Cardano Staking: How to delegate (Stake) $ADA with Daedalus wallet and start earning rewards
The easiest way to earn rewards as an ADA holder is by delegating your ADA to a stake pool such as UNIFY. Stake pools are groups of ADA holders that receive monetary rewards for creating blocks on the Cardano blockchain. There is no risk for delegating your ADA, and you do not need to lock your ADA up for any specific period of time. You are free to spend your ADA at any time. Rewards are shared between everyone who delegated their stake to the stake pool.
Staking your ADA with UNIFY is a simple process of purchasing ADA (typically from an exchange like Binance), moving your ADA to the Daedalus wallet, then delegating your ADA to the UNIFY staking pool.
Step 1: Install the Daedalus wallet. You can download the official wallet here. Make sure to only use the official Daedalus wallet.
Step 2: Open Daedalus, and create a new wallet (if you don’t already have a wallet created). Make sure to take your time on this step and properly record your spending password as you will need this password anytime you would like to send ADA. I recommend storing this password in a password manager such as 1Password.
After you click Create Shelley wallet, the next screen will give you a recovery phase. This is a list of 24 words that you NEED to write down on paper and keep it in a SAFE place. You will need this recovery phrase to restore your wallet if you lose access to your computer. Using the recover phrase is the only way to recover your wallet.
Once you have created your wallet, you can now transfer ADA into your wallet from an exchange or another wallet. I wrote a tutorial on how to do this here.
Step 3: Delegate your ADA to a stake pool. After your wallet sync’s with the blockchain, you will see a tab on the left (under the wallet icon) for stake pools. Once you click on this, it will bring up the delegation center and list your wallet(s). Click on the tile to the far right of your wallet to delegate/redelegate to the UNIFY staking pool.
Confirm delegation by entering your spending password. Congratulations! Your ADA is now delegated to UNIFY staking pool and you will start earning rewards for every block the pool produces.
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