Greetings,
Does anyone have tips for staking? Like if you have 10,000 coins should you stake and restake weekly or does it make more financial sense to stake with one pool long term?
G’day Aaron,
Personally, I found a good pool (WAAUS) that consistently gives me returns of about 5.5%, and I stuck with them.
The main thing is reliability in block production. You also want a pool that isn’t saturated, but still with at least a couple of million staked already so you know they’ll likely produce a block. My stake pool has a fee of 0.8% which I’m happy to pay for performance. I think the pledge is around 50,000 which shows they’re invested. Best of all they have great communication on their telegram channel. Oh, and they’re Australian which I wanted to support.
I’m sure there are many many more excellent pools out there if you have a look.
No point in moving your stake unless fees go up unreasonably or saturation point is reached in my opinion.
Have fun!
Cheers,
D
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Hey there,
Your rewards are automatically compounded and staked in currently selected pool. If you’re satisfied with your current pool then there is no point to change it every week.
Can I stake and then move my coins back to Coinbase or do I have to keep them in Yoroi to stake?
Hello @UncleCharlie
The way staking works is that you register your wallet for staking. Every new epoch (5 days) a snap shot of a total amount of ADA in your registered wallet is staked and rewards are based on that amount. If you remove ADA from staked wallet, then on beginning of a new epoch snap shot will show zero, thus you will get no rewards for that epoch. If you move your ADA make sure it’s back before new epoch starts in order for that ADA to earn rewards.
I personally have 3 wallets for staking. I chose 3 pools and staked equal amounts to them from those wallets. I made a copy of recovery phrases (on paper) and kept 1 address for each wallet saved (so I can add ADA to them). Then I erased all my staking wallets from my PC. Important: If you write down phrases on paper, then write them by hand and write multiple copies and store them on different locations. If you loose recovery phrases your ADA is forever inaccessible.
I have a different wallet for spending ADA and buying NFTs that I keep on my PC.
Reason for 3 wallets and 3 pools is diversification and security (If I had more ADA I would do 5 pools). All 3 pools average over 5% and if one pool experiences issues and stops producing blocks I will still get rewards on the other 2.
Note: Soon they will have an option to stake to multiple pools from the same wallet, so you will not need multiple wallets to stake to multiple stake pools.
Also, I only stake to individual stake pools and missions driven/ charity stake pools. If I see that an organization has 5 or more pools running I will avoid them. This way my ADA supports decentralization.
I use this website https://adapools.org/ to research pool performance and groups before staking.
Hope this helps and happy staking 