Cardano is a blockchain platform using a Proof-Of-Stake algorithm written in the Haskell programming language and designed to create decentralized applications based on smart contracts. Cardano has implemented many unique architectural solutions made possible by an extensive research community. Its representatives publish many peer-reviewed scientific papers on the development of the blockchain project.
This guide will show you how to stake ADA via the Eternl Wallet.
What Is Cardano?
Cardano is PoS blockchain, where ADA is its native cryptocurrency. The primary function of ADA is blockchain transfers. Staking is available for ADA coins. Regular holders can delegate their coins to stake with pool operators participating in a consensus algorithm. Read more about What Cardano is and How it Works.
What Is the Eternl Wallet?
Eternl is a fully functional Cardano light wallet. All functionality users need to communicate with the Cardano network is available in Eternl. Additionally, it has an iOS and Android mobile app and browser extensions for Chrome, Edge, Brave, and Opera. This is how you can access the Eternl Wallet:
- Use your recovery phrase.
- Restore your existing Cardano wallet.
- Import your Eternl .json wallet or Public Account Key (for a read-only wallet).
- Use Ledger or the Trezor Wallet.
Eternl allows users to send and receive ADA and other native Cardano tokens to anyone, anywhere, with the ability to import accounts from any external wallet on the Cardano blockchain. Connecting a wallet to Cardano dApps and registering for Catalyst voting is also possible.
Why Stake ADA?
The main reason for staking Cardano ADA is getting passive income. For that, you need too choose a reliable staking provider, Everstake, for example and the amount of the stake you want to delegate. The bigger amount – the bigger rewards you will get at the end of the staking period. Let’s see how we can stake ADA via Eternl wallet.
If you want to learn more about Cardano staking in general, make sure to check out our guide on How to stake cardano.
How to Create an Eternl Wallet?
To create your wallet, visit the official Eternl website and click the Add Wallet button.
After that, click the Create Wallet button.
Choose your wallet name and password and click the Save button.
As Eternl allows you to create up to 24 accounts, your next step will be to choose the number of accounts you want to create. It’s better to start with one account. You can always add more accounts after your wallet has been created. Choose the number of accounts you want to create and click Save.
Read the warning that appears in the next step. Then confirm you understand the consequences of losing your recovery seed and click the Continue button.
The wallet will generate a set of 24 random words. This is your wallet recovery phrase. Please remember that this information is highly important, so keep it secure. Ensure you have carefully written down your recovery phrase somewhere safe. You will need this phrase to use and restore your wallet. Confirm that you’ve written the phrase down and click Continue.
Note: Eternl is a non-custodial wallet. It means they do not keep a copy of your password or recovery seed. Only you can recover your wallet. If you lose your password and/or recovery seed, your wallet and funds will be irrecoverable. You’ll need to recreate your recovery phrase to prove that you have remembered it. Confirm the recovery phrase and click Continue.
Excellent. You have created your wallet. Check the dashboard for the main functions.
How to Stake ADA?
Staking your ADA contributes to Cardano’s decentralization and security while the network validates transactions on the blockchain via a non-custodial consensus mechanism. Staking ADA coins will earn you rewards.
Step 1. Log In to Eternl and Top Up the Wallet
Open the Eternl dashboard and log in. It is necessary to have ADA tokens for staking. You will first need to replenish Eternl by buying ADA coins and transferring them to your wallet address if you do not have them. Click Receive to see your wallet address.
Step 2. Select the SPO and Delegate ADA
Choose Staking from the menu tab to 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
Type Everstake in the search bar, as shown in the screenshot below.
Click Delegate and enter the spending password to your wallet to confirm the delegation. After that, click the Sign button.
Your transaction will be displayed under Pending Transactions until it is confirmed. Usually, it takes up to 10 minutes.
Conclusion
Congratulations, you’ve successfully delegated your ADA. You will begin receiving staking rewards after 20 days. The Cardano staking yield is about 5% per annum.
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.
