I have been staking ADA using Daedalus Wallet for a number of years and want to transfer now to another wallet.
When i try to do so i get a message:
Daedulas cannot process this transaction because of blocked staking rewards. To unblock your rewards go to the Caradano voting power delagation tab and delegate your voting power.
So i go to thedelegation tab but i an not sure what to select for:
Select voting registration type (Abstain, No confidence or Delegate to DRep (default)
Please type or paste a valid DRepID
Can someone explain please so i dont mess it up, thanks
You donât need to transfer to another wallet. You can just import your seed phrase in another wallet app and let it control the same wallet. You also donât have to withdraw rewards, unstake, or deregister your stake key for that. (As far as I know, Daedalus never implemented deregistration, anyway.)
That is a bit early. The requirement to delegate your governance voting power before being able to withdraw rewards will only become relevant on the next protocol upgrade which still hasnât happened yet. So, Daedalus is a bit too restrictive there.
The governance system that is currently introduced has the concept of a âdelegated representative (dRep)â. Each ADA holder can (and to be able to withdraw rewards has to) delegate their ADA as voting power (and only as voting power, there is no financial risk whatsoever) to someone who has registered as a dRep. Or they can register themselves (which requires a 500 ADA deposit).
There are several sites giving an overview over dReps:
Some of them also have more explanations as to what this governance thing is supposed to do.
If you donât want to choose a dRep, donât want to learn all that and decide on the right person to delegate to, you can also actively choose âAbstainâ.
In order to actively oppose the current trajectory of governance, there is also âNo Confidenceâ which automatically votes âNoâ on everything except for âno confidenceâ votes where it votes âYesâ.
Yes, @HeptaSean has said it all, but if you share in our value of amplifying the voices of underrepresented communities, increasing their participation in the ecosystem, and protecting the Cardano Treasury, kindly delegate to Wada DRep. Use the ID: drep155cz0w692c98wgf46zq4cz8sg9z8ycdat3qd39egygz6k2yawm6
I try to separate technical questions and support and the Cardano-political debates. In order to try to solve a concrete problem or answer a concrete technical question, it doesnât matter to me at all how they stand on ideological questions â like if CF is pure evil or if Hoskinson is our lord and saviour.
Just because I try to explain the technology of Cardano to someone, doesnât mean that they have to agree with me on governance questions and I wouldnât want that.
Iâm kind of okay with people advertising their pool ticker in their display name and maybe even a âIf you found this helpful, please consider delegating to my pool.â from time to time (although that also risks becoming annoying). I donât have a pool, but I do not begrudge those here that do a little support. But governance delegation is still more complicated.
What dReps want to do how cannot really be summarised in a couple of sentences ⌠and if they then also will do it and how, is still a different question. If ADA holders have no interest in looking at that at least in some detail, Iâd really prefer if they err on the side of just abstaining.
If we have âDelegate to me!â posts below any question touching governance and delegation, a few things could happen, none of them particularly desirable:
Not many dReps do that, nobody really cares, and they get a few delegations because they somehow seem nice, and the holders are totally overwhelmed, so they just choose this one.
A lot of other dReps also post âNo, delegate to me!â and every single thread degenerates into dRep advertisement collections.
Some users are actually interested and start questioning â âOkay, âprotecting the Cardano Treasuryâ, what exactly do you mean by that? Would you vote against the big budget currently prepared? What would you do to achieve a more fine-grained control? Where do you stand on transaction fee and minUTxO adjustments? How do you plan to evaluate protocol upgrade proposals before voting on them?â â that would be discussions to be had in my opinion, but we should not derail every âWhat is a dRep?â question thread with those.
Thanks for sharing. I take a lot of clues from it to better my DRep process and actions. Indeed, a lot of the points you raised are valid and resonate with me.
@HeptaSean, I have the same question as fuzzyKatt. However, I do not want to bring it to another wallet; I want to bring it to an exchange. I assume this would be possible, right? What are the steps that I have to take to do this?
By âthe same questionâ you mean that you are using Daedalus (or another wallet app that already forces delegation although itâs not strictly necessary at the moment) and want to send (to an exchange in your case)?
You have several possibilities:
Do it with that wallet app: Then, just delegate to Abstain, so that it allows you to send everything to the exchange and youâre done. Delegating to something else than Abstain wonât make any sense, anyway, when youâre immediately sending everything away.
Do it with another wallet app that does not enforce dRep delegation until it is really necessary: You can import/restore your wallet in any other wallet app â Eternl, Typhon, ⌠â using your seed phrase or your hardware wallet. Those should still allow you to withdraw your rewards without delegating to a dRep (or Abstain). Another advantage would be that you can unstake your wallet and get the 2 ADA deposit back that you paid when you started staking. As far as I remember, Daedalus still hasnât implemented that. So, steps would be:
Choose a wallet app.
Import your wallet into it.
Unstake (which implies withdrawing all rewards, some do that automatically, some donât allow you to unstake before you have done it manually).
Yes, i am also using the daedalus app. I donât want to send everything to the exchange but just a part of it. So if I understand it correctly I have have to take the following steps. Currenlty, all of my ADA is staked.
I have to unstake the amount that I want to send to the exchange.
You never have to unstake anything to send it. Thatâs not how Cardano works or has ever worked. The ADA always stay in your wallet and can be freely moved. Moreover, you always stake the whole wallet, you never selected only a part of the wallet to be staked and you can also not unstake only a certain amount.
The governance delegation is also for the whole wallet. So, not âitâ, but the whole wallet.
And that all is only needed because Daedalus will automatically try to withdraw rewards on that send and requires a governance delegation for it.
This reduces your steps to:
Delegate to Abstain
Send whatever you want to the CEX
(I still donât advise to continue using Daedalus. Especially if you are only using it from time to time and then have to sync for hours and days every time you want to do anything on Cardano. But if you want to âŚ)