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!
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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 remember to keep your recovery phase safe!!
Worst case scenario is you choose an unreliable stake pool and they didn’t generate any rewards for you. If you keep track of your rewards and the pools performance you may only miss out on rewards for one epoch. Please click here to learn about the affect of ‘Luck Performance’ in our How to Choose a Stakepool Blog.
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. Switching pools will take two Epochs to take affect. As rewards are distributed from the end of each epoch, you’ll continue to receive rewards from your original stake pool for two epochs before your new delegation preferences are applied.
Is there a minimum amount of ADA I need for staking?
Besides the 2 ADA registration fee to start staking, there is no minimum you need to benefit from staking to BonafideADA. You can start earning with any amount of ADA. On average, a person with around 1400 ADA will earn 1 ADA per epoch. People with lower ADA amounts staked still earn fractions of 1 ADA, these are called ‘lovelaces’!
When will I receive rewards after first delegating?
After your first initial delegation, you will begin to receive rewards and after 3 complete Epochs which is a minimum of 15 – 20 days. Then after every 5 days thereafter! Awesome!
Can I delegate to many different stake pools?
In Yoroi, it is possible to delegate to multiple pools using a single wallet, but not in Daedalus. To delegate to multiple pools in Daedalus, you will need to create separate wallets. The stake associated with each wallet can then be delegated to a specific stake pool. It is worth noting that multiple-pool delegation using a single wallet will not be supported on the mainnet.
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!
How much money will I be able to make?
You can use the rewards calculator to get an idea of how much you will earn in rewards. It’s important to note that the calculator produces only reward estimates and shouldn’t be considered definitive or a guarantee of reward amounts. In the future, we will likely test different parameters that may affect reward margins. Amounts calculated are therefore subject to change, but represent a realistic and sensible level of return.
What wallets are supported and where can I find them?
Both Daedalus and Yoroi wallets support delegation within Shelley. You can download your preferred wallet client for our ‘How to Stake’ page in our Cardano Starter pack.
Will the ADA rewards I earn be added to my delegated stake?
Yes. Rewards earned accrue with your original stake. When rewards are received, the balance of your reward account increases – and, consequently, the delegated stake is increased. It all compounds nicely!
I am already delegating my ADA. Meanwhile, I have bought some more ADA. How do I delegate it?
If you send your newly bought ADA to the already delegated wallet. It will automatically be delegated to the same pool to which you are already delegating. Its automatic!
What happens if my computer breaks or I delete the Yoroi extension or my Daedalus wallet?
Your funds are safe if you have backed up your words (phrase) with which you created the wallet. Reinstall Yoroi wallet/Daedalus wallet and initialize it with the backup words. Staking awards are not affected by this events. If you staked before you will get the rewards.
Will I lose my rewards if I switch stakepools?
No. You will get the rewards for the current epoch as the snapshot is taken at the beginning of each epoch.
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.