Cardano is a blockchain that utilizes a unique Proof-Of-Stake algorithm and is built on the Haskell programming language. This platform is focused on creating decentralized applications, utilizing smart contracts. The Cardano team comprises of an extensive research community that has come up with many architectural solutions that are not found in other blockchain projects. The project is further backed by a large number of peer-reviewed scientific papers that the team publishes, showcasing their dedication to the development of the platform.
What Is Cardano?
Cardano is a blockchain platform that utilizes a proof-of-stake consensus mechanism. Its native cryptocurrency is ADA, which is primarily used for making transactions on the blockchain. One of the key features of Cardano is staking, which allows holders of ADA to participate in the network’s consensus algorithm by delegating their coins to pool operators. This allows regular holders to earn a return on their investment while also contributing to the security and stability of the network. Read more about What Cardano is and How it Works.
What Is theAdaLite Wallet?
AdaLite is a lightweight online wallet for Cardano token holders (ADA). Users can choose from three connectivity options:
- Using a mnemonic phrase (the fastest one);
- Using a hardware wallet (the most secure one);
- Via an encrypted Keystore file.
The easiest way is to use the seed phrase. However, for the highest security, it is best to connect via hardware wallets.
How to Create an AdaLite Wallet?
To create a wallet, go to the AdaLite website and click “Create New Wallet”.
A window with the seed phrase will open. Write it down on paper or any other medium and keep it in a safe place, hidden from prying eyes. We do not recommend copying the seed phrase and storing it on electronic media, as this is not safe. After you save the mnemonic password, click “I wrap down my mnemonic”. The wallet is created. Now you can log in to your wallet using the seed phrase.
Write it in the “Enter your wallet mnemonic” field, as shown in the figure below, and then click the “Unlock” button.
This opens the wallet interface, which displays all transactions, balance, and staking statistics. Next, we will look at how to top up your wallet.
How to Stake ADA?
By staking your ADA coins, you are actively participating in maintaining the integrity and security of the Cardano network. This process, known as “staking,” involves holding onto your ADA coins and using them to validate transactions on the blockchain. As a reward for participating in this process, you will earn additional ADA coins.
If you want to learn more about Cardano staking in general, make sure to check out our guide on How to stake cardano.
Step 1. Top Up the Wallet
Scroll down to the bottom of the page where your ADA addresses are displayed. Copy any address from the list and forward it to the sender to get the coins. After the coins arrive in your wallet, you can stake them.
Step 2. Select the SPO and Delegate ADA
To stake your ADA tokens, you need to manually specify the address of the staking provider. To delegate coins to Everstake use the ID below:
[EVRST] Everstake ID: ac2d2d66a30cbb3163e68a7073bcd3f9cdd4a11a8af6e2c5653402c7
After you enter the address in the field, the AdaLite wallet will display key information about the validator, such as the name, ticker, fee, and the address of the website where you can find more information about this validator. Pay attention to the fixed cost item – this is the amount that, unlike the usual fee, is deducted from the total profit of the pool, and not from the individual delegate revenue.
In order to get coins, enter the amount of the ADA you want to stake, click the “Delegate” button, and then confirm the transaction. After that, the status will be displayed in the Current Delegation section.
At the end of the review, we will answer a couple of basic questions regarding rewards for Cardano (ADA) staking.
Conclusion
Great job, you have successfully delegated your ADA coins to Everstake! In approximately 20 days, you will start earning staking rewards. On average, the staking yield for Cardano is around 5% per year.
Everstake is a validator for over 50 different blockchain networks, with a team of experts in community management, DevOps, and research and development. By delegating your ADA to Everstake, you will have access to a dedicated representative for the Cardano community.
If you have any questions or need assistance with the staking process, you can reach out to our Cardano Blockchain Manager on Twitter or schedule a call for personalized guidance.
