How Do I Buy ADA?
You can obtain ADA through online reputable exchanges such as Binance, Kraken or Bitpanda. You can also purchase it on Etoro, but you cannot withdraw the coins to your own wallet. We recommend you always keep your coins in your own wallet as keeping them on online exchanges such as etoro you may be more susceptible to hacking! Not your keys not your ADA!
Is staking safe?
Staking is perfectly safe. You delegate your ADA to our pool from your own Daedallus or Yoroi wallet. You can’t lose your coins because they never leave your wallet. You are always in control of your coins and we never have any access to your coins! When creating a wallet, please keep your recovery phase safe!!
I changed my mind, can I switch stake pools?
You remain in total control over your funds at all times. At any given moment you can switch stake pools or stop staking altogether.
Is there a minimum amount of ADA I need for staking?
There is no minimum you need to benefit from staking to BonafideADA. You can start earning with any amount of ADA.
When will I receive rewards?
You delegate your ADA to a pool and after 3 complete Epochs which is a minimum of 15 – 20 days, you will begin to receive your first rewards! Then after every 5 days thereafter! Awesome!
Can I delegate to many different stake pools?
Yes you can create multiple wallets and spread you ADA across multiple pools that interest you.
Can I use my ADA while staking?
ADA stored on a delegated account can still be spent normally. Your funds are never frozen and you can always use them without any problem. At the turn of each epoch, a snapshot is taken which will be your delegated amount for the forthcoming epoch. People who trade their ADA will often send it back to their wallet temporarily at the snapshot to maximize their staking rewards!
What is saturation?
Saturation is the point when a pool has the amount of stake that the network finds ideal. Saturation is displayed as a percentage. Pools offer increasing rewards up to 100% saturation; then rewards decrease once it is over-saturated. If you are delegating to a pool close to saturation, be sure to have an alert set up so you can switch if it becomes oversaturated. The current saturation is 64m ADA per pool. Let’s hope Bonafide ADA gets there someday!
General Terms you will come across when deciding to participate delegate your ADA
- Block: A record of transactions similar to a page in a ledger.
- Delegation: The process of electing a pool with your ADA to secure the network.
- Epoch: Last 5 Days
- Rewards: Incentives paid to delegators for participating in staking
- Staking: When you assign your ADA in support of a pool to secure the network.
- Pledge: This is the amount of ADA a Pool Operator Locks into the pool and illustrating their commitment to the pool and the network.
- Stake Pool: A Secure node which processes transactions, secures and decentralizes the network & creates blocks.
- K parameter is what helps to decide the saturation value of pools based on the total supply of ADA
Check out this useful guide for newcomers to Cardano staking provided by ADAPools.