I have a pool with 1 owner wallet (same wallet used for pledge, rewards and staking)
Id like to create a new wallet (preferably in daedalus, but not entirely necessary) and set my pool ownership, pledge and rewards to this new address.
First – i can not seem to find any official documentation showing how to write the required tx to achieve this, and even if i do, i am left wondering what would happen to the original 500 ada deposit when i retire the pool? Would it get returned to the new wallet? Or would i need to revert to the original wallet before retiring?
I am going through the same process now but changing the wallet to a HW wallet.
As I understand, if you have already have a pool running, the new address will fully propagate in 2 epochs after the change.
That’s why you do not replace one address to another, but:
- First ADD another address and change the rewards address.
- In 2 epochs you can transfer your funds from the old wallet to a new one. You need to wait, otherwise your declared pledge will not be met an you will not be making any blocks because of that.
- In another 2 epochs you finally receive all rewards (if any) to an old rewards address and you can remove the old address from your pool.
I hope someone can provide good instructions to the process.
Sincere thanks for responding.
I am still slightly confused so, Id like to try and get this right down to specifics. Let me know if this looks correct to you:
Lets assume we are in the middle of EPOCH 240
For simplicity, i am setting the rewards wallet as the owners wallet (1 wallet for both pledge and rewards)
Generate a NEW wallet and fund it with lets say 100 ADA.
Modify/Update the pool registration to have 2 owners, The ORIGINAL wallet and the NEW wallet generated in step 1 which will combine both totals as pledge, and set the rewards wallet as NEW wallet.
Wait for EPOCH 240 and next, 241, to complete
Send all funds from ORIGINAL wallet to NEW wallet
Modify/Update the pool registration again, using the just the NEW wallet as the owner, pledge and rewards wallet.
After 2 more EPOCHs the ORIGINAL wallet will no longer be attached to the pool and can be considered removed.
At that point, if all of the above is correct. I am only left wondering, when retiring the pool, would the original 500 ADA deposit be returned to the new rewards wallet? Or sent to the original in which case, in-order to get the 500 ADA deposit back, i would need to add the original wallet back as a second pool owner before retiring the pool?
If you want to avoid the hassle of having 2 concurrent owners for the transition phase, you could change the owner in epoch n, and transfer the funds from the old owner to the new owner in epoch n+1.
Do not transfer funds immediately, you would forfeit your rewards for the current epoch
Thank you for this.
I have a considerable amount of ADA, so i want to be careful, redundant and clear.
To be specific, can you please confirm if the following steps are correct?
Lets first assume, existing ORIGINAL pool wallet has a balance of 50K ADA, and 1000 ADA in rewards
During EPOCH n
- Generate NEW wallet address and fund it with roughly 100 ADA
- Update/Modify pool registration with NEW wallet as owner, 100 ADA as pledge, set new wallet as rewards wallet
Wait for EPOCH n + 1 to end
- Transfer all funds 51000 ADA (pledge + rewards balance) from ORIGINAL wallet to NEW wallet
- Update/Modify pool registration to update pledge with new balance bringing new pledge to 51000 (leaving 100 ADA free for tx fees moving fwd)
Then, lets say 6 months from now, i retire the pool. When retirement process completes, 500 ADA Deposit will be sent to the new rewards address
To be clear, a pledged amount and its location must be identical from start to end of an epoch. Because the parameters at the start of epoch n will be checked at the end of epoch n (amount and address).
If you modify your pool owner/pledge amount during epoch n, beware that it is still the previous owner/amount combination that will be checked at epoch transition.
That is why you can modify whatever you want during epoch n, but only act on it really during epoch n+1 (could be the owner account, the amount of pledge or a combination of both).
Apologies, but this is confusing.
I can respect that you are trying to be clear that the pool would lose rewards if the original pledge balance moves during epoch n, hence i wait until n+1 to move the balance.
With that said, i am still left wondering if the steps i’ve outlined are correct. can you kindly let me know if:
the steps i’ve outlined above would be correct? I am assuming yes.
If i retire the pool, the original 500 ADA deposit would be returned to the new rewards wallet address and not the original rewards wallet address. Correct?
If there were documentation on how to do this and not incur any loss i would follow. But given that there is no documentation, i am willing to take a loss of future rewards temporarily due to the temporary low pledge of 100 ADA before transferring the original balance, if i know that i will have transitioned to a new owner wallet address safely.
- You should not wait for epoch n+1 to end, but apply your changes (move of funds) during epoch n+1.
Because at the start of epoch n+1, the new address is taken into account and will be checked at the end of this epoch n+1.
Personally, I prefer to go through the double owner scheme, to avoid any mistakes. But I explained it to you the way I had it explained by IOG DevOps.
- As I understand it, yes. The new rewards/owner will get the deposit back.
During epoch n+1, HUGE Thanks, sincerely! now i am completely clear! Onward and up!