How to Stake Cardano (ADA): A Step-by-Step Guide

Introduction

Staking Cardano can be a great option for those who want to hold ADA but earn yield in a safe way while contributing to the network. The steps can be a little daunting, especially the first time you do them. That’s why we’ve put this guide together for you.

Step-by-Step Guide

1. Obtain Cardano (ADA) Tokens
In order to stake Cardano, you need to have it. To obtain Cardano, you'll need to purchase it. You can choose from these popular exchanges.
Platform Coin Price
Nexo Cardano (ADA) 0.81
PrimeXBT Cardano (ADA) 0.81
M2 Cardano (ADA) 0.81
Uphold Cardano (ADA) 0.81
OKX Cardano (ADA) 0.81
YouHodler Cardano (ADA) 0.81
See all 71 prices
2. Choose a Cardano Wallet
Once you have ADA, you’ll need to choose a Cardano wallet to store your tokens. Here are some good options.
Platform Coin Staking rewards
Uphold Cardano (ADA) Up to 1.96 APY
YouHodler Cardano (ADA) Up to 7 APY
MyCointainer Cardano (ADA) Up to 3.02 APY
Bitget Cardano (ADA) Up to 2.5 APY
Binance Cardano (ADA) Up to 2.1 APY
See all 31 staking rewards
3. Delegate Your ADA
We recommend using a staking pool when staking ADA. It’s simpler and faster to get up-and-running. A staking pool is a group of validators who combine their ADA, which gives them a higher chance of validating transactions and earning rewards. You can do this through your wallet’s interface.
4. Start Validating
You’ll need to wait for your deposit to be confirmed by your wallet. Once it’s confirmed, you’ll automatically validate transactions on the Cardano network. You’ll be rewarded with ADA for these validations.

Platform	Coin	Price
Nexo	Cardano (ADA)	0.81
PrimeXBT	Cardano (ADA)	0.81
M2	Cardano (ADA)	0.81
Uphold	Cardano (ADA)	0.81
OKX	Cardano (ADA)	0.81
YouHodler	Cardano (ADA)	0.81

Platform	Coin	Staking rewards
Uphold	Cardano (ADA)	Up to 1.96 APY
YouHodler	Cardano (ADA)	Up to 7 APY
MyCointainer	Cardano (ADA)	Up to 3.02 APY
Bitget	Cardano (ADA)	Up to 2.5 APY
Binance	Cardano (ADA)	Up to 2.1 APY

What to be Aware of

There are transaction and staking pool fees you need to consider. There can also be a waiting period before you start earning rewards. The staking pool will need to generate blocks, and this can take some time.

Latest Movements

Cardano (ADA) is currently priced at $3 with a 24-hour trading volume of $1.27B. The market cap of Cardano stands at $32.98B, with 35.86B ADA in circulation. For those looking to buy or trade Cardano, Uphold offers avenues to do so securely and efficiently}

Market cap: $32.98B
24h volume: $1.27B
Circulating supply: 35.86B ADA

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Frequently Asked Questions About Staking Cardano (ADA)

What is Cardano staking?: Cardano staking involves holding ADA in a wallet to support the network's operations, securing the blockchain, and earning rewards in return. Regularly check crypto platforms like Bitcompare for real-time data and insights on staking options.
How are staking rewards calculated?: Staking rewards are calculated based on the number of ADA you hold and the overall pool performance. Consider using tools from Bitcompare to monitor rates and trends for accurate assessments.
When do I receive my staking rewards?: Rewards typically distribute every 5 days after the staking cycle. Use Bitcompare's email alerts to stay updated on reward schedules and any changes in staking policies.
Do I need to keep my ADA in a specific wallet to stake?: Yes, ADA must be stored in a compatible wallet to participate in staking. Bitcompare offers tools to compare wallet features and compatibilities for informed staking decisions.
Can I still spend ADA while staking?: Yes, ADA can be spent while staked, although spending may affect rewards. Regularly review analytics on Bitcompare to understand the impact of transactions on public staking pools.
Is staking Cardano safe?: Staking is generally considered safe; however, always use reputable platforms like Bitcompare to evaluate pool safety and monitor security updates comprehensively.
What happens if my staking pool performs poorly?: Poor performance may result in lower rewards. Keep informed through Bitcompare's sentiment analysis and news to potentially identify and react to underperforming pools.
Can I switch staking pools?: Yes, switching staking pools is possible without losing rewards. Utilize Bitcompare's platform to compare pool performance metrics and make strategic shifts.
Why should I use Bitcompare for Cardano staking?: Bitcompare provides real-time data, alerts, and insights, simplifying the staking process for Cardano holders. Bookmark their site to regularly access relevant data critical to successful staking.
How do I start Cardano staking?: Begin by choosing a reliable wallet and joining a staking pool. Bitcompare helps to streamline this process with guidance on wallet and pool comparisons to ease new users into staking.