Daedalus wallet for Cardano?

So I get into crypto, I get Exodus, I get Cardano, I stake them at about 4% return.

I do a bit of googling, find out that I can get the Daedalus wallet, which has Cardano as priority, and on there I can stake my Cardano for higher returns, because I can choose any pool I want to stake in, while on Exodus they choose the pool. Also I can participate in voting with Daedalus, whatever that means.

Someone also wrote on Reddit that when staking on a wallet like Exodus, you're actually harming the network, not helping it. You're not helping with decentralization, something like that.

So I figured okay, primarily for the higher returns, I'll get Daedalus. The name of the wallet also sounds badass.

I installed it last night, and left it to sync. It's been running all night, and it's about 93.99% synced. Not sure if it's stuck actually, it may be stuck. I'll see if it moves at all in the coming hours.

There's also another wallet for Cardano - Yoroi - which is supposed to be more light. Maybe I should go with that one.

So what do you guys think about this?

I just hold
i don't stake anything and i keep my cardano on a cold wallet that support the next cardano fork

majdi107 said:

I just hold
i don't stake anything and i keep my cardano on a cold wallet that support the next cardano fork

Click to expand...

Yeah but Staking with Cardano, like with Tezos, does not "freeze" your coins. You can still send/receive/trade them while staking.

So why don't you stake?

So I got Daedalus all set up, got my ADA ready, and now I'm not sure on which pool to stake them.

I'm reading about how to pick a pool, but it seems some people are just promoting their own pools, so their tutorials don't tell you what to consider when picking a pool so much, they're more geared towards showing you how to stake the ADA, and recommending their pool for the staking.

Anyway, if anyone has any helpful info on how to pick a pool, let me know.

Okay, well thanks a lot for all the replies guys, very helpful thank you

So I read and I ready, and I understood.. not much...

Anyway I staked my ADA to a pool with 85% saturation, with "Potential rewards" being "0.208654 per epoch." An epoch is 5 days, so I should potentially get that every 5 days.

But I probably don't get that starting now, but starting after a few days. Like some sort of processing time. Not sure.

Anyway according to Reddit people are talking about 5-6% rewards. By my calculation using the "Potential rewards" I mentioned above, it gives me 4.95% yearly profit on the ADA I staked. However, the pool I chose, on their website they write "ROA (Return of ADA): 5.322%"

So is it 4.95% or 5.32%? I have no idea.

Anyway my initial plan was to stake in Exodus, which currently gives 4.21% yearly profit. So i guess I just bumped myself by 1%/year.

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I was charged a 0.175137ADA Transaction fee to stake my ADA.

And another 2ADA Deposit fee (but you get this one back when you unstake or whatever)

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So, how do I feel about this? I have no idea to be honest. I may have made a mistake going with Daedalus for this.

Staying with Exodus would have saved me some dicking around. I wouldn't have to download the large Daedalus wallet, I wouldn't have to wait for 7 years for it to sync (I exaggerate). I wouldn't have to have one more wallet in my posession, having to write the seed phrase and all that. I wouldn't have to figure out which pool to stake to. And when I say figure out, I barely figured anything out.

But what sucks the most is that these pools, they're not set in stone. In other words, a pool can reach saturation, and when it does the rewards % goes down. I'm pretty sure pools can also die, get shut down, and then you stop getting any rewards if that happens until you delegate your ADA to a different pool.

But if a pool reaches saturation or shuts down, you actually have to open Daedalus and check! And if you don't and until you do, you get less rewards or no rewards, depending on what's happening with the pool you're staking on.

With Exodus I wouldn't have to check anything, as they take care of all the technical crap, and you just get your 4.21%.

Plus, on Exodus the interface is much nicer, I like opening it and checking things out. Daedalus is nice too, but not as nice.

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So there, that's all I got. Maybe some of what I wrote is wrong, I don't know, but I did what I could.


Edit: Not sure if I'm allowed to share this, but I staked to this one - https://adapop.org/

Well guys, so I'm pretty much done here.

