How to Stake ADA
Recommended for Personal Use Only | Schedule Consultation for Business/NonProfit
- Setting up a digital wallet and staking for the first time is a process. It is important to follow each step carefully.
- This protocol lays out the basic steps of setting up a wallet.
- If you do not feel 100% confident for any reason please join the CarPool Education Foundations Course for LIVE, hands-on, step-by-step guidance. Learn the power of self-custody, how to yield privately “like a Bank”, and keep your value secure.
Choose Cardano Wallet: Desktop, Browser Extension, Mobile, or Web
- “Create Wallet” – Select Shelly Era if prompted with a selection.
- Name the Wallet & Create a Password – the password will be used to conrm transactions, such as sending ADA.
- Identify secure location to store the Password and provided Recovery Phrase (a.k.a. Seed Phrase)
- Write down Password and the given Recovery Phrase. Do NOT store this highly sensitive information on your phone or computer.
Transfer ADA from Centralized Exchange (CEX)
- Navigate to ‘Receive’ tab/button within the wallet application – copy the ADA wallet address (i.e. addr1q…)
- Navigate to CEX (e.g. Coinbase, Binance.us, Kraken, Gemini, etc.)
- Navigate to ADA holdings in CEX and select ‘transfer’ or ‘withdraw’; we encourage a test transfer of 15 ADA.
- Paste the wallet address from step 1a, follow on-screen prompts to complete test transfer of 15 ADA.
- Navigate back to wallet application to confirm the receipt of 15 ADA test transfer.
Delegate ADA within wallet application
- Navigate to ‘Delegate’ or ‘Stake’ tab within wallet application. Search “CarPool” (name) or “VROOM” (ticker).
- Delegate the 15 ADA; follow on-screen prompts to complete delegation transaction.
- Wallet delegation is a one-time transaction, ADA can be added or withdrawn and the balance is automatically delegated.
- May now transfer remaining ADA from CEX to wallet application repeating STEP 1.
Optional Steps for increasing wallet condence and security of assets
- ‘Destroy’ and restore wallet from Recovery Phrase before transfer of additional ADA to wallet application
- Setup hardware wallet such as Ledger or Trezor – additional layer of security for your wallet application. Highly encouraged.
*We strongly recommend the CarPool Education Foundations Course to ensure safety and deep understanding.
Cardano Staking Rewards Cycle
- One Epoch is five days in length.
- Newly staked ADA is REGISTERED in the first snapshot following the delegation date.
- Any changes to ADA balance is REGISTERED by the next snapshot.
- Snapshots measure the QTY of ADA present in wallet(s).
- Reward calculations are based on QTY of ADA at time of respective snapshot.
- REMINDER: Unless used as collateral in decentralized financial borrowing/lending products, ADA is always liquid (e.g. never locked or bonded). You are always the custodian of your ADA
Cardano Wallet Guide
- Desktop Wallets – software that is installed and used on a desktop or laptop computer.
- Browser extension wallets – installed in web browser as an extension; quick access icon can be added to brower tool bar.
- Mobile wallets – installed on mobile mobile iOS and Android devices; QR codes can share wallet addresses for receiving ADA.
- Web Wallets – browser based; can be used without downloading or installing any software.
- Hardware wallet – (e.g. Ledger & Trezor) physical devices that optimize security; must be compatible with wallet to function.
Recommended Hardware Wallets
Hardware wallets allow you to store your private keys offline in a physical device, making them invulnerable to attacks and data leaks. Our recommendations pair with specific applications to still enable you to easily buy, sell, and exchange your assets easily and securely.
Guidance Every Step of the Way
Our foundational courses teach you cryto-literacy, security, self-custody, and the power of sustainable yield. Get access to lives class with professionals and support at every stage of your journey.