Cardano staking
Tutorial: How to stake Cardano (ADA) with Innovatio in 3 easy steps
Learn how to contribute to Cardano’s security while earning a reward in return
Staking is the process through which users of a proof-of-stake network — such as Cardano — lock their funds to contribute to the protocol’s security. In return, they earn a reward proportional to their stake.
But how exactly can you, a Cardano user, participate in staking? This article will guide you through the process step by step.
Step 1: Open your Cardano wallet
Cardano staking is easier and more straightforward than other proof-of-stake networks. You can do it directly from your non-custodial wallet through a frictionless, simple set of steps.
The first thing you need to do is open your Cardano wallet.
If you don’t have a wallet account, make sure to check our tutorial on how to set one up!
Whether you use a native Cardano wallet like Yoroi or Daedalus; or a multi-chain wallet like Exodus, your wallet provider should have a “Staking” section. Make sure you find it and click on it to get started.
Note: Depending on your wallet, the staking section may be under a different name. Some possibilities are “Delegate” or “Rewards.” In Yoroi, this section is called “Delegation List.”
Step 2: Choose the pool you want to delegate to
Cardano is famous for being one of the most decentralized networks in the crypto ecosystem. There are over 3,000 stake pools providing security to the network, with more coming online every day.
As a consequence, you’ll have to look up the pool you want to delegate to. To facilitate this process, pools have a unique tag called “ticker.”
To find the Innovatio Pool, click on the search bar and enter “INNV” on it. This is our pool’s ticker. Press “Enter” or click on the magnifying glass icon to look for the ticker.
After you find it, click on the “Delegate” button.
Step 3: Delegate your ADA
Once you hit the “Delegate” button, a pop-up window will appear, requesting you to confirm your delegation transaction.
Here, double-check that the stake pool is effectively the Innovatio Pool.
Then, select the amount of ADA you’d like to delegate to the pool. You’ll see an estimation of the reward you will earn per epoch (5 days) for your stake.
When you’re done, click on “Delegate” once more.
You’re all done!
Congratulations! You’re now staking ADA with Innovatio and earning rewards while you sleep.
Bear in mind that there is a 20-day waiting period for approval when you first start delegating, so don’t worry if your stake or rewards don’t show up immediately.
Need additional help? Want us to guide you through the staking process? Follow Innovatio Pool on Twitter and send us a DM. We’ll be glad to help you!
If you have any questions or doubts, or need further guidance, don’t hesitate to contact Innovatio on any of our social channels.