Cardano is a a Proof-of-Stake blockchain network that poised to be the biggest competitor to Ethereum network. Like Ethereum, Cardano supports robust smart contract. Unlike Ethereum (the 1.0 version), it is more energy-efficient with a low network transaction fee.
Cardano is founded by Charles Hoskinson, who happens to be the co-founder of Ethereum. It is built based on a set of philosophical ideas, developed by academic experts and constantly being peer-reviewed. Some key issues Cardano sets to solve includes blockchain scalability, interoperability and sustainability.
ADA is the native token on Cardano, which can be used for transactions and staking. At the time of writing, Cardano's Ada is the fifth-largest cryptocurrency by market cap and the second-largest PoS blockchain by the same measure (data from coingecko).
Ledger Hardware Wallet
If you prefer to use a Ledger Hardware Wallet, you could use AdaLite or Yoroi wallet interface to manage your ADAs, including staking. Please check out the Ledger guide for the details.
If you prefer a desktop wallet, there are several choices on the market, please do your own research. Both Yoroi and AdaLite can be used as a stand-alone software wallet. Daedalus desktop wallet is another popular choice among ADA holders.
Staking ADA could help you gain rewards while securing the network as a whole. If a stake pool operators is selected to mint the next block, the pool will receive a reward and the rewards are shared proportionately with each member that has delegated to this pool. The more delegation a pool receives, the bigger chance it has to be selected as the next slot leader.
Forbole stake pool on Cardano
Forbole has established a stake pool on Cardano and it is live since August 2021. Our team has set up advanced monitoring tool to make sure our nodes maintain a good performance and react to incidents promptly. As an experienced professional validator on 28 networks, our team is confident that we could serve our delegators right.
Pool ID: be83111ec4e29494b880bd5324494eb9651b95c11b7e6ca74e8115f7
Delegating your ADA to Forbole
Here we are going to use Yoroi wallet as an example to walk you through the process. Please note that this does not mean we have any preference, nor do we have any collaboration with Yoroi wallet team.
Make sure you download the correct version from Yoroi official website, or Google Play Store for Android version/App Store for iOS version. We are using Yoroi Chrome Extension version as an example. The UI/UX design is quite similar in various versions.
- Open your Yoroi wallet and go to Delegation List.
- Type "Forbole" in the search box.
- Click the search icon.
- Click delegate to go the next screen.
In the next screen, you would be asked to fill in the delegation amount and see the amount of the transaction fees. Once this is done, if you are using the stand-alone software wallet, you would be asked to put in your password and confirm the delegation. If you are using Ledger Hardware Wallet with Yoroi or AdaLite, you would need to confirm the transaction on your Ledger device.
- Unclaimed rewards are automatically staked.
- You can only stake to one staking pool at a time in one wallet, especially with Daedalus Wallet.
- If it is your first time delegating with a new wallet, you will be charged a wallet registration fee and the transaction fee.
- Your rewards are calculated and paid out every 5 days after your stake becomes active and the pool mints a block. Thus it is important to choose a pool that can actively create blocks.
- On average, the annual return is around 5% per annum. You could calculate your rewards here.
- Though the overall procedure is similar across different wallets, the naming can be somewhat different. For example, in Daedalus Wallet, you would need to go to Delegation Center -- Stake Pools to search for Forbole then delegate. Just remember, search "Forbole" in any circumstances would point you to us.
- Redelegation from one pool to another can be done any time, though the redelegated stake will remain in the current pool for two more epochs. Rewards are distributed from the end of each epoch, so you'll continue to receive rewards from your original stake pool for two epochs before your new delegation preferences are applied.
ADA hodlers, we look forward to serving you! Please don't hesitate to reach out if you have any questions with your ADA staking. To get in touch with us: