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 investment secure.
Choose Cardano Wallet: Desktop, Browser Extension, Mobile, or Web
- “Create Wallet” – Select ‘Shelly Era’ if prompted.
- Name the wallet
- Create a Password, the password will be used to confirm transactions, such as sending ADA.
- Write down Password and the given Recovery Phrase.
- Identify secure location to store your Password and the generated Recovery Phrase (a.k.a. Seed Phrase). Do NOT store this highly sensitive information on your phone or computer.
Transfer ADA to Wallet from Centralized Exchange (CEX)
- Navigate to ‘Receive’ tab/button within the newly created wallet, copy 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 of 5-15 ADA.
- Paste the wallet address from step 1a, follow on-screen prompts to complete test transfer of ADA.
- Navigate back to wallet application to confirm the receipt of ADA test transfer.
Delegate ADA within wallet application
- Navigate to ‘Delegate’ or ‘Staking’ tab within wallet. Search “CarPool” (name) or “VROOM” (ticker).
- Delegate the test ADA; follow on-screen prompts to complete delegation transaction.
- Wallet delegation is a one-time thing, ADA can then be added or withdrawn and the staking balance is automatically updated at the start of epochs, see Reward Guide.
- May now transfer additional ADA from CEX to wallet repeating STEP 1.
Optional Steps for increasing wallet confidence and security of assets
- AFTER confirming test ADA transfer but BEFORE sending additional ADA to wallet. Delete wallet and restore wallet using Recovery Phrase. Then transfer additional ADA to wallet.
- Setup hardware wallet such as Ledger or Trezor – Optimal layer of security for your wallet application. Highly encouraged. CarPool Education provides step-by-step classes for hardware wallet setup.
*We strongly recommend the CarPool Education Foundations Course to ensure safety and deep understanding.
Cardano Staking Rewards Cycle
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
Guidance Every Step of the Way
Learn self-custody of your digital assets, yield privately on your investment, and keep everything safely stored at all times. Our professional staff work with you every step of the way.