This guide explains how to stake Cardano (ADA) using the AdaLite Cardano wallet with a Ledger Nano S hardware wallet and finally redeeming your staking rewards.
With Cardano’s Shelley mainnet going live on 29th July 2020, staking Cardano (ADA) now becomes possible. Users can place their ADA in staking balance and delegate that fund to a pool to earn staking rewards. If you own some ADA, the following guide will show how this is done using the AdaLite Cardano wallet (AdaLite).
Always double-check that the website of your AdaLite wallet is adalite.io and not anything else in the URL bar of your browser. Do not fall prey to phishing scams.
AdaLite now provides compatibility with the new Shelley address format and transactions, with a new staking interface for the mainnet.
For this guide, the following assumptions are made:
you already know what Cardano (ADA) is, as we will not be discussing about this cryptocurrency in this article.
you already own ADA, or know how to buy it from an exchange like Binance.
you know how to withdraw or transfer cryptocurrencies from one address to another.
you know the basic operations of your hardware wallet.
You will also need to ensure that your Ledger hardware wallet is updated to the latest firmware. This is done via Ledger Live desktop app.
Note that a Ledger hardware wallet is not compulsory in the procedure below. If you are using AdaLite without a hardware wallet, the hardware wallet steps below may be omitted. However, we would highly recommend using a Ledger hardware wallet for better security and a more convenient way to access your AdaLite wallet.
A. How to Stake Cardano (ADA)
You have just delegated your ADA to a staking pool. Your rewards will eventually show up under Rewards account balance in the panel above, which you will be able to redeem over time.
Note that at the moment there is no option to unstake your ADA. However, the staked ADA is not frozen and you are still able to send ADA out by going to the Sending tab above as usual.
Staking Pools and Rewards
You will likely only see your first staking rewards after 3 epochs or 15 days from the date of delegation. If your ADA is unstaked or removed from delegation before the 15-day period is up, no ADA reward will be deposited for redemption.
For a complete list of ADA staking pools, see adapools.org. Note that different pools have different fees, and you should only select pools that have not reached their maximum limit of 1.0%, shown under the Share/Stake column. To get the Pool ID, click on the name of the pool to visit their website, and copy and paste the Pool ID into the Delegate Stake panel in Step 8 above.
B. Redeem ADA Staking Rewards (Update)
As announced, for those who delegated their stake on or before 8th August 2020, the first staking rewards will be distributed in the epoch that starts on 23rd August 2020. Rewards will be released towards the end of the epoch, i.e. about 5 days after the start of the epoch. The following was recorded on 27th August 2020.
Prerequisites: If your Adalite wallet is secured with a Ledger hardware wallet, you will first need to ensure that your Ledger Nano S is updated to the firmware 1.6.1 or newer, and that the Cardano Wallet on your Ledger Live is updated to version 2.0.4 or later. Otherwise, the redemption procedure below will not work.
Redeeming your ADA staking rewards is quite straightforward:
Congratulations! You have just completed redeeming your ADA staking rewards.
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