How to delegate/redelegate to a stake pool
Below is a description of how to delegate your ADA to a Cardano stake pool using your Yoroi or Daedalus wallet.
This is a step-by-step guide on how to purchase ADA (Cardano's Native Coin) and transfer it to your wallet in order to be able to stake it in a Cardano staking pool.
MELD WILL NEVER ASK FOR YOUR WALLET INFORMATION!
MELD WILL NEVER ASK YOU TO TRANSFER ADA FROM YOUR WALLET!
There are basically three ways to purchase ADA:
- 3.
Exchanges will vary based on your jurisdiction. For example, some are either only available to US citizens or exclude them. The list below is just a few of the bigger exchanges. In most, but not all cases, you will need to go through KYC.
Onramps allow you to use a bank account or credit/debit card to purchase crypto and send it to EITHER your Yoroi or Daedalus wallet. NEVER SEND YOUR CRYPTO DIRECTLY TO THE MELD ISPO WALLET! Like exchanges, the accessibility of the onramp will depend on your location and citizenship.
Regardless of the wallet you choose you will need to set it up so you can generate an account address.
At time of writing only Yoroi, Daedalus and Ledger Live support delegating to Cardano stake pools.
In all cases you will need to create a seed, think of this as your master password and treat it as such. The seed is everything and should be handled with the utmost care and security. The best practice today is to never put your seed on our computer or in any digital device. Write it down in a notebook and and store it someplace secure, like in safe, lockbox or in a safety deposit box.
In some cases this will automatically happen, but for example on Yoroi and other wallets, you will need to specifically choose an ADA wallet account. With Yoroi you will need to personally name the wallet and choose a Shelley, 24-word recovery phrase, account.
At this point you are ready to transfer funds to your wallet. If this is your first time, it might be a good idea to start by transferring only a few ADA to the wallet as a test to make sure that you've set up everything correctly. Always consult the official documentation and guidance.
Transferring ADA to a wallet is pretty straight forward. In the case of Yoroi there is a "Receive" button in the bottom navigation bar. Find the Receive or Transfer area in your wallet and click on it to get to your account address.
Wallets have their address in different place you will need to find where the wallet keeps the address.
You will use this address to send your purchased ADA to your wallet.
Once you have copied your wallet address then you can use it to transfer the ADA. Transfers are very fast and should be registered within under a minute.
Once you have ADA in your wallet you can now delegate to a stake pool!!
Once you are in the delegation section, you will then need to find the stake pool of your choosing. This is a very simple search process. Type in ticker you desire and you will get the results for the pools with that ticker. Then you need to choose which pool that you want to delegate to.
To delegate you just click on the Delegate button. from there you will be asked to choose how much you want to delegate to that pool. Select the amount and click on the Delegate button and you're done!
4. Follow up on the Cardano stake pools
You can use any of the tools below to follow up on each of the different stake pools.
Last modified 1yr ago