How to Stake? Newbie here

Hi,

Did you run your Daedalus application already? The delegation right now is very primitive.

Short:

  • The network will take 2 ADA as a deposit just one time and return once your delegation stopps.
  • You have to pay transaction fees every time you choose a new pool
  • Contact the stake pool operator for a better feedback and to make them happy or just stay pseudonymous

In Daedalus you will find a new tab: the ‘delegation center’. From here on you will see many stake pools like mine AHOLY.
The pools which have a stake bigger than 1 million produce ~1 block every 5 days and start to give consistent rewards.

Pools like mine with much less stake do produce blocks but much much more rarely. But the idea behind is that the total amount of rewards is the same after a year for the one who delegates.

As soon as multi-delegation feature is introduced in Daedalus, the team of Daedalus will give a proper introduction! Do not forget to support by then also small pools.

Happy staking

Best,
Johann

2 Likes

Hi Johann,

I’m only just running the Daedalus Mainnet 3.3, still syncing.

Sorry, sounds a little daunting, so I just wait till it’s fully synced and then click on the delegation center tab and choose a pool? That correct?

Thanks for the help!

Hi Craig,

exactly.

Once you choose a pool you will need to go through a 3 step dialog.

  1. wallet selection
  2. Stake pool selection
  3. Delegation confirmation

Daedalus is only for the desktop never download it on your mobile devices app store or similar. Unfortunately because of the bull run many scams were online and introduced fake Daedalus.

Best,
Johann

just don’t delegate to bigger pools, try to find new and fresh ones to support.

2 Likes

Will do, thanks for the info guys.

If my Daedalus ever finishes syncing…

Hi Craig,

I was digging in the whole bunch of source of information and this is the most informative piece I could get:

Best,
Johann

3 Likes

Thank Johann much appreciated.

what’s the best way to understand which stake pool will pay the most ?

which ones pay the most ?

i have 2 wallets… uphold & poolin. neither support sending or receiving ADA.
does this mean I have to open another wallet just to use it once, to get ADA, then send it to Daedalus ?
Thanks …
Rich

Hello Richy,

I simply guess that your choice of the wallet was more about the security.

I figured out that the best option is to change to XRP and then withdraw to exchange and then change to ADA.

After this you are welcome to board on with the wallet Daedalus, Yoroi or AdaLite to stake with AHOLY :).

Well all this is valid if your exchange does support XRP and ADA.

Best,
Johann

its a chance game, big pools = steady payments and small rewards, small pools = less chance but big payments eventually
if you can there’s no problem to have two wallets one for the big guy and another for the small guys.
the reason why to support the small pools is for decentralisation and not concentrate everything the same big already convoluted pools.

Hi Johann,
I have installed the web based daedalus … i cannot purchase ada here though … so i’ll have to find an exchange that supports ada and allows me to transfer it out into daedalus. I cannot send anything else into daedalus to trade it for ada.
Does all this sound correct to you ?
What exchange allows me to send ada to daedalus ?

Thanks a lot …
Rich

Hi,

Just to verify quickly.
You mean you downloaded the application daedalus for your desktop computer from the offcial website:

Daedalus does not exist on google apps or app store.

Best,
Johann

Hi,

with respect to your other question.
I am using from Europe Binance UK, Kraken and Kucoin.

All these exchanges allow you to transfer the ADA back to your wallet.

Best,
Johann

P.S.
yes Daedalus does not support the ability to buy ADA.
I heard rumors that the web application Yoroi does support the feature to by ADA but with horrific fees.

1 Like

Affirmative !

I will try Binance.
Thank you very much !

Rich

good luck and again welcome on board to our Cardano community.

how much can you get from staking ada on binance & how much are you getting from staking ada on daedalus ?

https://www.binance.com/en/pos

found it …