REMEMBER: Never send your ADA to an address, that is NOT what staking is.
This should be the ADALite landing page you land on. As the warning mentions above, ALWAYS MAKE SURE YOU ARE VISITING https://adalite.io.
The methods to accessing ADA come in multiple forms:
- Mneumonic
- Hardware Wallet
- Key File
In this tutorial we will use the Hardware Wallet method, by clicking on Hardware Wallet selection so we may access our ADA through a Ledger Nano, shown below.
Before proceeding with the next step, NOTE: If using a Ledger Nano, this works best by plugging it into the USB port.
- Plug your hardware wallet into the USB port where you should already have the Cardano App installed, and your ADA Keys currently in that address on your device
- You will be asked to enter in your password for Ledger Nano, DO NOT have ledger live running at the same time on your desktop, this can interfere with docking
- Once opened navigate to the Cardano APP and open it, then proceed to the next step
Next, select the hardware wallet you are using. As mentioned we will use our Ledger Nano, and click Unlock with Ledger.
Security prompts may ask you to open your Ledger Nano depending on if its your first time accessing the Nano through ADALite. Whether or not you see that popup, click on the wallet that it is showing.
On your device, you will see a prompt, requesting you to Confirm Export of Public Keys. Confirm the export on your device. Once confirmed AdaLite will confirm wallet data is loading.
Once confirmed , your wallet and balances will appear in AdaLite, sometimes AdaLite has some news, you can read through or click to not have the popup show up again.
Next click on the staking tab highlighted shown below:
This will bring up the screen shown below. We will focus our attention on the Delegate Stake section highlighted on the right below.
There are a couple of things to notice in this section:
- Stake Pool ID – Below we go through how to find this, through using ADAPools.org
- Ticker – This is the ticker of the Pool associated with the Stake Pool ID.
- Fixed Cost – This is required by the blockchain for SPOs to charge, it can be set higher, but the current minimum is 340
- Tax – This is the Stake Pools margin, AFTER collecting the fixed cost.
EXAMPLE: Say for simplicity a pool has 1000 ADA in rewards to distribute to those who Stake with the pool.
Let’s assume a min fee of 340 ADA and a tax of 1%.
340 goes to the SPO (stake pool operator). Next the operator will collect any tax if set (in this example 1%. So (1000-340) *1% or 6.6 extra ADA.
The total ADA to the SPO is 346.6 (340 + 6.6)
The total ADA proportionately rewarded to delegators (stakers) is 653.40.
These are simple numbers to give the example obviously.
Next chose the stake pool you want to delegate (stake) to. Note you are not sending your coins to the stake pool address. NEVER DO THIS. That is not staking.
Our choice in pool option will be the DNTR Stake Pool (ticker: DNTR) and we will search this first by navigating to ADAPools.Org
Search the ticker in the search bar DNTR. There are multiple other pools you can support, many have incentives, donate to charities, and giveaways. We are choosing our pool, ticker DNTR, as it returns 2/3rds rewards back to delegators, and donates 1/3 of rewards to charities delegators can choose and have a say in, and we run multiple giveaways to gain delegators.
Next we will copy the Pool ID located at the top of the page next to the Pool name.
Copy what is next to the green checkmark above, and go back into ADALite.
In AdaLite on the staking tab, backspace out the default StakePool ID (ADALite prepopulates a stakepool ID. This i sthe highlighted section shown below. Click into the ID and you will see it is editable. Simply backspace out of this.
Enter in the copied Stake Pool ID from AdaPool.Org and paste it in.
That stake pools information is then populated and you can confirm the stakepool data (tax, fixed cost, ticker, etc), then press Delegate.
Once you press delegate, the next confirmation screen will appear. NOTE you may have to deposit 2 ADA which is returned to you if you discontinue delegation, as well as a txs fee. In this case below it is 0.176388 ADA. No deposit fee is showing because we are already delegating to the DNTR stake pool:
Press Confirm Transaction, and you will be prompted on your device to confirm the transaction details.
Once you confirm your transaction details on your device, AdaLite will now confirm your current delegation and you are now staking! Congratulations!
If you liked this walkthrough, please consider supporting us and our newly created stake Pool Donator!
We are looking for new delegators and offer the following:
- 0.33% Fee – 100% Donated to Charity! Including the 340 ADA fixed fee is donated to charity!
- New stakers can earn $SPE tokens as well every Epoch by confirming they’re BEP-20 address with us and help Save Planet Earth!
- Through 8/31, stake with us and earn the chance to win 1,000 ADA! Learn more here