Hi All,
This is a guide to staking your ADA using the Daedalus wallet.
Download and Install the Daedalus wallet
In writing this post, the latest Daedalus wallet is Version: 2.0.1
- Go to Daedalus wallet website
- Choose the appropriate operating system you using, click on 'Download Daedalus'
- Wait till the download finishes.
- Install the Daedalus wallet
- Open the Daedalus wallet, icon should be on your desktop.
- Select language and press continue
- Scroll all the way to the button for terms and conditions and press continue.
- The Daedalus wallet will sync with the block chain, this might take a while
- Press create a wallet, give the wallet a name and a strong password.
- the next step is important the Daedalus wallet will create random words as your private key. so keep it safe accept that you will keep the "Recovery Phrase" safe and press confirm.
- Now your wallet is created
- Transfer your ADA from the exchange to your Daedalus wallet. (at the moment most of the exchanges are updating to the Shelly hard fork and you have to wait till you can withdraw your ADA)
Staking ADA
Once you successful transferred your ADA to your wallet, you are ready to stake.
Click on the second tab on the lift hand side 'Delegation Center'
Click on the 'Stake Pool' tab across the top of your wallet and here is where you delegate your ADA to a pool operator of your choice. I already delegated my ADA to 'DUCK'
Click on a pool you wan to delegate to, for example Click on 'CASH' pool
Click on 'Delegate to this Pool'
Click Continue
Select the wallet you created from the drop-down menu
Confirm you selected the correct pool to delegate your ADA to and press continue
Put your spending password that you created earlier when you created your wallet and press confirm. There is a small amount of fee for this transaction
Now you are delegating to 'CASH' stake pool.
Note, when you stake to a pool, it will only take effect in the beginning of each Epoch
When you go to the delegation center to choose which stake pool to delegate to. The pools are ordered by the performance, green to red respectively. Also each pool have there own performance stat ie (controlled stake, pool margin, pledge, cost per epoch and produced blocks) and each of the mentioned variables will affect the staking rewards you receive after each Epoch.
Guide to stake ADA and how to choose the best pool to delegate to Youtube
I hope this guide helped with delegating ADA to a stake pool operator.
Happy staking :)
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Which staking pool are you going to delegate your ADA to?
Thanks for stopping by :)
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