After the Shelley network update, Cardano developers added the functionality of staking cryptocurrency. Now ADA token holders can delegate their coins to validators and receive passive income of up to 5% per annum. In this guide, we’ll show you how to stake ADA tokens using the Exodus mobile wallet. Read more about What Cardano is and How it Works.
What is Exodus
Exodus is a secure multi-currency wallet available on both mobile devices and home computers. The Exodus client allows you to integrate hardware wallets such as Trezor and also supports cryptocurrency exchange functions right there in the interface. You can download Exodus wallet for your mobile platform by following these links:
Install the Exodus app to start creating a wallet and staking Cardano. If you prefer to use the desktop version of the wallet, read our other instructions.
How to create a wallet
Run the application and on the main screen click “Get started”. If you already have a wallet and want to import using a seed phrase, click “I already have a wallet”.
On the next screen, Exodus will introduce you to the basic functions of the wallet. You can view them or skip this step by clicking “Skip”.
The wallet has been created. So fast and easy! Now you can send and receive cryptocurrency, stake or exchange it directly in your wallet. In order not to lose access to funds and be able to restore the data in case of loss or damage to the device, create a backup copy of the Exodus wallet before using it. Go to the menu tab, which we highlighted in red in the screenshot.
Go to the “Security” section.
Now select “Backup” and start creating a backup. You can also turn on the Touch or Face ID option to protect your wallet from unauthorized persons. Just move the slider to the right.
Read the short instructions for storing your seed phrase: do not pass it on to anyone and write it down on paper only. It is not safe to store your seed phrase on digital devices. If your seed phrase is known to a third party, they can access your funds. When you’re ready to record, click “View Secret Phrase”.
Press and hold the button below to display the 12 words mnemonic password. Write them down in the same sequence that you see on the screen. It is recommended not to take a screenshot while recording the seed phrase. After you write it down, go back to your wallet.
How to top up the Exodus wallet
Now you need to top up the wallet with ADA tokens to stake them. By default, the Cardano wallet does not appear in the Exodus app. To top up, you must first add it. Scroll down the page and click the “Add More” button.
Then, in the list of coins, find Cardano and activate the wallet by moving the slider to the right, as shown in the screenshot below.
Cardano will now show up in the list of available coins. Click on the wallet to continue.
To add funds press the “Receive” button. We highlighted it in red in the image.
Exodus will display a QR code to scan and a wallet address. You can copy the address to the clipboard or send the QR code by clicking the “Share” button for others to send you currency.
Note. Note that Cardano supports two types of addresses: the legacy ones that start with “Ae2” and the new ones that begin with “addr1”. Only new format addresses support staking! Be careful and send tokens only to new addresses.
The wallet has been topped up, and now you can proceed to staking.
How to stake Cardano
In Exodus, you can stake ADA and get 4.91% per annum. To do this, click on the gear icon located in the upper right corner of your Cardano wallet.
Click “Earn Rewards” and then click “Stake ADA.” Please note that by default Exodus stakes the entire amount of your tokens. You cannot enter the amount manually and change it. By default, Exodus delegates tokens to Everstake for validation.
Done! Tokens are staked.
If you decide to withdraw tokens, then on the same page, scroll down the screen and click “Unstake ADA”.
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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