Staking my ADA on Binance.US?

Does anyone have any information on when we will be able to stake our Cardano on exchanges? Would imagine they would have a fairly large pool of coins and get a pretty good return.

I know this isn’t “decentralization” but still curious…

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It’s coming…still in the works/process

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Up to the exchanges. Just keep in mind a very large = pretty good returns is a false premise. Returns depend on pool margin, fees, and performance. Not size, unless the pool is too small to produce any blocks at all.

Smaller pools give higher returns to delegators per block minted. Larger pools give less per block minted but they mint blocks. It evens out at the end. So the deciding factor is… fees, margin, performance, pledge. I don’t think exchanges will have small fees or margins so very likely smaller rewards.

A large pool means more to the pool operator than the delegator because the operator will get more rewards from margin.

Please support your smaller pools :slight_smile:

  • CPX

Thanks for clarifying and I totally understand the “support small pools” narrative I’ve seen here and on twitter. I’m in a unique situation where I’m on the road and not in a permanent residence making me weary of transferring to Daedalus and having a safe place to store my “key phrase” so I’m trying to figure out alternative solutions for the time being for staking. Exchanges just seemed the easiest option thus far I could think of.

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I hear you.
Hope you have 2-factor authentication on those exchanges. Can’t be too careful.

Also I did want to make sure it’s understood that very big pool does not mean better rewards. It’s not just about supporting decentralization… I mean even in full service to your own profit, fees, margin and pool performance are the biggest factors. Also, the biggest pools will eventually saturate and you’ll have to move funds around or you’ll losing on rewards at that point.

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Being on the road, I wonder if your keys could be secured in safety deposit box, perhaps? Idk, just thinking… also I’ve not kept mine on exchanges because supposedly those can be hacked easily.
I’ve transferred to Daedalus without a hitch on my windows laptop, but that was before the Shelley upgrade through Binance. So far, Binance still has a huge quantity of my ADA because they’ve not completed update/upgrade yet.
I am staking with a small pool called AdaNorthPool / Eystein, and he’s been doing a great job with blocks.
So, thanks for letting me share this bit.
Safe travels.

Any update on staking ADA from Binance.US? If not, what are options? Move ADA to another exchange?

I haven’t seen anything from Binance.US on this yet. However, if you live in the USA I think Coinbase listing is imminent here in March and they will probably support staking as well based on past announcements and rumors. Will be an easy way to do it. Also if you have mobile Yoroi Wallet (Google Play and Apple Store app) its an amazingly easy way to stake and keep all your ADA on your phone. Just keep the back-up phrase somewhere hidden and you’ll be good if anything ever stops working or your phone breaks.

I finally switched over to staking on my own and it was the best decision I ever made… no regrets.

Be carefull there is a daedalus app on play store which is a SCAM!!!

Daedalus is available only for desktop
Yoroi is available for desktop and mobile

Download them only from OFFICIAL SOURCES!


Great reminder Alex on the scam Daedalus app!

This is the official Yoroi Mobile App Apple App Store and Google Play for mobile staking. Good luck!

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