How to stake Cardano (ADA) using Exodus desktop Wallet
If you want to use the mobile version, read the instructions in another guide.
How to Create a wallet
The Exodus Wallet supports over 100 cryptocurrencies, has a built-in exchange for exchanging crypto assets, and a decentralized application (DApps) explorer. In the Exodus client, holders can stake their cryptocurrencies by delegating them to validators. Before doing this, you must first create a wallet.
Download the latest version of the desktop client for your OS from the official Exodus website or directly from the links below:
Run the installer file. The program will be installed automatically and the wallet will already be created. You can fund your wallet, transfer, exchange and stake cryptocurrency at Exodus. The Exodus home page will display your wallets and balances. To send and receive cryptocurrency, select it in the list of coins.
Take care of the security of your wallet right away and create a backup copy. This can be done at any time, but it is better to create a backup before funding your wallet. With the help of a backup, you can restore access to coins on another device if your PC breaks down or you reinstall the OS. If you want to go straight to replenishment and staking, then go to the “How to replenish your wallet” section.
To create a backup, open the wallet settings section.
Then select the “Backup” tab, create and enter a complex password. It must be entered when you’re starting to use the wallet. This way, you protect your assets from unauthorized persons who might gain access to your PC or laptop without you knowing. A few tips for creating a password:
- Password must be at least 12 characters long;
- Symbols should be as diverse as possible. Try not to use the same characters, especially those following each other, as well as forward and backward sequences such as 1234, qwerty, or fdsa.
- Include alternate uppercase and lowercase letters and add special characters like $,%, #, &,? and others.
Confirm the password.
Write down and save the seed phrase. More security tips:
- Store the mnemonic password only on offline media: paper or special devices for storing the seed phrase;
- Do not give your seed to anyone and do not enter it anywhere other than the Exodus wallet. The seed phrase is only needed to restore the wallet;
- Move the object that contains the recorded seed phrase to a safe place hidden from strangers;
- Do not take screenshots while recording or copy to the clipboard.
Move your cursor to display the words and write them down in the same order as shown on the screen, then click Next.
Finally, confirm that you have correctly saved the mnemonic password, then click Finish.
The processing of creating a backup is complete. Now you can restore your wallet if you forget your password or lose access to your PC or laptop.
How to fund the wallet
Now we need to send coins to the Exodus wallet so that we can stake them. ADA wallet does not appear in Exodus by default and needs to be added. Go to the wallet section, scroll down the list of coins and click the “Add More” button.
Find the Cardano token in the list of available coins. Use the search bar to quickly find cryptocurrency. Then next to the token, check the “Enable asset” checkbox to display the ADA wallet in Exodus. Then go back to the home page.
Cardano is now displayed in the wallet. Click it to get a top-up address.
Click the “Receive” button to receive the ADA address.
Copy the address to your clipboard and send it to the sender or send the QR code if you are not receiving tokens through an exchange.
Note. Use only addresses starting with “addr1”. This is a new address format that supports staking, unlike the old one. If you send to outdated addresses starting with “Ae2”, then you will not be able to stake ADA tokens.
We have topped up the wallet! This section will also display your transactions. By clicking on a transaction, you will be able to see its details.
Now let’s move on to staking.
How to stake ADA
On the Cardano wallet page in Exodus, click the Earn Rewards button as shown in the image.
Click “Stake ADA” to vote for Everstake.
Note. Please note that Exodus uses the entire amount in your wallet for staking. It cannot be changed.
We have successfully staked tokens and can now receive rewards. They need to be collected manually as soon as they become available.
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