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A detailed guide to staking ADA on Cardano to earn rewards

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Cardano has finally transitioned to Shelley, this allows a fully decentralized network that is running and secured by users staked funds. With the Shelley era of Cardano now well into its second epoch, it’s time users got to know the ins and outs of staking ADA.

Stake pools and staking is finally here

After over five years of development, Cardano has finally become a proof-of-stake (PoS) blockchain. The arrival of Shelley, the blockchain’s staking phase, has brought about a new era both for the network and its users.

But, after much anticipation, the process of staking still remains unclear to many casual users. With the delegation space saturated with the more tech-savvy population, most tend to steer clear from a process that seems as technically daunting as staking does.

However, a combination of clever design and straightforward principles have made staking ADA on the Cardano network accessible and safe to everyone.

Here’s one way to do it using

Installing the Shelley version of Daedalus

Users that want to delegate their ADA holdings to a stake pool and take part in the consensus process on the Cardano network first need to have a Daedalus wallet installed.

It’s important to note that Daedalus is, as of press time, one of two cryptocurrency wallets that supports ADA staking. While various other wallets, including Yoroi, will enable staking in the following weeks. Staking will also be available on exchanges, but the guide will focus on explaining the delegation process for the Daedalus wallet only.

In order to be able to stake ADA, users need to download the Shelley version of Daedalus. After the wallet has been downloaded and synced with the blockchain, users might be required to transfer their funds from their Byron legacy wallets to the Shelley mainnet enabled wallet—this could require a small fee. The sync process could take some time, so users are encouraged to do this early to avoid missing the next snapshot for rewards on 8 August at 21:44 UTC. A snapshot is taken at the beginning of each epoch every five days.

Daedalus also allows users to restore their Cardano wallets by using the recovery phrase.

Once all of the funds have been transferred to the Shelley mainnet version of Daedalus, users can begin the delegation process for staking.

The delegation center on the Daedalus wallet will provide users with a list of their wallets—users can choose the wallet that holds the funds they want to delegate. The selected wallet must contain a minimum of 10 ADA for delegation to be an option.

It’s important to note that it’s possible to create multiple wallet addresses within Daedalus and delegate ADA to different stake pools at the same time.

Daedalus wallet now also supports the redemption of Incentivised Testnet Rewards.
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