This question has been asked so many times over the last couple of years – and now, the long-awaited staking opportunities for ADA are here!
So Much More Than An ‘Altcoin’
Something that I always found instructive was that despite relative difficulties in storing ADA, it was never considered an outlier – it’s always been in the top 10 of market cap and it’s always on the front page of, say, Coinbase – even though you can’t actually buy it on Coinbase. This may change in late 2020.
I continue to get all my ADA on Binance.
It’s not been particularly easy to buy or store ADA. But the new Shelley Main-Net era has now dawned, and you can now earn +/- 5% PA on your stake, and, of course, help secure the network at the same time.
ITN Rewards – Shelley Testnet
I have just successfully claimed my Incentivised Testnet Rewards!
It’s been quite the journey. So much so that I thought I’d write it up, as I know there are others who haven’t managed to claim their testnet reward yet and want to get their long-HODLed ADA delegated and active at last.
Yoroi – iOS / Browser Extension
So, there are of course two Yoroi types – the mobile wallet for iOS, and the browser extension for desktop. There are also two ‘eras’ of wallet – old Byron era wallets and new Shelley era wallets. There are also two different Yoroi extensions – the old testnet one that you used to delegate in the test mode, and the new release [currently 3.5.1].
If you took part in the delegated testnet, you will have transferred your ADA from your iOS wallet to your desktop extension wallet in order to delegate, so you will need to install the new extension and restore your wallet to that.
Maybe you can get it to work – I couldn’t, and you might be in the same predicament. Yoroi do claim to have this working just fine, but I checked the thread again and people are still having problems. I think it’s fair to say that the support has been pretty poor in terms of communication.
Things seem to be going well now, however, for the mobile version, with delegation apparently now possible on mobile.
New Blockchain – New Horizons
Moving funds around and getting to know a totally new system is part of what I love about crypto anyway, and this is the long long awaited Cardano after all, so, it’s been quite enjoyable to be honest. And as a user experience, I must say that the system looks and feels great throughout – solid, rapid & smooth and a really nice design.
I just got my first epoch’s ADA reward, and I’m SUPER happy.
I’ve also been buying more, given this dip to $0.09.
To Daedalus And Back Again
A way to redeem your ITN tokens is by using Daedalus – the larger stand-alone desktop wallet for Cardano. It has a very nice UI, and as long as you know what to expect, and what you are trying to achieve, you can get it done quickly – and you can avoid the mistakes I made!
Mistakes? What mistakes? Well, as I said, I didn’t want to wait, so as soon as stakepools were open [but before you could claim your rewards], I created a new-era wallet to stake from. This gets a bit complex, mainly because there are OLD STYLE BYRON versions of wallets [that can be restored using both Daedalus & Yoroi] and NEW STYLE SHELLEY wallets, that can also be both created and restored on both Daedalus & Yoroi.
DAEDALUS wallet .
You can only claim the ITN rewards INTO A NEW ERA SHELLEY WALLET, so you need to create a new wallet on Daedalus, as well as restore your old testnet wallet into Daedalus as well.
The mistake I made initially is that I didn’t realise that delegating to a pool requires a small TX fee, and you will not be able to pay this fee using the ITN rewards alone. Ergo, if you have already move the funds out of the old Byron wallet and into a new Shelley wallet in order to stake them, and you then go back to Daedalus to claim your ITN, you will find that you need funds in the new wallet to pay for the TX fee.
I had two choices;
- Take my funds back out of the stake pool [costing a small TX fee], transfer them back to Daedalus, claim the ITN rewards, and then send them back to Yoroi to stake [costing a small TX fee] . . . or
- Buy some more ADA from Binance, send that from the exchange to the new wallet in Daedalus, claim the ITN rewards by restoring the old ITN wallet and linking it, and once claimed, send it all together back to the new Yoroi extension from where they are currently delegated.
Not wanting to use any un-necessary TX fees, and wanting to increase my stake anyway, I went for option number 2.
So, to reiterate;
If you have already re-delegated your ADA but have not yet claimed ITN – [like me] – just be aware that moving into a stake pool costs a small TX fee. THIS FEE CANNOT COME OUT OF THE REWARDS ALONE. So, if you delegated your stake BEFORE claiming your rewards, you will have to either move the funds back and claim, and then re-delegate, or, do what I did, which is to buy some more ADA and top it up.
If you have not delegated your ADA yet and have not tried to claim, here’s a rundown of how to go about it from the IOHK site;
What To Expect With Daedalus
- You will need to be happy with using SHA256 checksum to verify
- You will have to download Daedalus and wait to sync the blockchain
- You will need to create a new wallet as well as restore your ITN wallet
Back To Yoroi – New Extension
Once I claimed my rewards, I transferred them back into my new Yoroi Browser Extension wallet, which was already delegated, and everything is now in one place, and ticking along nicely at last.
ADA Wallet Addresses
They all start with <addr….. > which I really like, and new addresses are generated each time. This is one of the things to get used to with Cardano – new addresses each time. I really enjoy getting to know a new system’s architecture, and I have had a great experience.
There’s a great new website for all things Cardano, with some excellent guides on how to claim your ITN rewards. I note that there is no guide, as yet, to claiming ITN on Yoroi.
Very useful piece with details on ephochs etc;
If you like, you can send me ADA using this address;
Referrals to consider!
KOINLY – Get Your Crypto Tax Affairs In Order!