How to earn rewards with Cardano (ADA)?
Updated: Jul 24, 2021
STAKING - DAEDALUS
On this page you will learn how to install Daedalus, a secure, desktop only, wallet in which you can hold your ADA currency. You will also learn how to create and fund your wallet, as well as delegate it to [MYLO] stake pool so you can start earning those sweet rewards.
Download the Daedalus wallet from their official website
Install and open the wallet on your machine.
Note: When opening Daedalus for the first time, it is normal for it to take few hours to sync. This process will be much faster the next time you open it.
CREATE YOUR WALLET
- Create: Creates a fresh wallet with a new recovery phrase. - Pair: Pairs Daedalus with your hardware wallet (Ledger/Trezor). - Restore: Allows you to import an existing wallet using its recovery phrase. - Import: Import from earlier version of Daedalus or from the Daedalus state directory.
IMPORTANT: Save your recovery phrase ONLY in physical form! Do NOT store it on your computer, phone or any other electronic device.
Wait until your wallet is synced to 100%
FUND YOUR WALLET
All of these addresses are connected to the same wallet and its recovery phrase. Once you use an address to receive funds, it gets greyed out. You should only use an address ONCE to protect your privacy.
If you are planning to send a significant amount of ADA, it's always safe to send a test transaction using a smaller amount (~20 ADA) to make sure the address was copied over correctly.
STAKE YOUR ADA
Make sure to type "MYLO" into the search bar to find our pool ;)
Once you finished the remaining steps, your wallet will be delegated to our pool!
A few things to keep in mind: -- All of your funds stay in your wallet. We have no control over them. -- Any funds added to the delegated wallet will automatically be staked (including rewards); you don't have to do anything. -- You will start receiving rewards 15-20 days after your initial delegation. Rewards will then be received at the end of every epoch (5 days). -- A pool is likely to mint 1 block per epoch once it reaches an active stake above ~1.2M ADA.