How to Stake

How to Stake with FOX Pool

Delegating your ADA to FOX Pool, or any other Cardano stake pool, is safe and easy. Your funds will always stay accessible in your wallet and you can spend or transfer your ADA any time without affecting the staking rewards you have already earned. You can also undelegate from the current stake pool or change your delegation to a different stake pool at any time.

Choosing your ADA Wallet

Staking is supported by the 2 official wallets for the Cardano ecosystem: Daedalus and Yoroi Wallet. Daedalus is a full node wallet, which means it will download the whole blockchain to your PC/Mac to independently verify the transaction history of the blockchain. Installing Daedalus for the first time and syncing the blockachain will take a few hours to days since there is quite a few GB of data to download. Your PC needs about 30 GB of free drive space for the installation.
A faster way to get you ADA wallet set up is using the light wallet Yoroi. It is an extension for your web browser and will connect to dedicated EMURGO servers to verify transactions. This means it does not need to download the whole blockchain. There is also a Yoroi Wallet for mobile. Both wallets , Daedalus and Yoroi, are safe and easy to use.
Make sure that you always download your ADA wallet from the official websites daedaluswallet.io or yoroi-wallet.com
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Step 1: Download Yoroi extension

Head on over to Yoroi and download the extension that is suitable for you. For this article, we will be using the Chrome extension wallet.
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Step 2: Create a new wallet

There is an option to restore an existing wallet, use a hardware wallet, or create a wallet. For this article, we will create a new wallet.
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Step 3: Create username and password

Next, simply name your wallet and the password you will use to access this wallet. Once that is sorted, you will be prompted with a custom recovery phrase.
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Step 4: Save the recovery phase

Keep the custom recovery phrase somewhere safe and guarded where it won’t be lost. The recovery phrase is needed to restore your wallet to a different computer should you choose to.
If you lose the recovery phrase, you will lose access to the wallet, and the funds contained in it cannot be recovered. Also, note that if the recovery phrase falls into the wrong hands, the other party will have access to all the funds contained in the wallet.
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Step 5: Deposit ADA tokens

Now, some ADA tokens will need to be deposited in the newly created wallet. Click on the ‘Receive’ option and you will be prompted to the next page.
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Step 6: Withdraw ADA tokens from the exchange

You will need to copy the address from your Yoroi wallet and input the address in the withdrawal address on your exchange.
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Step 7: Start delegating the tokens

Click on the ‘Delegation List’ column at the top right to choose a stake pool. It should look something like this.
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If you know the name of the stake pool, then you can simply input the name into the search bar and delegate your tokens. However, if you are unsure where you should stake your Cardano, head on over to these two sites to analyze your stake pool of choice:
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Step 8: Select your stake pool

Select your stake pool, then key in your password, and you are good to go! You have just staked your ADA tokens and can now start collecting staking rewards.
The operation fee varies with different stake pools, and a waiting period of 20 days is needed for approval when you first start delegating. Once the approval is completed, ADA rewards are given at every epoch (five days).
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Step 0: Download Daedalus Shelley Mainnet

If you haven’t already, download and install Daedalus Shelley Mainnet wallet.
Important: Only download Daedalus directly from the official website.
Open Daedalus, select your preferred number and date formats, and wait for the node to sync (this can take a couple hours if this is your first time opening Daedalus).
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Step 1: Restore an existing walletPermalink

If you have not previously created a Daedalus wallet, skip to the next step.
Select “Add wallet” at the bottom of the screen, and the select “Restore”.
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Type in the recovery phrase for this wallet and click “Continue”.
Give the wallet a name and create a new, secure password (recommend using a password manager, such as LastPass to generate a strong, random password).
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Step 2: Create a new Shelley wallet

If you have not previously created a Daedalus Shelley wallet, go ahead and create one by selecting “Add wallet” > “Create”.
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Write down and then type in the generated recovery phrase.
Give the wallet a name and create a new, secure password (recommend using a password manager, such as LastPass to generate a strong, random password).

Step 2: (Byron only) Convert Byron wallet to Shelley wallet

If you did not restore a Byron wallet, skip to the next step.
In order to stake your ADA, you will need to move the funds from the restored Byron wallet into the new Shelley wallet we just created. If you select the wallet on the left navigation pane, you will see a message informing you to move the funds. This message will include a link to do this transfer automatically.
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Step 3: Delegate your stake

Select Delegation Center on the left side of the screen.
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Select the desired wallet and click Delegate (wallet must have at least 10 ADA in order to delegate).
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Select FOX POOL
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Confirm your staking delegation and enter your spending password.
You have now staked your ADA! You will begin receiving staking rewards after the current and next epoch (5 days) have completed. You can see the remaining time of the current epoch in the Delegation Center.
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