For anyone wondering, Daedalus does not provide you with a private key for your wallet. Basically the only way of restoring your wallet is with your mnemonics/seed phrase.

I dug a bit, and I found another way to backup the wallet. You do it by copying the folder called "Wallet" in here:

C:\Users\USER\AppData\Roaming\Daedalus Mainnet

This is on Windows 10 anyway. So I copied the "Wallets" folder, put it in a password-protected zip file and then moved that file on a USB which I never use for anything.

I'm not 100% sure if this backup method will actually work to restore my wallet in case I lose my mnemonics/seed phrase - or in case mnemonics simply doesn't work when the time comes - but I saved the folder, and that's that.

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Also, today I ran into this -
So just as I moved my ADA from Exodus to Daedalus to hopefully get a little higher returns for staking, and Exodus bumps their rewards to 6.82%/year where it stands now.

So I was kinda bummed out.

But then I logged in Daedalous and checked the pool where I'm staking, and unless I'm not calculating correctly, the return is now like over 15%/year.

So okay, I guess maybe all the pools are giving higher rewards now, maybe because of the update that Cardano had a few days ago. All in all it seems that on Daedalous you do indeed get higher returns - or you can get higher returns - than you do on Exodus. Makes sense.

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The last thing I have to do is put on my to-do list to check my Daedalous wallet once per month, to make sure the pool I'm staking to is still active and isn't saturated.

So anyway, this concludes my post here, I'm done with this.

Hey....So staking ..means ..listing for sale?
If that is the case...than like I said b4...all crypto being unregulated....therefore kids trading it....and ...pools managing crypto...for kids...
Understanding the fact and reality of stock markets, forex etc....two types of analysis....fundamental and technical.....
Now there is a crypto subculture....that does not seem to follow any of the mentioned above....but crypto gurus
lol....could someone please enlighten me....

BabaLoos said:

Hey....So staking ..means ..listing for sale?
If that is the case...than like I said b4...all crypto being unregulated....therefore kids trading it....and ...pools managing crypto...for kids...
Understanding the fact and reality of stock markets, forex etc....two types of analysis....fundamental and technical.....
Now there is a crypto subculture....that does not seem to follow any of the mentioned above....but crypto gurus
lol....could someone please enlighten me....

Click to expand...

No, it's not listing for sale. It's staking. You... give your coins... to the... blockchain or something... to be used... for processing or building blocks or something... and you get rewards.

Well google it

Scorpion Ghost said:

No, it's not listing for sale. It's staking. You... give your coins... to the... blockchain or something... to be used... for processing or building blocks or something... and you get rewards.

Well google it

Click to expand...

Cool thx Scorpion...kinda like investing in that type of crypto....

Scorpion Ghost said:

No, it's not listing for sale. It's staking. You... give your coins... to the... blockchain or something... to be used... for processing or building blocks or something... and you get rewards.

Well google it

Click to expand...

Staking is an activity where a user locks or holds his funds in a cryptocurrency wallet to participate in maintaining the operations of a proof-of-stake (PoS)-based blockchain system. ... In staking, the right to validate transactions is baked into how many coins are “locked” inside a wallet.Jan. 19, 2021

Okay, one more thing about this Daedalus business.

I wanted to find a way to get notified if a pool on which I'm staking gets saturated or there's some issue with it. So here is what I did:

I went to pooltool.io and I installed their app on my phone.

Then I went in their “Rewards” section and scanned my wallet. This way I should get notified every time I receive a reward.

Then I went to their “Pools” section and I found the pool on which I’m staking. I favorited it. Then I went to the notifications (alarm bell symbol) area and ticked to get notified when there are “Fee changes,” when there is “Saturation,” and when there is a “New Block.”

I really only care about the saturation, and maybe the fee changes. But anyway I ticked all notifications, just, you know, semantics

Okay…

Assuming this all works, I should now get notified of any changes to this pool, and I should also get notified when I receive any rewards from my staking. And I don't even have to open Daedalus to check anything.

Done and done