate on ADA. There are many exchanges available but the most accessible is coinbase.com, they have an easy to use website and mobile app.
Setup an account and get verified, this will usually mean uploading a picture of yourself and a copy of your photo ID. This is standard for financial transactions. You will given different passwords, keys and phrases, it’s important to keep these in a secure place like a fire proof safe as if you lose them you will lose access to your account and your investment.
Now it’s time to buy your ADA, select ‘Buy crypto with cash’. Search for and select ADA. Now all you have to do is type in the amount you want to buy, check the amount, enter your payment details and click confirm.
Congratulations you have just taken your first step Upstream.
How to create a Yoroi wallet
- On the web browser, desktop or mobile, Google search “Yoroi wallet”
- The top hit will be Yoroi – Light Wallet for Cardano
- Select download
- Select your chosen platform; Chrome, Firefox, edge, Android or iOS
- Once downloaded select your language, and agree to T&C’s.
- Select the Shelley protocol
- Choose create wallet
- Choose your wallet name and spending password (Do not forget this)
- Write down your 12 word recovery phrase. This is very important. Store it in a very secure location. If you lose this, you will not be able to recover your ADA.
- Confirm your recovery phrase and agree to T&C’s
- BOOM! Your Yoroi wallet is setup and you’re now ready to move your ADA.
Remember, you will given different passwords, keys and phrases, it’s important to keep these in a secure place like a fire proof safe as if you lose them you will lose access to your account and your investment.
How to transfer your ADA from an exchange to a wallet
First, ensure that you have decided what wallet to use and have it downloaded ready to receive the transferred ADA.
Enter the ‘withdrawal’ section of the wallet.
In this section you will need to select the ‘ADA’ coin to transfer, enter the amount you want to send and enter the ‘address’ of the wallet that you would like to send it to. Your address can be found in your chosen wallet, either as a QR-code or a text address compiled of a combination of letters and numbers. Ensure that the chosen ‘network’ for the transfer is the Cardano network.
Once you are happy that the details are correct, confirm the transaction. If unsure at this point, it may be worth sending a smaller ‘test’ amount to confirm that the wallet details are correct, prior to sending the entire amount. Once the test amount has been received by your chosen wallet, then you can be safe in the knowledge that if you send more ADA to the same address then it will be received.
The timescale for the transaction may vary (depending on the usage of the Cardano network and the exchanges network) and it could take a little while for the coins to appear in your chosen wallet.
Once you have received conformation from the exchange that the transfer has been completed, and the ADA coins are visible in your chosen wallet then you are ready to get staking.
How to Delegate your ADA to a staking pool
Once your ADA is in your YOROI or Deadalus wallet you can delegate it to the staking pool of your choice, preferably Upstream 😉
In the YOROI app tap on ‘Delegate or Staking Centre’ and type the name or ticker (short name) of your chosen staking pool in the search bar at the top (UPSTR). Once you find your staking pool, click ‘delegate’. You can then choose the amount of ADA to stake in the pool, type in your spending password and click delegate.
After you have completed the delegation process for the first time you will start receiving your rewards in ADA after 10-15 days (2-3 epochs). If you’re moving your ADA from one staking pool to another after this period, there is no wait before receiving your rewards.
Remember your ADA doesn’t actually move. You are always totally free to do whatever you want with your ADA at any point as it never leaves your wallet.
If you’re using the Deadalus Wallet there is a fantastic beginners step-by-step guide to delegating on the Cardano forum here.
What is Cardano?
Cardano is a 3rd generation, proof of stake blockchain focused on developing an environmentally sustainable platform. There is a lot to what Cardano is and what it can do so we recommend checking out the main Cardano website.
What is the difference between Cardano and ADA?
Simply put Cardano is the platform and ADA is the token that makes the platform run. Think of it like an electric car. Cardano is the car that can take you places and ADA is the electricity which makes the car’s motor run.
Is my ADA at risk while staking?
No. Your ADA never leaves your wallet, you own your keys and you can withdraw your ADA at any time.
Is there a minimum amount of ADA I can stake?
Yes, there is a minimum of 10 ADA when delegating to a pool but most exchanges won’t let you buy less than £10 of a crypto so this isn’t really an issue.