A year ago when I started my crypto journey I quickly discovered Cardano, along with Ethereum and other major L1 blockchains. I don't really know why, but almost everything seems natural to me in the way things work in Cardano. Maybe, because I am a developer, so I can understand the philosophy and the principles followed by people building that network.
Let's talk about Cardano staking, which helps us get rewards in ADA or in a token part of the ecosystem (through an Initial Stake Pool Offering or ISPO). I really like how staking works on the Cardano blockchain, mainly the fact that you can delegate your ADA directly from the wallet where you hold your coins.
Main things to know about Cardano staking:
- When you delegate to a stake pool, your ADA stays in your wallet, and you are not giving control of the coins to anybody.
- There is no minimum to start staking.
- Rewards are earned at the end of each epoch, which lasts for 5 days. And they are distributed automatically ; so they will just appear in your wallet.
When I started buying ADA, the Yoroi wallet browser extension was the first tool I used to store my coins and start staking. Later I added Etrnl (the new name for CCVault) and Nami to my toolset.
Today, let's go through the process of staking your ADA from a Yoroi wallet.
First, check the delegation list and choose the staking pool you want to delegate to. You can also visit the ADApools.org website directly to get more details about the staking pools before making your choice.
For example, for our demonstration purpose, let's choose to delegate to the ADAStrong pool. But of course, make your own choice.
Once you have chosen a pool, click on the corresponding DELEGATE button to delegate the ADA the wallet holds. You can the confirm the transaction by inputing the password protecting the wallet. Take notice that there are some fees involved for the transaction.
Et voilà! It is done, and you just have to wait for the rewards to come at the end of each epoch.
Hope this has been useful to you if you are new to Cardano staking and the Yoroi wallet.
Stay tuned for more posts about using the Cardano blockchain, wallets and dApps.
