How to Delegate ADA and Choose a Staking Pool

What is Delegation?

Delegating ADA is a way to support the decentralization of the Cardano network while earning rewards, without giving up control of your funds. Delegation is safe because your ADA always stays in your wallet, and you can switch pools or stop delegating at any time.

Step 1: Create a Wallet

Before you can start delegating, you need to set up a wallet. The following wallets support the Cardano network:

Download and install your chosen wallet, following the instructions on the official website. It’s crucial to back up your seed phrase and store it in a secure location.

Step 2: Fund Your Wallet with ADA

To begin delegating, you need to fund your wallet with ADA. You can purchase ADA on an exchange and then transfer it to your wallet.

Step 3: Delegate Your ADA

  1. Open the Delegation Section:
    • In Daedalus, go to the “Staking Center” tab.
    • In Yoroi, navigate to the “Delegation List” tab.
  2. Find a Staking Pool:
    • Enter the Pool ID: “pool1hu6l932nzvfj9vvnezt22zud5e7lvk7y0y3paf6dc7u9k680u5w” or search by Ticker “SWIFT” to find our pool, Cardano Swift Pool.
    • Review the pool’s metrics, such as fees, performance, and number of delegators. It’s important to note that larger pools don’t always provide higher rewards. Often, smaller pools with fewer delegated funds can offer better returns over time.
  3. Select the Pool and click ‘Delegate‘. A small transaction fee will be required to confirm your delegation, including a one-time deposit fee of 2 ADA plus the standard transaction fee.

Step 5: Wait for Delegation to Take Effect

After delegating your ADA, the delegation will become active after two epochs. Each epoch lasts 5 days. This means your delegation will start producing rewards after approximately 10 days. However, rewards are calculated based on the staking snapshot taken at the start of each epoch, so your first rewards will be available after three full epochs (around 15-20 days in total, depending on when you delegate during an epoch).

Step 5: Monitor Your Rewards

Once your delegation is active, you can track the pool’s performance and your rewards in your wallet, or using third-party tools like:

Frequently Asked Questions:

  1. Is Delegation Safe?
    Yes, delegation is completely safe. Your ADA remains in your wallet, and no one else has access to your funds.
  2. Can I withdraw my ADA anytime?
    Yes, you can withdraw your ADA or switch pools at any time.
  3. How soon will I receive rewards?
    After you delegate, it takes 15-20 days (or three epochs) before you start receiving rewards. Once the first rewards are distributed, you will continue to receive them every 5 days (one epoch).

Delegate to Cardano Swift Pool

Join our pool to earn steady rewards while supporting the decentralization of the Cardano network.