Cardano, a proof-of-stake blockchain designed for decentralized applications and secure smart contracts, distinguishes itself through a research-driven development approach. All major decisions undergo rigorous peer review by both scientists and programmers, ensuring a high academic standard in its evolution.
ADA, Cardano's native cryptocurrency, presently serves as a staking token. In the future, it will find utility in a wide range of applications built on the Cardano network and will play a vital role in governance processes.
Benefits and Staking Parameters:
Staking Rewards Rate: 3.31%
Reward Frequency: Per Epoch (5 days)
No Unbonding Period
Slashing Penalties Enabled: No
Auto-Compounding: Yes
Validator: Figment
STEP-BY-STEP GUIDE TO STAKE CARDANO:
How to Stake?
Enable Staking:
To initiate staking for your organization, kindly reach out to our dedicated sales team at sales@lmnl.app.
Once the staking feature is enabled, you can proceed to create a wallet for staking purposes or enable an exiting wallet for staking, only admin or owner can enable a wallet for staking. Enabling a wallet, whitelists the validator address on that wallet, so that wallet members can initiate staking transactions. This is an added security feature, that helps prevent accidental stakes on incorrect addresses.For a comprehensive guide on setting up a cold wallet, please refer to our tutorial on How to Setup Cold Wallet.
Start Staking:
Navigate to the Staking menu, choose your wallet, and click "Enable Staking." Register your account to the Cardano native wallet, fulfilling the protocol requirement. Proceed to stake and grow your funds seamlessly.
3. Register Account:
Before starting staking, you need to register your account to the native wallet of Cardano, this is a protocol requirement. Click on "Register" button, then click on "Next" to finish the registration process.
There will be 2 ADA staking fee registration that you must pay the very first time you stake, this fee will not included in your stake amount.
4. Initiate Staking:
After you finish registering, you can begin staking by clicking the "Stake" button and then proceed by clicking "Next." Once you've submitted, all the funds in your wallet, excluding gas fees, will be staked immediately.
If you want to stake more, simply send additional assets directly to your wallet, and they will automatically be added to your staked amount.
How to Unstake?
Claiming Your Staked Balance
In Cardano, your rewards are automatically counted towards your staked balance, so you do not have to claim and restake them.
Withdraw Cardano
The funds in Cardano are never locked, so you are free to withdraw funds into another wallet by using the send functionality provided on the wallet details page.
Note - Currently rewards cannot be withdrawn, although they earn rewards.
We are working to add this soon.
Special Considerations:
In addition to the standard staking procedure, please take note of some considerations from staking Solana to enhance your staking experience:
Staking will stake the whole amount in the wallet.
Once the stake is active, any funds you deposit into that wallet will automatically be staked and start earning rewards.
The staked balance is not locked, and funds are always liquid.
Cardano staking can be accessed by utilizing Liminal MPC
At Liminal, we're dedicated to offering a seamless and user-centric staking experience for Cardano.
For any inquiries or assistance during your staking journey, our dedicated team is here to assist you. Just write to sales@lmnl.app
Your success in the Cardano staking realm is our priority.
Explore and maximize your stake with Liminal! ?
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