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How To Stake

Nov 26, 2021 | 2 minutes read

So you own some ADA…

You like our mission…

But you don’t know how to stake your ADA with our pool, aka becoming a so-called “delegator”? Read on…

After talking to some potential delegators, we noticed that there is some confusion around how to stake the ADA. Before we explain how to do it, there is a topic we urge you to think about: What are the risks of staking?

The How-To

The general workflow is like this:

  1. You buy ADA

    • Usually on an exchange (e.g. Coinbase) or thourgh e-banking, etc. If you are a Swissquote user, see below.
  2. You send your ADA to your own Cardano wallet

    • This could be a software wallet on Daedalus or on Yoroi. Yoroi is a browser extension and is more light-weight, which is probably a good starting point. Or it could be a hardware wallet (e.g. Ledger X) which you pair with Daedalus/Yoroi. See here for more options and details for comparison.
    • For example you download and install Yoroi.
    • You create/add a wallet in Yoroi. You probably noticed that you can directly buy ADA from within Yoroi, but we have to admit we never used this function and can’t say much about the workflow.
    • Once your wallet is added, head over to the “Receive” tab and copy an address. You have multiple addresses available, so just pick one, it doesn’t matter which one:
    • Yoroi
    • Head over to your exchange. For example in Coinbase you’ll find a “Send” button in the ADA wallet. That’s where you’d paste the previously copied address from within Yoroi and follow the screen instructions:
    • Coinbase
    • In a few minutes your funds will be transfered to your Yoroi wallet.
  3. Now, from within Daedalus/Yoroi search for BOSON in the delegation/staking tab, hit the “Delegate” button and follow the screen instructions. On Yoroi it looks something like this:

    • Yoroi
  4. Once the delegation is processed successfully, your dashboard should look similar to this:

    • Yoroi
  5. Note that it might take a few days until the delegation is active

At the time of writing, Swissquote does not offer the possibility to transfer ADA to an external wallet, see their FAQ. If you want to delegate your ADA, unfortunately there is no other way than selling your ADA on Swissquote and buying some on an exchange (e.g. Coinbase) that offers the possibility to transfer your funds to your own wallet (and then continue with the workflow mentioned above).