Staking is the process of locking and holding your assets to work and in return earning a reward. To know more about staking visit. Well, this article is based on how to stake Cardano (ADA) before getting directly into the topic, firstly I will let you know about the Cardano (ADA).
Cardano is an open-source, decentralized public blockchain whereas ADA is its native currency, furthermore, it works on consensus Proof of Stake - (POS).
Where to Stake Cardano (ADA)
Cardano can be staked by using crypto exchanges and the crypto wallet. The most used crypto exchanges that offer Cardano (ADA) staking:
- Kraken
- Binance
- com
- Kucoin
- Daedalus Wallet
- Yoroi Wallet
- Eternl Wallet
- Nami Wallet
- Typhon Wallet
- And NuFi wallet
How to Stake Cardano (ADA)
Do you want to stake Cardano (ADA) but you are still confused about where and how to start? No doubt it is confusing for most investors, but trust me it’s quite simple, here are some key points to stake Cardano (ADA):
- Create an account on one of the famous exchanges and verify the account here. I would suggest Binance. After successful login, you can trade ADA.
- You must have wallet connectivity with the exchange so that you can easily manage ADA tokens. Here you can use Daedalus Wallet or Yoroi App.
Note: I would suggest using the Yoroi app for more time than the Daedalus Wallet just because the Daedalus Wallet takes more storage space and is slower than the Yoroi app.
- Go to the Binance Home page and hit the Trade button.
- Search the ADA to buy it, here it gives you many options you can buy by using USDT, BNB, ETH, BTC, and BUSD.
- For instance, if you want to purchase ADA by using USDT you just have to click ADA/USDT.
- Select the Market, and enter the amount you want to purchase.
- Hit the button Buy ADA.
- After successfully purchasing it's time to withdraw. To proceed with the withdrawal, hit the wallet icon on the top right side.
- Select the option Fiat and Spot after clicking on the wallet icon.
- In the next view hit the button Withdraw and select the coin you want to withdraw here we would select ADA and enter the address of Daedalus Wallet or Yoroi Wallet in the given Address Textbox
- Visit to know the step-by-step guide to get the Yoroi Wallet address.
- Copy the address of the Yoroi wallet and go back to the Binance app and paste the address.
- After successful withdrawal here you can hold ADA safely for the long term.
Note: If you want to save crypto for the long term then always go for the crypto wallet, instead of saving directly on the exchanges.
Conclusion
Cardano (ADA) staking means holding ADA for the long term, you can buy ADA on any exchange like Binance, Kraken, Kucoin, and many others. After successful purchasing always use the wallet (Yoroi or other) to hold the crypto for the long term because it ensures you the security of cryptocurrency furthermore you can fully own it.
