It's been a week since i bought ADA in exchange with my bleo and so far is one of the longest periods being absent and not posting a single word here, well not much to say about that. About that move i have cover that topic in my last post ADA (Cardano) just added to my Portfolio. How CubFinance made me buy ADA and it looks that i did well, i bought ADA almost on par with bleo (1.15 bleo for 1 ADA) and i have already profit.
Staking ADA with Daedalus Wallet
One of the reasons i choose ADA was the possibility it offers to stake/delegate your ADA and get rewards, along with my strong belief that ADA will take a good chunk of the pie shares with its competitors ETH and Polkadot which will impact the ADA's price directly lead me to make that move.
As a reward for their community assistance, those involved in staking Cardano ADA will earn passive income in the form of more tokens whenever their delegate pool validates a block.
As you can see I have already move my ADA in Daedalus wallet (-1 ADA binance fee) which will be the wallet i used to stake my ADA and delegate to a pool. Many will thought that locking your money isn't a wise move (i.e Hive has a very long unstake period which make it difficult to move your funds quick if you need them) but with ADA that's not the case, simple because you can do your ADA whatever you want. Let's take my case as an example, i staked 499 ADA and delegated them to ADAFR pool which will give me ADA rewards after the end of a Cardano epoch (5 days), but for some reason i want to sell some ADA (pumping hard) or just want to send some to a friend i can do that without any delay and the only "penalty" is that my delegation amount will reduced to the amount i used, great isn't it?
When you delegate to a Stake Pool such as ADAStrong, your ADA stays right where it is, in your wallet. First and foremost, we want to convey that when you delegate your stake, you are NOT giving anyone access to or control of your ADA coins. Delegation is facilitated using the Ouroboros protocol. This is the very first provably secure proof of stake blockchain protocol, By design, the protocol protects your ADA from being accessed by any stake pool operator or member.
Your delegation essentially translates into a vote for a specific stake pool that you select to work on your behalf to contribute to the blockchain and earn Cardano staking rewards. When you delegate your stake, your ADA is not moved out of your wallet and is not tied up or locked while it is delegated. You can still trade it, sell it, spend it, or redelegate it at any time.
Now that everything is clear i will cover the delegation procedure with images step by step.
Right below your wallet icon is the delegation center which will use to delegate our ADA. You can navigate and explore everything you want there such as pools rewards etc.
You have to check which pool you like (do not ask much im noob too) to continue the dele process.
Choose your wallet (unfortunately i didn't find any way to adjust the amount so i delegated it all, in my case it's what i wanted to do but if you want to make a specific delegation you have to create a separate wallet and add the ADA you want to dele).
Confirm the pool of your choice.
Here you will see two red sections, one is the network fee (0.166 ADA) and the other one is a standard 2 ADA fee which you will get back once you undelegate your ADA, confirm and you are pretty much done.
Now you can see in green section the epoch, the amount and the pool you have staked your ADA, enjoy your rewards!!
Posted Using LeoFinance Beta