How to stake Cardano (ADA) via the AdaLite wallet
Tags: Cardano News Today, Staking, Cardano, Ada

After switching to the main Shelley network, users can delegate coins to the ADA instead of running their own node. In this guide, we will tell you how to stake Cardano via AdaLite wallet.

How to create a Shelley wallet

AdaLite is a lightweight online wallet for Cardano token holders (ADA). Users can choose from three connectivity options:

Using a mnemonic phrase (the fastest one);

Using a hardware wallet (the most secure one);

Via an encrypted Keystore file.

The easiest way is to use the seed phrase. However, for the highest security, it is best to connect via hardware wallets. So, to create a wallet, go to the AdaLite website and click “Create New Wallet”.

A window with the seed phrase will open. Write it down on paper or any other medium and keep it in a safe place, hidden from prying eyes. We do not recommend copying the seed phrase and storing it on electronic media, as this is not safe. After you save the mnemonic password, click “I wrap down my mnemonic”. The wallet is created. Now you can log in to your wallet using the seed phrase.

Write it in the “Enter your wallet mnemonic” field, as shown in the figure below, and then click the “Unlock” button.

This opens the wallet interface, which displays all transactions, balance, and staking statistics. Next, we will look at how to top up your wallet.

How to top up the wallet

Scroll down to the bottom of the page where your ADA addresses are displayed. Copy any address from the list and forward it to the sender to get the coins. After the coins arrive in your wallet, you can stake them.

And one more thing: since we created a new wallet, we don’t need to do any additional manipulations. But if you have previously used a Byron wallet, then you need to switch to a new Shelley wallet. To do this, go to the Staking tab and click “Convert to stakable” to convert the balance. After that, you can stake coins.

How to stake Cardano (ADA)

To set up the ADA tokens, you need to manually specify the address of the staking provider. For example, take the Everstake address :

[EVE1] Everstake ID:

pool1uj4u73qgtprqre78q75fq2vkcrpfrcdreqcqkvn6u0m2k6nk2yp

https://adapools.org/pool/e4abcf4408584601e7c707a8902996c0c291e1a3c8300b327ae3f6ab

After you enter the address in the field, the AdaLite wallet will display key information about the validator, such as the name, ticker, fee, and the address of the website where you can find more information about this validator. Pay attention to the fixed cost item — this is the amount that, unlike the usual fee, is deducted from the total profit of the pool, and not from the individual delegate revenue.

In order to get coins, enter the amount of the ADA you want to stake, click the “Delegate” button, and then confirm the transaction. After that, the status will be displayed in the Current Delegation section.

At the end of the review, we will answer a couple of basic questions regarding rewards for Cardano (ADA) staking.

How often will I get rewards?

Rewards are accrued once every era, which lasts for 5 days. After this time, the coins will appear on the balance with fees deducted.

How much will I earn on staking?

The Cardano staking yield is about 5% per annum, excluding pool fees, if you delegate coins. You can calculate profitability using a simple calculator on the site blockchain platforms.

Why choose an Everstake staking pool?

Everstake has proved itself as a validator and works with many blockchains. Everstake delegates can conveniently track statistics on their site. The project team consists of qualified specialists who ensure stable operation of pools without delays and downtime.

If you want to delegate coins to [VRSTK] Everstake, use the ID below:

446109cdad3e7dfc6e0bb4be5ecf25df02fcc2ec8f6df46a3ca2c537

In our blog and social networks you will find even more useful information about staking and major updates. Follow the news and keep up to date with important events.

* * * * *

Website

Twitter

Medium

Telegram

Facebook

Reddit