Cardano Staking: Best Wallets To Stake Cardano ADA [2023]
Best Cardano staking wallets you can use to safely stake ADA (₳) and earn rewards in 2023!
What is Cardano?
Cardano is the first fully decentralized proof-of-stake blockchain with over 3,300 staking pools! Cardano's native cryptocurrency is ADA. Using the smart contracts, you can build decentralized applications (DApps) on the blockchain, create (mint) tokens: native assets and NFTs.
What Is Cardano ADA Staking?
Cardano proof-of-stake consensus protocol called Ouroboros has the stake pool operators and the delegators. The stake pools compete to produce the blocks for the blockchain, while the delegators earn rewards each epoch (5 days) by staking their $ADA to a stake pool.
The main purpose of staking is to make the network more secure and decentralized (bigger number of stake pools). So the rewards for both Cardano stake pool operators and delegators works as an incentive to accomplish this goal.
Great thing about Cardano staking is that your staked ADA is not locked. You are free to send it and spend it. You can unstake or choose the other stake pool anytime, and the rewards are compounding (the rewards you receive are automatically added to your stake).
Unless, you are using the exchanges to stake ADA which I don’t recommend. The exchanges are in control of your account, meaning your Cardano wallet’s private and public key, and they can choose to close down your account whenever they wish, and you lose all your cryptocurrency.
An old saying: “Not your keys, not your wallet.”
How much can you earn by staking ADA?
The current APY is around 4.5% — 5%.
APY stands for annual percentage yield — or return on your investment, in this case, staked $ADA.
The types of Cardano wallets
When you create the Cardano wallet, the private and the public keys are generated. The recovery phrase you get is the form of the private key and acts as your digital signature to sign the transactions and prove your ownership of the wallet on the blockchain. It is also used to recover your Cardano wallet or change to a different one (you just import the phrase, which is often called the recovery seed or mnemonics.
The public key is generated from the private key and used to generate the public addresses, which you can share freely. But if you lose your private key (the reason why you are warned not to share your recovery phrase with anyone) you lose all your crypto assets.
As I already mentioned, cryptocurrency exchanges are in full control of your wallet keys, so nobody who has been long enough in the crypto space wouldn’t even consider using it to stake ADA.
Cardano hot wallets are all free Cardano native wallets or multicurrency wallets: desktop wallets, browser extension wallets, web wallets, and mobile wallets.
Cardano cold wallets are Hardware Wallets. Physical devices that are created to keep your cryptocurrency 100% safe. When you set them up for the first time, the recovery phrase is shown on your hardware device (offline), not like in the case of the Cardano hot wallets, where it is shown on your PC/Laptop or mobile device through your Internet connection and can be easily snatched.
Hardware wallets keep your private key inside the safe chip, and all transactions are signed internally and must be confirmed by you on the hardware device.
What is the best wallet to stake Cardano ADA?
Hardware wallets are the safest way to stake ADA. You can also easily connect them to any of the Cardano software wallets. These hot wallets are only provided with the public key, and you can use all their functions, but they never get in touch with the private key, so your ADA is 100% safe all the time.
These are the 8 best Cardano wallets you can use to stake ADA.
1. Ledger Nano X (Hardware Wallet)
Ledger Nano X hardware wallet is a favorite among Cardano users. It is compatible with Windows, Linux, Mac, Android, and iOS devices.
You can connect it with all Cardano native wallets: Eternl, Daedalus, Yoroi, Nami, Gero, and the Typhon wallet, and safely stake your $ADA.
You have all the functions of a regular Cardano wallet; the only difference is that your ADA is now fully safe while staking, storing/sending/receiving, or making any other transactions on the blockchain.
Ledger Nano X also supports over 5,500 other coins and tokens. It works with the Ledger Live app you can use to buy, sell, lend, exchange cryptocurrency, purchase gift cards, and more.
2. Trezor Model T (Hardware Wallet)
Trezor Model T has a built-in color touch screen with a big display, so you can easily read and sign all transactions. It has a reputation for being a highly secure hardware wallet, and it supports over 1,800 coins and tokens.
Trezor Model T is compatible with the Windows, Linux, Mac, and Android but not iOS devices.
It works with the Trezor Suite app; you can also use it to buy, sell, exchange cryptocurrency, buy gift cards, and more.
You are able to stake ADA directly with the Trezor Model T without using the software wallets!
You can also easily connect it with all Cardano native wallets and multicurrency wallets.
3. Daedalus wallet (Desktop)
Daedalus is a robust, Cardano full-node desktop wallet.
It is created by the same team developing the Cardano blockchain from the start — IOHK (now IOG — Input Output Global).
You can create multiple accounts to easily manage and stake ADA and vote on the Cardano proposals (Governance).
Since it is a full-node Cardano wallet, it will take about 30 minutes until Daedalus gets fully installed and synced on your PC/Laptop so you can start using it and delegating your ADA (₳).
Be sure to always install the latest version from the official website.
4. Yoroi wallet (Browser extension and Mobile)
Yoroi is a Cardano light wallet you can install on your mobile device or as a browser extension (recommended) in just a few minutes and start using it.
Like with the Daedalus, you are able to receive, store, send or stake ADA (₳), and manage Cardano tokens.
Yoroi is a product of Emurgo, which has been with the Cardano from day one and drives its adoption.
Be sure to always install the latest version from the official website.
5. Eternl wallet (Browser extension and Mobile)
Eternl wallet started as a quite modest Cardano community-backed web wallet. Due to its team's great development efforts, it is now among the best Cardano native wallets.
You can receive, send, stake ADA, manage Cardano tokens, participate in the Cardano governance, and connect and use Cardano DApps like DEXs and Cardano NFT marketplaces.
I would recommend the browser extension since the mobile version does not have all the functionalities yet.
Be sure to always install the latest version from the official website.
6. Nami wallet (Browser extension)
Nami wallet is the light browser extension Cardano wallet. It is very easy to install and use to receive, send, and stake ADA (but you can stake to only one pool).
You can also manage Cardano native assets and NFTs, connect and use decentralized applications on the blockchain.
Be sure to always install the latest version from the official website.
7. Typhon wallet (Browser extension)
Typhon is another Cardano browser extension wallet you can easily install and use to manage and stake $ADA.
It also supports all Cardano tokens, and has the “wallet connect” for the Cardano-based DApps.
You can send $ADA or Cardano tokens to multiple recipients in one transaction.
Be sure to always install the latest version from the official website.
8. GeroWallet (Browser extension)
GeroWallet can be used to manage $ADA and Cardano tokens. You are also able to stake $ADA.
It has its own token GERO. You are not able to send both ADA and tokens (NFTs or native assets) together in the same transaction.
You can also use GeroWallet to connect to Cardano DApps like CNFT marketplaces and DEXs.
Be sure to always install the latest version from the official website.
When it comes to Cardano staking, this is the best article on the web providing the most extensive and correct information.
However, you can check out our 19 Best Cardano Wallets list on our website.
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