If I understand this correctly, many wallets (including those apps offered by exchanges such as Binance, Coinbase, Kraken, etc) support ADA. However, do they support delegation to the staking pools or they can just stake with the exchanges only? Which wallets support the staking with the staking pools - just Yoroi and Daedalus or there are any other wallets? Thanks.
There is a list (which is abit outdated because in the past few months there were many wallets developed by the community) Cardano Community Support FAQ.
If you stake via an exchange, you dont really participate in the network because the exchanges hold your coins/keys and they mostly delegate to their own pools which speaks against everything a decentralized network stands for.
if you “stake” on an exchange, it’s not “Staking”, but “Lending”.
You lend them your money ($ ADA) and they pay interest.
Of course then they have to lock your ADA.
You never know what they’re going to use that ADA for.
They can lend to margin traders, they can also use your ADA to delegate to their own pools (those pools usually have approximate 100% margin. The smaller the margin, the better for the delegators, but they usually set around 100%. You understand what that means, don’t you?).
Therefore, you should transfer ADA to Yoroi or Daedalus wallet and delegate it to a community pool to contribute to the stability of the Cardano network. And the most important thing is YOUR ADA IS NOT LOCKED ANY SECOND AT ALL, YOU CAN SPEND YOUR ADA AT ANYTIME.
I understand the difference of the “staking” (at least that is how Binance calls it) on the exchange vs staking with a Staking Pool, and I believe my original post indicates that. That was not the question - the question was which wallets allow the latter (staking with the Staking Pool) apart from the two official ones (Daedalus and Yoroi).
Thanks for that list!
Just DL Daedalus and call it a day Bro…
I wouldn’t call it a good option, considering that it does not have any mobile or web/extension version … Having more Yoroi-like wallets would be good though.
I feel you, but it’s all about what you’re looking for. I pledged from AdaLite and don’t trade. I haven’t opened it up in months. I just add ADA to my address from gambling sites and check my balance from pool.pm daily. Everything is done from my iPhone. Maybe check out Nami Wallet. I’ve heard a lot of great things about it.