This article will discuss how Daedalus wallet staking works. Daedalus wallet staking involves performing staking activities on Daedalus, a full node wallet for staking Cardano’s ADA.
What is Daedalus Wallet Staking?
Daedalus wallet staking involves utilizing Daedalus wallet for staking your crypto asset, most especially the Ada Cardano crypto.
Daedalus helps to provide traders and investors with access to staking ADA effortlessly and fast.
How Long Does it take to Get Rewards on Daedalus Wallet?
Traders and investors who intend on using the Daedalus wallet can get their rewards on the wallet within 15 days. Rewards are usually earned at the end of each epoch.
Staking rewards on the Cardano based network are generally issued after three epochs but bear in mind that there would be some initial delays.
How to Stake Ada on Daedalus Wallet
Investors and traders interested in staking Ada on Daedalus wallet can perform this by following these steps.
Download, Install and Create a Daedalus Wallet
Firstly, download the Daedalus wallet app and create an account before moving ADA. Ensure to download the app from the official website and safe-keep your passphrase.
Open Daedalus and Delegation Centre
From the wallet, choose the delegation center. At the center, you would be able to stake your ADA Cardano. On the delegation screen, click on the “select stake pool” option to select the pool of your choice.
Search for a Cardano Stake Pool
Type in the pool name you would like to delegate ADA on the search bar. Using a Cardano stake pool would entail searching for the ticker name ADAOZ.
Click on the ticker name of your desired pool to get more information about the pool and then select “Delegate” if you would like to delegate ADA to that particular pool.
Ensure you pick a pool that would not reduce your rewards, and bear in mind that each time you delegate your ADA to a specific pool, there would be a small fee that would be charged.
After this, you need to wait for a few more epochs for your wallet to stake and rewards to be calculated the following epoch.
Is Daedalus Wallet Staking Safe?
Staking on Daedalus is very much safe given that you safe-keep your passphrase and login details which is essential to your wallet.
The staking is secured; you do not transfer your coin to any pool; you only delegate it for a while, and also, while staking, you get to earn rewards, and you can decide to unstake your coin at any time.
How to Use Daedalus Wallet
Traders and investors interested in using Daedalus wallet can follow these steps.
Install the Daedalus Wallet
To use the Daedalus wallet, you need to download the wallet version best suited to your device. Make sure to check for the downloaded file on your device and install it.
Create an Address
Some wallets would require you to create an address, but since Daedalus is a high-quality wallet, you do not necessarily need to create a new address. The wallet will automatically generate a new address anytime you send or receive crypto.
Send and Receive Crypto
You can then send and receive crypto using the wallet. To send crypto, select the amount you would like to send, input the receiver’s address and click send.
To receive any crypto-asset, you need to click on the particular crypto, copy the receiving address and send it to the person who wants to send you crypto.
Daedalus Wallet Staking offers an excellent way of making little profit from staking your crypto assets.
Traders can consider the above-discussed ways to stake and use the wallet. We hope this article will help strengthen your understanding of Daedalus wallet staking.
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Watch the video below to learn how Daedalus Wallet staking works:
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