How To Delegate Stake?

How To Delegate Stake?

Staking on the Cardano Network is a relatively easy endeavour. However, the steps to do so differ depending on the platform you use to hold your ADA.

As of the time of writing, there are currently two ways to stake your ADA.

Daedalus Wallet, a full node wallet created and developed by IOG

AdaLite, a lite node wallet developed by VacuumLabs.

If you're looking for the quickest way to delegate, then Lite Nodes will be the answer. Lite Nodes reference a server which has the full blockchain downloaded to it already.

If you're looking for maximum security and don't mind waiting longer, then a full node wallet will download the entire Cardano blockchain to your machines hard-drive, and use that to interact with the network. For reference, this can take ~2 hours on a 40 MB Connection.

If you hold your ADA on an exchange like Binance or Coinbase, there is currently no way to delegate that ADA to a stake pool. That is likely to change in the near future and I'll keep this page updated with that info.

Steps to delegate with Daedalus Wallet

Security Notice* You need to be extremely vigilant when managing cryptocurrencies, you are essentially your own bank. Therefore you must exercise good security practices when holding and moving ADA around. Charles Hoskinson, the CEO of IOG/IOHK, recently posted a video on some good security practices to follow for managing your funds.

Important* I would not execute these steps if you have any doubts about the computer you are running them on.

If you have a Daedalus wallet with ADA in already, then skip to Step 7.

Step 1:  Download and Install the latest Mainnet Version for your OS from https://daedaluswallet.io/

Step 2:  Open Daedalus and let it sync with the network, this can take hours to complete, depending on your internet speed.

Step 3:  Create a new wallet by clicking Add Wallet in the bottom left.

Step 4: Create a new wallet and follow the on-screen instructions. Read the warnings carefully, and take the necessary precautions to ensure you're operating from a safe working environment. Once created wait for the wallet to fully sync.

Step 5: Head to the receive tab and copy one the addresses presented, it doesn't matter which, they all point to your wallet.

Step 6: Send your ADA to that address. For example if you are holding ADA on an exchange like Binance or Coinbase, head to the withdraw section of your account and use this address that you've copied.

Tip* Send just 1 ADA first, and then monitor your wallet for that small amount to be received. This takes out a lot of the risk and uneasiness you may feel when sending your ADA, and the fee is negligible on this network.

Step 7: With your wallet now created, and your funds inside, click the Network Tab on the left, and head over to Stake Pools.

Step 8: Here you can hover over each stake pool, and see more details about it. When you've found one you're happy with, click 'Delegate to this pool' as seen in the turquoise box in the image above.

Step 9: Follow the 3 easy steps that appear in the prompt, and finalise with your spending password which you created earlier when setting up the wallet.

Step 10: Congratulations! 🎉 you're ADA is now delegated!

Step 11: If you head to the Delegation Centre Tab, you'll be able to see your delegation at the bottom. If you hover your mouse over the Pool, you'll see which Epoch # your delegated Stake will be active from. You can expect to see Rewards in your wallet in the Epoch AFTER the one shown here (so 212 in my example below)

Step 12: To see your rewards, click the Rewards tab.

Et Voila! You can now sit back and watch your ADA earn you more ADA! What a beautiful thing.

Steps to delegate with AdaLite

Step 1: Head to adalite.io and hit 'Create New Wallet'.

Step 2: Write down the mnemonic phrase you're presented with in a secure place and click 'I wrote down my mnemonic'.

Step 3: You'll be presented with the wallet dashboard. Click 'Sending'.

Step 4: Copy one of the addresses presented under the 'My Addresses' section, it doesn't matter which, they all point to this wallet.

Step 5: Send your ADA to that address. For example if you are holding ADA on an exchange like Binance or Coinbase, head to the withdraw section of your account and use this address that you've copied.

Tip* Send just 1 ADA first, and then monitor your wallet for that small amount to be received. This takes out a lot of the risk and uneasiness you may feel when sending your ADA, and the fee is negligible on this network.

Step 6: Once you've sent over your ADA, you're ready to delegate your stake. Head back to the 'Staking' tab, and paste the Pool ID that you want to stake to.

e.g. a8a82e00853b4b4d62cb24b825f65ee57b574b273e0f970a606df5c3

For a list of Pools and their IDs, visit community sites such as pooltool.io and adapools.org

Step 7: You'll see the fields update to the Pool ID you pasted. Then Click 'Delegate'.

Step 8: A Summary will appear, if everything looks right, click 'Confirm Transaction'

Step 9: Finally, you'll be returned to the 'Staking' tab, where you'll see a summary of your Balance, Rewards,  and what pool you are currently delegated to.

Please Note* Delegated Stake will not be active immediately. It will only become active and start earning rewards at the end of the current epoch +1 full epoch (5 days). AdaLite does not display this information, so you'll need to calculate it yourself. To do so head to my metrics page at linuxpool.io/metrics. Add 5 days to the Next Epoch number and you'll have the amount of days it will be before your Stake is active. Or, add 2 to the 'Epoch' number to get which epoch your Stake will be active.

So for the above:

  • 211 (209+2) will be the Epoch my stake will be active.
  • 6 days (1+5) will be the amount of days before my stake will be active.

Et Voila! You can now sit back and watch your ADA earn you more ADA! What a beautiful thing.

If you have questions about the above steps, then feel free to contact me, I'll be happy to help.

Happy Staking!