Staking on Cardano is one of the easiest and safest processes in the blockchain industry; by doing so, your crypto (ADA) never leaves your wallet and is not locked; you can still make transactions or leave the protocol when you decide.
This process requires at least 2 ADA for the deposit (refundable once stop delegating) + transaction cost (~0.17 ADA).
Note: Your wallet is required to hold at least 10 ADA or more.
In order to delegate you need to use specific wallet applications that support it.
Remember to ALWAYS transfer your crypto outside of exchanges (Binance, Coinbase, Kucoin, etc.); even if they claim that their security is the best, don’t trust them, they could be hacked or banned from your country without notice, and you will lose all your coins without any possibility to recover them if you don’t have recovery keys those are not your coins. Keep these keys safe, backup them to an offline device, or buy a cold wallet (Ledger or Trezor). If you lost these keys, you wouldn’t be able to recover the funds in your wallet.
Once you have ADA purchased (in an exchange), you need to transfer them to your chosen wallet. When you create a wallet, the app generates 12, 15 or 24 random words; those are your private keys and must be stored in a secure location.
Tip: You can create a wallet within any of these applications and restore it on another one in case you want to use multiple apps or different devices at the same time.
Note: Your wallet has multiple addresses that can be generated, not only one like most blockchains use; this feature allows you to keep control of your funds by categorizing deposits.
Here are the steps you need to follow to delegate to our CardanoMEX – CMX stake pool in Daedalus Wallet.
Note: This staking procedure will delegate your whole wallet, which takes place at the blockchain level and not on a specific wallet application, so doing these steps from any supported wallet will be reflected on other ones where you synced your keys.
Open Daedalus Wallet and wait for database synchronization because this wallet is an actual Cardano node (at first, this could take several minutes or hours to complete).
Once finished, go to the second button on the lateral panel and click on the tab “Stake pools”.
In the search bar, write the following: “CardanoMEX”, and doing it will update the list, and our pool with ticker “CMX” will appear, click it and press the button “Delegate to this pool”.
A popup will appear; it will inform you about the process of wallet delegation to.
In this step you need to choose a wallet from the listing.
To continue, make sure you have the minimum ADA necessary for registering your wallet to the stake pool; otherwise you would get a message as in the second image.
The app will notify you that you already chose the stake pool CMX (Manually selected at step #1).
Confirm that the selected stake pool is the one that you want, in this case, is our pool that has the following information:
Pool Ticker: CMX
Pool ID: pool1rhepjgtmzjrcgvm3urg5t780d44v5t5enddfv0ps5vjyvefncn6 / 1df219217b1487843371e0d145f8ef6d6aca2e999b5a963c30a32446
Then enter the password that you specified at the moment of syncing your private keys or creating the wallet.
Click on “Confirm”.
Now a message where it says that your wallet is now delegating to our stake pool will appear, and they inform you about the time frame where this action will be effective on the blockchain.
As you can see, this process is so easy.
Once the transaction is confirmed, in the transaction history section, you will see a charge corresponding to the 2 ADA used for the deposit plus the transaction cost ~0-17 ADA.
That’s all needed to delegate to our pool from the Daedalus Wallet application; hopefully, it will help.