Staking with cardano

Hi not sure this is the correct place but just brought a little cardano and want to help out by staking it , but everything I see is about scams don’t trust him , don’t trust her etc , it’s a minefield and although I want to help out and earn a little I definitely don’t want to loose what I have any thoughts ? Thanks

1 Like

There are various good options for folks like you. I’d naturally recommend an approach where you have a good return for your ADA (ROA) and at the same time “Make the world work better for all”.

In this light, you could have a look at ASTOR. It is a non-profit pool run by professionals. On top of what you get elsewhere (with pools of similar size), you could enjoy our monthly extra payments as documented here and here. Some other good options are here.

If you should need help with the technical details of delegating, we can do that too. For now, lets just say: Delegating does not involve sending ADA anywhere (that would be a scam).

1 Like

The process is simple.
Go to cardano.org There under Individuals you’ll find links to 2 officially supported wallets. Install either from those links provided.
Withdraw ada from an exchange to your wallet.
In your wallet choose delegate and a pool of your choice. You will pay 2 ada deposit once and a transaction fee 0.17xx every time you skip to another pool (typically not needed)
By staking you do NOT send your ada anywhere! Anyone asking you to actually transfer ada is a scammer.
Stay safe.

2 Likes

Hi. Given the concern raised in your question about “losing what you have”. Please take note:
1 - NEVER send your ADA to ANYONE. The act of staking absolutely DOES NOT require you to send your ADA ANYWHERE. If in doubt, don’t do it.
2 - Use official wallets (Daedalus and Yoroi)
3 - There is a small cost to staking, i.e., fees to initiate the transaction. I believe currently at around 2.17 ADA (2 ADA is refundable if you ever “unstake” and 0.17 is the cost of the transaction). Again you personally don’t send this ANYWHERE. The wallets handle this transaction on your behalf when you confirm you want to stake.
4 - Finally, go back to point #1, your ADA is always safe when you’re staking. Your original investment is never touched. There’s a topic here “Cost of Staking” where I go into this in great detail and answer many questions.
5 - Chose the pool that you believe is right for you. Choosing the right pool never means you will lose your ADA. It could mean you could be making a bit more with the right choice though, or perhaps contributing to a cause, a pool with renewable energy etc…

Finally, as a pool operator, CPX, that has also just been selected by IOHK for the next cohort of delegation, we’d be happy to have you :slight_smile:

3 Likes