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Stake with Daedalus wallet

How to stake with Mylo using Daedalus wallet

Daedalus is a desktop wallet and has all the features supported by Cardano.  While initial setup may be slow, it is a comprehensive wallet that validates all blocks in a blockchain before transacting. Here are step by step guidance how to stake with Mylo using Daedalus wallet.

  • If you haven't already bought any Cardano coins (ADA), please use an exchange to buy ADA.  I recommend Coinbase or Kucoin to buy ADA from anywhere in the world.

  • Download and install Daedalus wallet from the official website.  It works on macOS, Windows & Linux.

  • Once installed, open the application.  Below screenshots are from Daedalus running on macOS.

Staking with Yoroi: Crat Wallet

Create Wallet

Create your first wallet as shown below:

yoroi first screen
Yoroi create wallet

Name your wallet and create a strong password.  You will need this password every time you spend from your wallet. Click Continue.

Yoroi Create wallet

Here you will be shown your recovery phrase.  Please take extra care not to disclose it to anyone.  Write down the recovery phrase in a safe place.  Select the "I Understand" button in the subsequent screens a couple times.

Recovery phrase
Keep your recovery phrase safe

You are now shown the dashboard of your new wallet.  Notice that you have zero ADA at this moment.  Our next step is to transfer ADA from the exchange where you bought ADA.

Transfer funds to your wallet

To transfer funds, select the Receive tab at the bottom of the screen as shown below:

Yoroi Dashboard

Here you may already see one or more addresses under the Unused addresses section.  If not, select Generate New Address.  Copy one of the address by selecting the copy icon.  Use this address to withdraw your funds from your exchange.  Wait for a couple of minutes for your funds to arrive to your wallet.

Generate new adress
Copy address

Once you have funds available in your wallet, it is time to delegate your funds to MYLO pool.

Transfer funds to your wallet

Select either the Delegate tab at the bottom of the screen or the Staking Center button as shown below:

Staking Center

Once you are in the Staking Center screen, type "MYLO" in the search field and hit the Search icon.  You will now find MYLO pool information as shown below.  Click Delegate button and follow the steps as presented.

Search for MYLO
Delegate to MYLO

Congratulations! you just delegated your stake to MYLO pool.  Thanks for your support in decentralizing Cardano by supporting single pool operators.

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.

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