Cardano is a general-purpose blockchain project that has made a name in crypto. With a focus on innovative solutions and a dedicated research community, Cardano's development is backed by extensive peer-reviewed scientific papers.
The platform operates on a Proof-Of-Stake algorithm written in Haskell, and its native cryptocurrency, ADA, serves as a means of blockchain transfers. Holders of ADA can choose to participate in the network's consensus through staking or delegate their coins to pool operators.
This guide discusses staking ADA via the Typhon Wallet. Read more about What Cardano is and How it Works.
What Is the Typhon Wallet?
Typhon is a fast, feature-rich, secure web and extension Cardano wallet. Typhon has all the necessary features to interact with the Cardano network and is fully compatible with existing ADA wallets, including:
-
Staking;
-
Send, Receive, and view NFTs;
-
Support of hardware wallets;
-
Multi-Accounts;
-
Multi Delegation;
-
HD & Single Address.
Typhon allows users to send multiple native Cardano tokens, NFTs, and ADA to various wallet addresses in one transaction with a low fee. Registering for Catalyst voting is also possible.
How to Create a Typhon Wallet?
To create your wallet, visit the official Typhon website and click the Access Typhon Wallet button.
To create a new wallet, click the New Wallet button.
The wallet will generate a set of 15 random words. It is your wallet recovery phrase. You can also change the number of words in your passphrase to 12 or 24.
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 I wrote Down The Mnemonic Securely.
You must fill out the empty boxes to prove you remembered your seed words.
Confirm the recovery phrase and click Verify And Unlock.
After that, you must choose the type of wallet you want to create. There are two options:
-
Single Wallet Address. This type maintains and supports only one address for storing all your funds.
-
HD Wallet. This type is the standard type of wallet supported by other Cardano wallets.
Done! You have created your wallet. Check the wallet dashboard for the main functions.
How to Stake ADA?
By staking ADA, you can earn rewards, contribute to the network’s stability, promote decentralization, and boost the value of your holdings.
Step 1. Log In to Typhon and Top Up the Wallet
Open the Typhon dashboard and log in.
It is necessary to have ADA tokens for staking. If you don’t already have them, you must purchase ADA coins and transfer them to your wallet address. A minimum of 5 ADA is required to create a new staking account in Typhon.
You can see your wallet address on the dashboard. Click the Copy Address button or scan the QR code to top up your wallet.
Step 2. Select the SPO and Delegate ADA
Choose Staking from the menu and click the Start button to see the list of staking pool operators. You can search the pool by ticker, name, or pool ID.
To delegate coins to Everstake, use the ID below:
[EVRST] Everstake ID: ac2d2d66a30cbb3163e68a7073bcd3f9cdd4a11a8af6e2c5653402c7
Or type Everstake in the search bar, as shown in the screenshot below.
Click Choose and then click Confirm button for confirmation of the delegation.
Remember that first-time delegation requires staking account registration with a 2 ADA deposit. It will be refunded to your wallet when you deregister your delegation account.
Done! Your transaction is submitted. You will see the confirmation in a few minutes.
Congratulations, you’ve successfully delegated your ADA. You will begin receiving staking rewards after 20 days. The Cardano staking yield is about 4% 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.
If you want to learn more about Cardano staking in general, make sure to check out our guide on How to stake cardano. Also, 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.
