What You Need to Know
Directly below are instructions on how to delegate with Daedalus, if you are wanting to learn how to delegate with Yoroi, click here.
Using Daedalus Wallet
If you are using Daedalus wallet and wish to stake (or delegate your ADA with LOOPS pool, then you can follow the video listed below or read the instructions below it!
Once you have set up a Daedalus Wallet and it has at minimum 10 ADA, you can begin to delegate your ADA to a stake pool or our stake pool LOOPS.
First, you will want to open Daedalus and make sure the wallet you want to delegate (stake) has at least 10 ADA. To do this you will have to make sure your wallet names are visible by clicking the wallet symbol that is in the top left corner of the application if it is not visible already.
Once you have confirmed that you do have 10 ADA or more, click the constellation icon. This can be found below the wallet icon.
You should now see a countdown to the end of the current epoch (each epoch is 5 days). Below that, you should see your wallet(s). Here you can see what pool you are delegated to and more information.
If you hover your mouse over the last box with “undelegated” in it, it will show the option to delegate your wallet. Click “delegate.”
Once you have clicked “delegate” a window will pop-up. This window will give you additional information on delegating as well as the steps. When you are ready, click “continue.”
Once you have clicked “continue”, you should see that the pop-up is now asking for you to complete step 1. Step 1 is picking which wallet you want to select to delegate. Again, there is a minimum of 10 ADA required for delegation. If you don’t have 10 ADA, you will see that the box around the wallet is red.
Select a wallet that has the 10 ADA minimum or add the ADA required to your wallet. Once your wallet meets the requirements the continue button will be lit up. Then click “continue”.
Next, you will be taken to step 2 where you will be asked to choose a stake pool. You can search for a specific pool by typing in the name, or you can scroll down through the pools and find which one you want to delegate to. Of course, we recommend staking with LOOPS pool, but for resources on different pools, you can follow this link.
Once you have chosen the pool you want to delegate with, in our case LOOPS, then you will click “continue.” Next you will see step 3 which is confirmation. You will be able to verify that you have chosen the correct pool and wallet for delegating or staking your ADA. There is a transaction fee required to initiate delegating, this is a one time fee, but if you switch pools, you will have to pay another transaction fee. Once you have verified everything is correct, put in your spending password and click “confirm.”
Congratulations! You have successfully delegated your ADA to LOOPS pool or any pool of your choosing!
Congratulation image and verification that you have successfully delegated your ADA
Using Yoroi Wallet
If you are using Yoroi wallet and wish to stake (or delegate) your ADA with LOOPS pool, then you can follow the video listed below or read the instructions below it!
This guide will use images from the Yoroi mobile app, but is quite similar and should be followable if you use the Yoroi browser extension. First, you will want to make sure that you have a minimum of 10 ADA in your wallet to delegate. Once you have that, open up the Yoroi mobile app or browser extension. You will have to input your pin code. Once you’ve competed that, you will need to select the wallet you want to delegate.
Once you have selected your wallet, you should be able to see your available funds at the top, and at the bottom, you should see five options: transactions (the one you will be on by default), send, receive, dashboard, and delegate. Select “Delegate.”
Here you will see a search bar where you can search for a pool directly, pick one of the pools that shows up, or sort the pools. We will be picking LOOPS pool as we would recommend you do as well. Though if you want to delegate with other pools, you can get more information on pools here. In the search bar, type LOOPS and click the magnifying glass icon. “[LOOPS] Crypto Loops” should show and click “delegate.”
You will be taken to the last step which is to confirm the delegation. Here you can see the name of the pool you are going to be delegating your stake to “Crypto Loops” and amount of Cardano (ADA) that will be staked. Also you will see the fee of approximately 2.17 ADA. This is comprised of a refundable 2 ADA fee and the ~0.17 ADA transaction fee. Also under the spending password you will be able to see the approximate amount of ADA you will receive each epoch (5 days). To confirm the delegation, you will need to type in your spending password and click “delegate.”
Congratulations! You have successfully delegated your ADA with LOOPS pool. At the bottom, there is the dashboard. Click “dashboard” and you will be able to view how far into the current epoch we are, the summary of your wallet, and what pool you are delegating to. Within “your summary”, you can keep track of your rewards/passive income you have received.
The minimum required amount of ADA you must have in your wallet to stake or delegate your ADA to a stake pool is 10 ADA. This applies to both Daedalus and Yoroi wallets.
Once you pick a pool or LOOPS pool to stake your Cardano (ADA), it will take about 15 to 20 days for your to earn your first reward if the pool successfully develops a block. This is due to the system using snapshots, and it only takes the snapshot at the beginning of an epoch. When this snapshot is taken it will take approximately 3 epochs (15 days) for the rewards to be earned, calculated, and paid out.
Staking is considered safe, that is to mean that when you are staking, your Cardano (ADA) never leaves your wallet. The system will take a snapshot of the balance of the address to determine the amount of Cardano (ADA) that you are staking in LOOPS pool. Then the rewards are earned and calculated. Finally, the Cardano (ADA) that you have earned are deposited directly into your wallet.
Again, all of this is done so that YOUR FUNDS NEVER LEAVE YOUR WALLET!
When you delegate to our pool, you are helping to support Crypto Loops in its mission to develop within the Cardano community as well as the public and businesses outside of the Cardano and cryptocurrency space.
We produce the The Cardano Convo Podcast, a weekly Cardano Podcast. Also, we currently work with First to Lifetime Block alliance (F2LB), an organization that helps to promote the decentralization of the Cardano Ecosystem. Crypto Loops also works to bring cryptocurrency education and updates within the Cardano space.
Our mission is and will be to provide education and information to help guide people through the world of Cardano, cryptocurrencies, and blockchain technologies, and in doing this, we will help people confidently navigate through this new financial era and promote financial freedom through this knowledge.
Together, we can continue to progress. This is why you should delegate with us, Crypto Loops.