How to stake your ADA: Daedalus

Daedalus Wallet Setup

For your Daedalus Wallet setup, we recommend that you watch the official IOG video seen above.

An outline of the steps shown in the video are as follow:

(1) Download and Install Daedalus wallet

It is important to only download Daedalus from the official IOG Daedalus website.

For FAQ on installation and other matters, you can visit the IOG helpdesk.

(2) Start and Sync Daedalus

The blockchain will start to verify and sync the entire blockchain. Depending on the specifications of your machine, the sync will take a few minutes or more.

Concurrently, you can select either:

Create a new wallet, or
Restore an existing Daedalus, Yoroi or Paper wallet

If this is the first time you are using Daedalus, please create a new wallet.

If you have a legacy Byron wallet, you will need to first restore the Byron wallet, and then create a new Shelley wallet to transfer all your funds over. This is because staking to earn ADA rewards can only be done using a Shelley wallet.

(3) Create a Shelley wallet

Remember to keep your 24 seed words safe. You should never divulge your seed words on social media or potential phishing sites.

(4) Transfer your funds from Byron to Shelley wallet

Note that small fee of ~0.19 ADA will be deducted for this transfer as a transaction fee.

Now you are ready to delegate to your favorite stake pool.

Delegate to KOPI

(1) Select “Stake pools”

Go to second icon on the leftmost panel, and then select “Stake pools” tab on top.

You will see all stake pools that are available for delegation on the dashboard.

(2) Search for KOPI

Go to “Search stake pools” and type in “KOPI”.

Click on KOPI to see our stake pool details.

For optimal rewards, always select a pool with low “Cost per epoch” (fixed fee), low “Pool margin” (variable fee), and high “Pledge.

Note that in the first few epochs, the rankings will be randomised. The rankings will only reflect performance (relative to costs and pledge) after pools make blocks for a few epochs.

(3) Delegate to KOPI

Select “Delegate to this pool” for KOPI.

Choose your Shelley wallet and confirm your delegation to KOPI.

Note that your first delegation deducts a 2 ADA deposit for staking rights, while all delegations require a transaction fee of ~0.18 ADA.

It is also important to know that delegations will only take effect 2 epochs after current epoch.

For example:

Epoch 0: You delegate
Start of Epoch 1: Snapshot taken
Epoch 2: Delegation takes effect and Pool makes Blocks
Epoch 3: Rewards are calculated
Start of Epoch 4: Rewards are delivered

Please refer to the official Delegation Cycle flowchart below
***Note that the starting Epoch for block-making and rewards calculation/delivery has been postponed for one epoch. Now the first date of block-making will be 13 Aug, rewards calculation will be made on 18 Aug, and the first rewards delivery will be 23 Aug.