So you heard of Cardano and it’s currency, $ADA, maybe you bought some on an exchange like CoinBase or Kraken.
You can earn interest/rewards by staking! Essentially, you are investing in the ecosystem, by delegating funds to a pool, kind of like holding your money in a bank. You are free to take or move your $ADA at any time, but as long as you hold your $ADA in a wallet delegated to a pool, you earn interest or rewards when that pool mints or adds blocks to the chain.
However, to do this, you need to move your coins in to an independent wallet that is integrated with the Cardano ecosystem. Below we explain how to Stake your $ADA and begin to earn interest.
1 – Buy some $ADA on a reputable exchange, such as KRAKEN or COINBASE in the USA.
2 – Transfer those coins to a wallet that fully supports Cardano ecosystem. A good bet is to use Yoroi which is the official reference developed by the organization that develops the Cardano Blockchain.
Download and install Yoroi Wallet.
3 – Create (“add”) a “Shelley” wallet in Yoroi, make sure to write down your recovery phrase and spending password.
4 – In Yoroi enter your wallet, then go to the “Receive” tab. Copy the one time use receive address from the list. (Will be in black not grey)
5 – Go back to CoinBase or Kraken (or whatever you use) and find the send button. (Coinbase – click on the double arrows, then “send”). (Kraken – click on the double arrows, then “withdraw”).
6 – Enter the amount of $ADA and paste the address in as the destination.
7 – Send!
8 – Now open up Yoroi and make sure it is refreshed (tug down). Your funds will arrive within a few seconds to minutes. (We’ve found coinbase to be much quicker than Kraken at sending)
9 – In Yoroi, go to you wallet, verify the funds have arrived on the Transactions screen.
10 – In Yoroi go to the “Delegate” tab. Search for “MRSP”.
11 – Click on “DELEGATE” !!!
12 – You can check the rewards balance and staking status on the “Dashboard” tab! Expect to see rewards accumulate over time!
If you have any questions, reach out to us on Twitter!