4 Steps of Cardano ADA Staking

If you don’t know what is Staking, you are not alone. I encountered this question everyday in many Facebook groups.

Staking or Delegation is the process by which ADA holders “vote” for Pool Operator to run a node in Cardano. Pool Operators will reward you every 5 days (or called an Epoch) for staking with them. The amount of ADA earned is proportional to the ADA the holder owns

There are 2 approaches for ADA staking

  1. Staking at Your own Wallet (Daedalus or Yoroi)
  2. Staking at Exchange such as Coinbase, Kraken, Binance

In this article, we focus to guide you for staking at your own Wallet, particularly Yoroi.

What are the Advantages of Staking in Your Own Wallet?

  • Your ADA never leaves your wallet
  • Pool Operators have NO access to your ADA
  • You can remove your ADA from your wallet at any time
  • You can change stake pools at any time
  • Staking is completely safe

STEP 1. Buy ADA

If you have already ADA coins, they you can skip this step.

You can purchase ADA from several exchanges that sell ADA.

STEP 2. Prepare Wallet

You can follow How to Prepare Yoroi Wallet? article on how to setup Yoroi Wallet.
We will cover on how to prepare Daedalus wallet in future.

STEP 3. Transfer ADA coin from Exchange to Yoroi Wallet

First step is to copy wallet address from Yoroi wallet under “Deposit” tab.

Second step is to go to your exchange and select “Withdraw” menu and paste your Yoroi wallet address in destination address. Double check again the destination address and make sure it identical with your Yoroi wallet address

Third step, make sure you select Cardano for Network field

Click Send, wait for 3-5 minutes, your ADA should be reflected in your Yoroi dashboard

STEP 4. Delegate ADA to KAYA Stake Pool

Last step, follow How to Stake to KAYA Stake Pool? article that shows you on how to stake your ADA to KAYA Pool.

Congratulation, you have completed these 4 steps, just do nothing and get rewarded, at least 3-4 epochs.