Welcome to our guide on staking ADA, the native cryptocurrency of the Cardano blockchain! Staking ADA allows you to actively participate in the network's consensus mechanism, contribute to its security, and earn rewards in the process. In this guide, we'll walk you through the process of transferring ADA from Binance, one of the largest cryptocurrency exchanges, to your Yoroi Wallet, a lightweight wallet optimized for Cardano. By completing these steps, you'll not only secure your ADA holdings but also prepare them for staking, becoming an active participant in Cardano's decentralized ecosystem.
This is just an example, but a similar approach can be used to transfer your ADA from other exchanges to a personal wallet. Common crypto exchanges include Binance, Crypto.com, Kraken, Coinbase, OKX, KuCoin, and more.
By moving your ADA to a personal wallet, you take full control of your assets, eliminating reliance on exchanges, which can be vulnerable to hacks, regulatory issues, or operational mishaps. Personal wallets provide enhanced security, true ownership of your funds (via private keys), and access to Cardano's ecosystem, including staking and governance.
Popular Cardano light wallets include Yoroi, Vesper, Eternl, Atomic, Nami, AdaLite, and others. For professionals or those seeking a comprehensive solution, the Daedalus wallet is a full-node wallet offering maximum security and decentralization. However, Daedalus requires downloading the entire blockchain, making it more resource-intensive but ideal for advanced users.
Remember: Not your keys, not your coins—secure your ADA in a wallet where you control the keys!
Step 1: Get Your Wallet's Receiving Address
- Open your chosen Cardano wallet app (e.g., Yoroi, Eternl, Nami).
- Navigate to the 'Receive' or 'Addresses' section.
- Copy one of your receiving addresses (it will start with addr1...).
Step 2: Transfer ADA from Binance to Your Wallet
- Login to Binance.
- Navigate to your Fiat and Spot Wallet by going to Wallet -> Fiat & Spot.
- Find ADA and click on Withdraw.
- Paste your wallet's receiving address and ensure the network is set to Cardano (ADA).
- Complete the transaction by confirming the details and sending the ADA.
Note: Binance typically charges a small network fee for withdrawals. Once you receive your ADA in your wallet, you can start staking.
Step 3: Stake Your ADA
- Open your wallet app.
- Find the 'Staking' or 'Delegation' section.
- Search for our pool ticker: CRYL
- Click 'Delegate' and follow the prompts to complete the delegation.
Note: It takes up to 2 epochs (around 10 days) for your stake to become active and start earning rewards.
By delegating to CRYL, you support our mission and help decentralize the Cardano network. Thank you for your support!