What is Staking?

Staking is the process of earning a percentage of rewards by holding certain coins or tokens. The process varies depending on what “proof of stake” coins you delegate.

What is Cardano / ADA?

Cardano is a proof-of-stake blockchain platform. Its peer reviewed design is intended to solve the scaling, security and decentralization shortcomings other blockchain networks grapple with. 

 ADA is the native asset or the cryptocurrency that lives on the Cardano network.

What is the best way to stake ADA?

There are many options when staking. No matter what type of wallet you choose.  The safest way to stake is through your own wallet. Cardano never requires you give up custody of your ADA to stake and earn rewards.

How many ADA do you need to stake? Is there a minimum?

There is no minimum to stake. Although you will need 2 ADA to register your staking address to the blockchain, which is returned when you un-stake. You will also need .17 ADA for the initial transaction fee.

Is Cardano Staking worth it?

Besides earning rewards, staking your ADA helps with the health of the network. It contributes to the decentralization of the network as well as volatility.

Can you lose your ADA when staking?

Cardano does not slash its own cryptocurrency like other proof-of-stake chains. Staking ADA does not result in loss of ADA. Remember to maintain self-custody and practice proper security measures. (Never share your seed phrases and don’t click anything unless your are sure of what you are clicking.)

How much does Cardano staking pay?

Rewards vary from pool to pool and depending on network conditions. The typical return is between 2% – 5% APY

Where can I get a Cardano wallet to hold my ADA?

Here are a few links to some downloadable wallets;

Nami Wallet / Namiwallet.io

Eternl Wallet / Eternl.io

Yoroi Wallet / yoroi-wallet.com

See tutorial videos for more info at DigitalHoney.io