You are new to Cardano staking or to crypto? Don´t know what HODL, ROA, FOMO and FUD mean? Then you are in the right place!
Where can i buy Cardano?
The easiest way to buy Cardano is via your favourite cryptoexchange. There are several options available. To check them out please go to Coinmarketcap (CMC) and look for market pairs (That´s how you find out, where you can buy your cryptos) Here is a link to the Cardano market pairs on CMC: https://coinmarketcap.com/currencies/cardano/markets/
How do i create a wallet?
While there are recommended secure ways to store your Cardano (Ledger or Trezor Hardware Wallet) Deadalus Wallet is a good shot at the beginning.
→ Always and only download from the official website https://daedaluswallet.io/
→ There is NO! mobile Daedalus Wallet at the moment.
→ If you are not sure what to do, please join our telegram channel t.me/lsdpool for support.
After installing, open Daedalus wallet on your PC or Mac, check if your version is up to date. It is normal, that Deadalus takes some time to synchronize after startup. If you just created a new wallet, you need to wait to fully synchronize with the blockchain before you can start any transaction.
Now you can create your first self-governed CryptoWallet. Please follow the instructions word by word. YES it really is important that you don´t lose your SEED (Mnemonic Phrase) or show it to anybody you don´t want to have full control over your funds. After you have double and triple secured your 24 words you can go on.
How to fund my Daedalus Wallet?
You can now copy one of your receiving addresses. There are many of them, which all belong to your wallet. Some people use them over and over again, some use them only once. It is up to you, as you can generate infinite receiving addresses to your wallet. You will need one to withdraw from your exchange balance.
A good practice is to whitelist one address in your exchange and also setup 2fa (2-factor-authentication, like sms, email or google authenticator). After you have funded your Deadalus Wallet by withdrawing from the exchange, you can continue with "How do i stake Cardano" in the Intermediate section.
What is the compound interest effect?
Since ADA rewards are paid out every epoch, your stake constantly grows every five days. This means, if you don´t touch your account balance your stake gets bigger for the next snapshot and next reward calculation.
Do i always control my Cardano?
Yes, Cardano addresses have separate keys for spending and staking. This means that if you decide to stake your ADA tokens, they will never leave your wallet. Plus, Cardano staking doesn’t require your ADA to be locked for some time. You can spend your ADA at any time. This flexibility sets Cardano apart from its competitors.
Choosing a new pool is a good idea?
Definitely yes, new pools need delegators to increase their chance for block production. While you might wait a few epochs (depending on live stake and luck) until the first reward, it will definitely be higher and compensate you for your leap of faith. The decentralization idea of Cardano needs delegators like you, who choose to invest in young, independent pools.
Are there lightweight alternatives to Daedalus?
There are alternatives if you don´t want to download the blockchain. You can use YOROI Wallet (Brave, Chrome, Edge, Firefox, Android, iOS) or adalite.io (Web Wallet, no installation). While you can more or less safely work with mnemonic phrase on Daedalus, we recommend to use a Ledger hardware wallet to save your ADA. With a Ledger hardware wallet you can safely spend and delegate through adalite.io or any other compatible interface.
What return can i expect?
If you decide to stake your Cardano (ADA) for a set period of time, you’ll periodically get a return. This is usually around 5% APY. Smaller pools, that are producing their first blocks have a higher reward in the beginning. Over time this will stabilize somewhere around 5% APY.
When do i get my rewards?
Rewards are paid out every epoch (every five days). At the beginning of every epoch a snapshot of the balance on your delegated wallet is taken. Based on this snapshot and the performance of the pool the amount of your total ADA return is calculated 1 epoch later and paid out 2 epochs later. Your reward is automatically added to your wallet, even if you move or withdraw your balance right after the snapshot.
How to choose the best pool for me?
First have a look on running fees (lowest is 340 ADA) and margin (about 0 to 3 %). The lower the fees, the higher your return. [LSD] Pool works with 0.5% margin and the lowest possible fee of 340 ADA. Next look for the pledge (amount of ADA delegated by the poolowners) the higher, the better [LSD] is pledged with 100k ADA. Check at adapools.org or pooltool.io if the pledge ist met because if not, the pool won´t generate any rewards. Look for the green checkmark.