Cardano stands out as a versatile blockchain known for its commitment to innovation and dedicated research community. What distinguishes Cardano is its meticulous approach, utilizing extensively peer-reviewed scientific papers to drive its development.
Underpinning the platform is a cutting-edge Proof-of-Stake algorithm written in Haskell. Within this ecosystem, the native cryptocurrency, ADA, plays a pivotal role, facilitating seamless transfers across the blockchain. ADA holders can actively participate in the network’s consensus mechanism by delegating ADA to trusted pool operators.
This comprehensive guide provides step-by-step instructions on staking ADA using CoolWallet.
What Is CoolWallet?
CoolWallet is a cutting-edge hardware wallet designed to provide users with a secure and convenient way to store their cryptocurrencies. The wallet combines advanced security features with a sleek and user-friendly design. It operates offline and ensures the safety of your digital assets. It is a portable device that resembles a standard credit card and can easily fit into your wallet or pocket.
CoolWallet utilizes state-of-the-art technology to safeguard your private keys and protect against unauthorized access. It features a secure element (SE) chip, tamper-proof packaging, and a two-factor authentication mechanism to ensure the highest level of security for your funds.
CoolWallet also comes with a user-friendly mobile app, available for both iOS and Android devices. The app allows you to easily track your portfolio, initiate transactions, and manage your staking activities directly from your smartphone.
How to Stake ADA using CoolWallet?
Staking ADA offers you a multitude of advantages. You can earn enticing rewards and play a vital role in ensuring the network’s stability, fostering decentralization, and potentially enhancing the value of your ADA holdings.
Step 1: Get ready with CoolWallet Pro and download the latest app
To begin the ADA staking process with your CoolWallet Pro, ensure you have the latest version of the CoolWallet app installed on your smartphone. If you haven’t already, you can download it from the App Store (for iOS users) or Google Play (for Android users).
Step 2: Access the marketplace and choose ADA Staking
- Open the CoolWallet app.
- Click on the Marketplace tab at the bottom.
- Locate the Staking section and select ADA.
Step 3: Activate ADA and delegate your ADA address
- If ADA is not yet active on your CoolWallet, tap Activate ADA.
- Long-press the button on your CoolWallet Pro until you see Hello on the card screen. Activation takes about 30 seconds.
- After activating ADA, tap on Stake to delegate your ADA address.
Please note that according to the Cardano mechanism, all of your ADA assets will be staked using the same set of private keys. However, your staked assets won’t be locked during the staking period, allowing you to freely send and receive additional ADA. To initiate the ADA staking process with Everstake, a deposit fee of 2 ADA is required, which will be refunded upon unstaking ADA.
Therefore, select the ADA address for fee payment and click Continue to proceed to the next step.
In case you don’t have enough ADA for staking, you can conveniently purchase crypto or swap your existing crypto for ADA within the CoolWallet app.
Step 4: Confirm the transaction details
- On the Transaction Confirmation page, review all the staking information carefully. This includes the deposit fee, transaction fee, and your wallet address.
- If all details are accurate, proceed to the next step by tapping Continue.
- Connect your CoolWallet Pro to the CoolWallet app by pressing and holding the button on your CoolWallet Pro.
Step 5: Complete the staking process
- Once your CoolWallet Pro is activated and displays the message “Hello”, follow the on-screen instructions.
- Press the button on the card to finalize the staking process.
- You’ve now successfully staked your ADA!
Keep tabs on your uncollected rewards and claim them by visiting the Manage Stakes page in the app. You will begin receiving staking rewards after 20 days. The Cardano staking yield is about 4% per annum.
You can reach out to our Cardano Blockchain Manager on Twitter for any inquiries. If you need assistance with staking, feel free to schedule a call with the Manager for step-by-step guidance.
