How to stake with ADA


#1

Hi,

I have a bunch of ADA in my Daedalus wallet. As far as know ADA works with PoS. So how does this works? How can I stake my current ADA coins?

Can anybody explain this to me?

Jamal


#2

Staking will not be supported until Q2. The Deadalus wallet will be upgraded to allow staking. Also, they are going to support Cold Wallet staking by delegating your assets to a pool.

Finally, you will be able to stake from an offline Ledger Blue or Nano by allowing a pool stake device to act as a proxy.

Wilbur


#3

You are amazing Wilbur. I get it now! Looking forward to Q2 =)


#4

Hey!

Check out also the roadmap https://cardanoroadmap.com/

You can scroll down to the “Shelley”, the first part under it is “OPEN OUROBOROS DELEGATION” and there you can read more about it and also see the screenshots (the right side).

You will be able to set up your own staking pool, or to choose an existing one. We, as many others, are developing a staking pool - http://cryptogrill.io/ …There’s also http://adapools.io/ and there was someone one more I know of, but I can’t remember the name :smiley:


#5

What are the benefits of staking my ADA? Can i make money doing so?


#6

Yes, think of staking like interest. The network pays you for using your ADA to validate transactions through staking. You can stake ADA yourself or you can delegate your staking rights to a staking pool, which lets you hold your ADA safely in cold storage.

For this convenience you will pay a fee to the staking pool. We have some unconfirmed umbers that put staking “returns” at around 2% per year. It could be more… but we won’t know for sure till numbers are out later this year.

One other thing to consider: Staking ADA is most likely to reduce its availability in the open market and will likely push the prices higher.


#7

And there is no “risk” in staking, correct?


#8

Well there is always risk in staking using your own computer, since it will be connected to internet and prone to hacks. Some may feel confident and stake that way…

BUT if you delegate your staking rights to a pool and keep your wallet cold, there is no risk of losing funds, but you may lose your returns if the stake pool gets hacked.