At the end of July, the Shelley hard fork happened in the Cardano network, which marked the transition of the blockchain to delegated proof of stake (DPoS) mechanism. ADA holders can now delegate their tokens to the bid pool and receive rewards without having to launch their own nodes.
In this simple guide, we will tell you how to stake Cardano tokens (ADA) via the Daedalus desktop wallet to receive rewards.
Read more about What Cardano is and How it Works.
How to create a Daedalus wallet
Before you start, you need to download the wallet from the official website. Daedalus is compatible with Windows, MacOS, and Linux platforms. You can check the specific OS versions and system requirements on the wallet download page. Next, we will describe the process of installing and creating a wallet.
Disclaimer. Download the distribution only from an official source. You can check the origin of the wallet using the PGP signature and SHA256 checksum.
Step 1. The wallet installation
The Daedalus wallet installation is very simple: run the installer file, select a folder to save the wallet file on your local disk, and click “Install”. Then wait for the program to install on your computer.
If you previously had the Byron network’s crypto wallet installed, then you need to transfer the legacy wallet to the new Shelley blockchain. To do this, after installation, wait for the wallet to sync with the new blockchain and restore the outdated wallet using the seed phrase, and then create a new wallet with the new seed phrase. After that, the new wallet should sync with the updated Shelley network.
Step 2. Creating a Shelley wallet
Launch the wallet file. On the start screen, select the language (English and Japanese are available), and then set the displayed format for the numbers, date, and time of the wallet. Continue and accept the terms of the user agreement, then click “Continue”.
Now wait for the Daedalus wallet to sync with the Cardano blockchain. After that, the home screen will load. Click “Create” to create a new wallet.
In the new window, enter the wallet name and password and confirm it. Then click “Create Shelley Wallet”.
The wallet interface will open. You need to add money to your wallet to get coins. Send ADA coins to it. After the coins are displayed on the balance of the crypto wallet, you can proceed to the next stage – staking.
Step 3. How to stake ADA via Daedalus
To do this, go to the Delegation Center section (highlighted in red on the screenshot).
Select the wallet from which you want to delegate ADA tokens and click on it. Next, you will be taken to the section for delegating cryptocurrency. Click the “Delegate” button.
Disclaimer. Please note that the wallet displays the time after which you will be rewarded. It is awarded at the end of each era, which lasts 5 days.
Then select the validator to whom you want to delegate your coins. It is important to choose a reliable validator so that there are no problems. The connection to the Shelley blockchain network must always be stable – the size reward depends on this. If there are failures, the reward may decrease. The Everstake staking provider always maintains a stable connection and has extensive experience in working with various PoS blockchains. In addition, Everstake delegates pay a low fee – only 3%. More info can be found here.
[EVRST] EverstakePool
ID: ac2d2d66a30cbb3163e68a7073bcd3f9cdd4a11a8af6e2c5653402c7
After you have selected a staking provider, enter your wallet password and click “Confirm”.
If the transaction was confirmed successfully, you will see the following message:
We remind you that reward is accrued every 5 days. You will see a detailed diagram of delegation cycles below. We wish you a profitable staking!
If you want to learn more about Cardano staking in general, make sure to check out our guide on How to stake cardano.
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