How to be a Good Delegator

English General Discussions
1

Hello my friends!
I am still doing my research regards to Cardano and I really see this crypto as a very interesting decision. But as a total newbie I have several general questions (trust me I tried to Google it but answers are not valid sometimes and sometimes they are answering me about different things):

  1. As a Delegator in the system with a Daedalus wallet and after I delegate my ADA to some pool should I have my crypto wallet being online 24/7? I meant that should my PC (node in terms of Cardano) operate 24/7?

  2. Is it safe to use Yoroi instead of Daedalus? It is some online wallet as far as I understand and can be compromised.

  3. Can I increase the amount of my ADA myself and without delegating it to some pool? As far as I understood it is impossible because of the main idea of staking as shared trust and support of the crypto system with shared efforts (as I understand it).

Thank you so much for any answers! I apologize for my English because it is not my native language.

2

Hey @Torrvic

Nope you dont have to. Thats why you delegate your stake to a pool producer which has to be 24/7 online.

Yes Yoroi is secure aswell. The main difference of those 2 wallets is Daedalus is a full node wallet where Yoroi is a lightwallet. Please read more here : Support FAQ

Im not sure what exactly you mean here.

Cheers
Fabian

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3

Hey @Zyroxa

I tried to learn if their is a way to earn rewards yourself and without delegating your wallet to some pool operator. As far as I understood their is no way for doing it except that you can run your own pool. I found that there are two ways of earning rewards in ADA:

  1. Delegate to the other pool or

  2. Run your own pool.

Am I correct?

4

Yes this is currently correct. Maybe there will be some other opinions if DeFi is a thing in the future. But right now there are those 2 options.

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5

G’day Torrvic,

Two other ways of earning ada is to vote on Catalyst proposals and also to serve as a community advisor on the Catalyst project.

Cheers,
D

2 Likes
6

You can also buy more ada from an exchange and send it to your wallet which is already staked. The additional ada automatically becomes staked as well, increasing your staking rewards (and those rewards shared with the pool operator) It’s not really locked in anyway.

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7

By the way, several weeks ago I delegated to a pool and two epoches passed and I received zero. I lost two ADA when started delegating also.
Should I have my Node turned on to obtain rewards or it have no meaning whatsoever?

8

It takes a few epochs to receive the rewards. With Daedalus wallet they are automatically added to your balance, other wallets may require you to withdraw the rewards. What’s the name of the wallet you are you using?
See delegation cycle chart on this page: A detailed guide to staking ADA on Cardano to earn rewards | CryptoSlate

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9

Thanks for answer! I am using Daedalus.

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10

Not every pool is guaranteed to generate rewards every epoch… but over time, most pools if operating properly will average around 5% annually. Your pool may have just not minted any blocks for those epochs. You can use tools like https://pooltool.io/ or https://adapools.org/ to keep up to date on how your pool is performing.