The Exodus wallet enables the user to make benefits by staking their tokens/coins utilizing the wallet user interface. Presently, the wallet provides a staking center for 7 various cryptocurrencies, consisting of Algorand (ALGO), Cardano (ADA), Cosmos (ATOM), Ontology (ONT), Solana (SOL), Tezos (XTZ), and VeChain (VET), each with a various APY.
So, in this post, we will discuss how you can stake your ADA coins that are lying unused in your Exodus wallet to make passive earnings.
The staking procedure is practically the same for the other 6 cryptocurrencies. If you wish to stake them, you can follow the same actions to stake the other supporting possessions. Keep in mind that the terms like the minimum quantity of tokens needed for staking, locking duration, cooldown duration, and so on might differ for various properties. You can read this link here to learn about the staking terms of various coins/tokens.
You can likewise read our newest guide on how to utilize the Exodus wallet application for mobile phones (Android).
Get ADA in Your Exodus Account
Users require to hold ADA in their Exodus accounts. According to Exodus, users require to have at least 5.5 ADA in their account to stake, out of which 2 ADA is transferred to spend for the Cardano network cost.
As you can see from the listed below screenshot, we have some ADA coins in our wallet that we will utilize for staking.
How to Stake ADA
To stake ADA, click the ADA coins on your wallet landing page. You will discover the below-highlighted icon in the in-depth info.
Click on it, and you can see the Stake ADA button.
Click on the Stake ADA button, and the application will begin the procedure of staking the coin.
Note that we have not discovered any alternatives for partial staking. Users can not choose just how much ADA coin they want to stake. Simply put, all the ADA coins that you keep in your Exodus wallet account will immediately get staked.
Once your coins get staked, you will see a staking conclusion message on your screen.
Currently, users will get a typical benefit of 4.91%, and it is determined based on the user’s wallet balance at an offered time. The benefits are paid in ADA coins, and they will be immediately intensified to your staked balance.
Users will get their very first benefits after 20 days of staking their coins. After that, it will be dispersed over 5 days.
If the user includes more ADA coins in his wallet (staked address), then the network will once again take 20 days to register your most current submission.
The made benefits will be collected in the Claim Reward area. Users can start a benefit declaring procedure any place he/she has made more than one ADA. The network charges a charge of 0.2 ADA whenever a user picks to declare a benefit.
Users can unstake their ADA coins whenever they want. There is no locking duration or withdrawal cost. Users likewise return the 2 ADA coins that they have transferred to spend for the network charge.
To unstake, you are just required to click the Unstake ADA button and verify the unstacking procedure.
However, note that as soon as you go with unstacking your coins (staked address), you need to once again go through a 20- day staking registration duration if you want to stake your ADA in the future.