In order to start staking you need to own ADA, the native token of the Cardano blockchain. If you already own ADA, congratulations! You can skip ahead to Step 2, if not…read on.
Most people buy ADA through well known exchanges. There are many, many different exchanges that sell Cardano (ADA). Some of the more well known ones include Kraken, Binance, Coinbase, Bybit and Phemex just to name a few. Also be aware that there are country restrictions on which exchange you can use based on what country you live in. Please do your own research to see what works for you and what exchange is legal to purchase from in your country.
DOWNLOAD a Cardano Wallet
Next you will need to download a software wallet. This is where you will store your ADA when you remove it from the exchange through which you purchased the asset. The two most highly utilized software wallets are Yoroi Wallet and Daedalus Wallet. Both wallets work similarly but Yoroi tends to be a faster setup and is more intuitive and easier to use for beginner users while Dadedalus is more advanced in terms of functionality and will take a little longer to setup. Follow the links to learn more as both provide more in depth information on how to set up and use each one. The choice is really yours.
CREATE a wallet unique to you.
Follow the instructions on the software to create a wallet. Be sure to safely store the recovery phrase in such a way that you do not lose it and it can not be copied/viewed by other people. Good practice is to store the recovery phrase by writing it down such that it can not be accessed through digital means by bad actors. This recovery phrase is important as you can only recover your wallet by this unique set of words. DON’T LOSE IT. If you chose Daedalus as your wallet software you may need to wait a few hours after creating a new wallet as the the blockchain is synched, this is common since this particular wallet downloads the entire blockchain. After having generated a wallet there should be an option to copy ‘receiving’ addresses. This is the address you will send your ADA to from the off the exchange.
TRANSFER ADA to your wallet
Now that you have your wallet set up and ready to go you will need to transfer ADA from the exchange to your new wallet. Copy the receiving address exactly as shown in Yoroi/Daedalus and register a Cardano (ADA) ‘withdrawal’ address in your exchange account. Make sure you are making a Cardano (ADA) withdrawal address in your exchange account and not a different crypto currency otherwise ADA will be lost. Tip: Test the receiving address by first sending just a little ADA and waiting a few minutes to see if you have received it in your wallet (may take 1-15 minutes depending on your exchange/network load)
DELEGATE ADA to [PERK1] Stake Pool
Look for the “delegate” or “staking” tabs in your wallet. From there search for stake pool ticker PERK1 or you can copy/paste our pool ID
Click ‘delegate to this pool’. It will take 5-10 days for your delegated ADA to register to our pool. You should however see that PERK1 pool ‘live stake’ would have increased after ~20 mins on our Adapools page. The wallet software you installed (Daedalus or Yoroi) will also provide you an overview of total rewards you have made by minting blocks together with us.
ENJOY the Sweet Rewards