Cardano (ADA) is a blockchain platform that aims to provide a secure and sustainable ecosystem for decentralized applications and smart contracts. One of the most popular features of the Cardano network is staking, which allows users to earn rewards for holding and delegating their ADA tokens.
This guide will show you how to stake Cardano (ADA) using Gero Wallet, a user-friendly and secure mobile wallet that supports ADA staking.
What is Cardano?
Cardano is a third-generation blockchain platform created to solve the scalability and interoperability issues of previous blockchain networks. It was founded in 2015 by Charles Hoskinson, also one of the co-founders of Ethereum.
Cardano uses a Proof-of-Stake (PoS) consensus algorithm, which is more energy-efficient and secure than the Proof-of-Work (PoW) algorithm used by Bitcoin.
What is The Gero Wallet?
Gero Wallet is the next-generation Web3 wallet named in honor of Gerolamo Cardano, an Italian polymath. It offers a full suite of features for both naive and seasoned enthusiasts, including:
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Purchasing digital assets using fiat;
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Swap tokens;
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Stake ADA;
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Margin trade synthetic assets.
The wallet is available as a browser extension and mobile application. It is a non-custodial wallet, meaning you have complete control over your private keys and funds.
Why Stake ADA?
Staking ADA is a way to earn passive income on holdings. By delegating your ADA to a stake pool, you can earn rewards in the form of ADA tokens. The more ADA you stake, the higher rewards. Staking also helps secure the Cardano network by participating in the PoS consensus algorithm.
If you want to learn more about Cardano staking, check out our guide on How to stake Cardano.
How to Create a Gero Wallet?
Before you start staking ADA using Gero Wallet, you must create a wallet. To create a wallet, first, install the Gero Wallet on your iOS or Android mobile device. You can also download Gero Wallet Extension for your browser. Go to the official Gero Wallet website and choose the best option.
This guide will show you how to stake ADA via the Gero Wallet Chrome extension.
Step 1. Install the Gero Wallet Extension
Click the Download button.
On the extension page, click the Add to Chrome button to approve the installation of the plugin.
Step 2. Create a Gero Wallet
Open the Gero Wallet extension, select the language, and click Get Started.
Then choose the option that fits you better: create a new wallet, import the existing one, or connect the hardware one.
Step 3. Create Password
Choosing a strong password to protect your wallet is crucial. Make sure to memorize the password or keep it in a safe place. Finally, read the Terms of Use and click the Set Up Password button.
Step 4. Write Down the Secret Backup Phrase
On the next page, you will come across your Secret Backup Phrase, which comprises 15 randomly generated words that function as the entry keys to your wallet. This phrase is private and inaccessible to others. Writing down the phrase on paper or a notepad and keeping it safe is crucial since not remembering it may lead to losing your funds. After completing this step, click Continue.
Step 5. Confirm Secret Backup Phrase
Now fill out the empty spaces with your secret backup phrase to verify it. Click Continue.
Step 6. Customize Your GeroWallet
During this step, you should create your wallet name. It’s also possible to customize the cover of the wallet.
Done! You’ve just created your wallet. Remember to pin the Gero wallet extension to the toolbar for easy access.
How to Stake ADA using Gero Wallet?
Now that you have created a Gero Wallet, you can start staking ADA. Follow the steps below to stake ADA using Gero Wallet.
Step 1. Open Gero Extension and Top Up the Wallet
Click the Gero icon on the top right of your browser, or click the puzzle icon to find the GeroWallet extension in the Chrome extensions list.
To start staking, you should have some ADA tokens. If you do not have one, you need to purchase ADA coins and transfer them to your wallet address. To copy your wallet address, click on the button marked in the picture below.
Step 2. Select the SPO and Delegate ADA
You can start staking when the ADA tokens are in your wallet. Click on the Stake button. After that, click on the Start Staking button.
You will see the list of staking pool operators. You can delegate with an ID or SPO ticker. To delegate coins to Everstake, use the ID below:
[EVE1] Everstake ID: e4abcf4408584601e7c707a8902996c0c291e1a3c8300b327ae3f6ab
After that, click the Continue button.
Staking partial amounts is not available at the moment, which means the total amount of your wallet will be staked. To confirm, fill out the password and click continue.
After that, you should confirm the staking by clicking the Confirm button.
Done! You successfully staked your ADA. It may take a few moments for the transaction to complete.
Conclusion
Staking ADA using Gero Wallet is a simple and secure way to earn passive income on your ADA holdings. You will begin receiving staking rewards after 20 days.
By following the steps outlined in this guide, you can easily create a Gero Wallet and stake your ADA tokens. Remember to choose a reputable stake pool to maximize your rewards.
Everstake is a validator for over 50 blockchains and has a dedicated team of community, DevOps, and R&D specialists. You get your blockchain community representative with Everstake.
Feel free to contact our Cardano Blockchain Manager on Twitter. Or, if you need any help with staking, you can book a call with the Manager, who will guide you through the process.
