Staking is a popular way to earn passive income in the world of cryptocurrencies. With Cardano (ADA), users have the opportunity to stake ADA coins and be part of the platform’s consensus mechanism. This guide aims to simplify the process of staking ADA via the Begin Wallet, ensuring a user-friendly experience for all. Let’s dive into the intricacies of ADA staking.
What Is the Begin Wallet?
Built upon the Cardano blockchain, Begin represents the new wave of Web3 platforms and stands as an integral part of the next-generation wallets.
With Begin, users have the opportunity to engage in a variety of actions directly through the wallet. These include swapping native tokens, collecting NFTs, connecting to DEXs, and accessing NFT Marketplaces. Of course, the platform also supports staking.
Begin wallet is accessible across multiple platforms, with a browser extension that is compatible with Chrome, Brave, and Edge, as well as apps designed for Android and iOS users.
Why Stake ADA?
Staking ADA presents an opportunity to earn passive income from your holdings. By delegating your ADA to a stake pool, it’s possible to earn rewards in the form of additional ADA tokens. The amount of rewards you earn is directly proportional to the amount of ADA you stake.
Most importantly, besides earning additional rewards, staking plays a crucial role in safeguarding the Cardano network through active participation in the Proof-of-Stake (PoS) consensus algorithm. If you want to learn more ways of staking Cardano, check out our guide on How to Stake Cardano.
How to Create a Begin Wallet?
To create your wallet, visit the official Begin website and click the Install for Chrome button.
On the extension page, click the Add to Chrome button to approve the installation of the plugin.
Open the Begin Wallet extension and click the Create Wallet button.
After that, enter your wallet name and create the password. It must be at least 10 characters long.
On the following page, you will encounter your Recovery Phrase, consisting of 15 randomly generated words that serve as the access keys to your wallet. This phrase is confidential and inaccessible to anyone else. It is essential to write down the phrase on paper or a secure notepad and store it safely, as failure to remember it could result in the loss of your funds.
Once you have completed this process, proceed by clicking Ok, I wrote it down.
Now fill out the empty spaces with your Recovery Phrase to verify it. Click Continue.
Congratulations! Your wallet creation is complete. Don’t forget to pin the Begin Wallet extension to your toolbar for convenient access.
How to Stake ADA using Begin Wallet?
With your newly created wallet, you are now ready to begin staking ADA. Simply follow the steps outlined below to stake your ADA:
Step 1. Open Begin Extension and Top Up the Wallet
To initiate the staking process, either click the Begin icon located in the top right corner of your browser or access the wallet extension by clicking the puzzle icon and locating it within the Chrome extensions list.
Before you can begin staking, it is essential to possess ADA tokens. If you do not have any, you must purchase ADA coins and transfer them to your wallet address. To get your wallet address, simply click the button highlighted in the image below.
Step 2. Delegate Your ADA
You can start staking when the ADA tokens are in your wallet. Click on the Earn button.
To delegate coins to Everstake, click Stake with Everstake.
Staking partial amounts is not available at the moment, which means the total amount of your wallet will be staked. To confirm, fill in the password and click Confirm.
Done! You successfully staked your ADA. It may take a few moments for the transaction to complete.
Conclusion
The Begin Wallet offers an easy-to-use platform to stake ADA tokens, thereby providing a steady stream of passive income. After an initial 20-day period, staking rewards will begin to flow into your wallet.
Everstake, as a validator for more than 70 blockchains, boasts a dedicated team of community, DevOps, and R&D specialists. Choosing Everstake means gaining a representative for your blockchain community.
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.
