Delegate your ADA
Now that you have acquired your ADA it’s time to delegate it. Why delegate your ADA? That’s how you increase your amount of ADA without buying more. This is the basic principle of Proof of Stake. Without getting into the nitty gritty of it, Proof of Stake is how new ADA is generated and distributed to the existing holders of ADA. The steps are pretty straightforward.
For this guide, we’re going to use Daedalus. If you have questions about how to delegate using different wallets, reach out directly to us and we’d be happy to help.
STEP 1 : CLICK ON THE NETWORK TAB
Specifically, open up your Daedalus, Mainnet wallet. Then, wait for it to fully sync and click on the network tab on the left.
STEP 2: CLICK ON THE STAKE POOLS TAB
This is the built-in stake pool browser within Daedalus. You will see a list of all available stake pools. Search for the ticker for the pool that you would like to delegate to (like CANUK).
STEP 3: DELEGATE YOUR WALLET
Click on the tile for the pool that you’d like to delegate to. Then click on “Delegate to this pool”. You will be asked to select the wallet that you’d like to delegate. Select your wallet and confirm.
That’s it! You’re done! Prepare to receive your rewards two epochs from now. If you’re curious about when you’ll receive your rewards, check out our article outlining the schedule for rewards (aka the delegation cycle).
Lastly, this process will change slightly when IOHK introduces portfolios and the ability to delegate partial wallets. Stay tuned as we’ll create a similar tutorial and cover the release of this feature in some detail.
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