Want to earn a more than 10% yield on your Cardano (ADA) with absolutely no risk? Delegate your stake through AdaLite’s new Shelley Incentivized Testnet wallet!
For those who haven’t been following the current progress of Cardano lately, Cardano development firm IOHK recently rolled out the Shelley Incentivized Testnet. The new testnet is designed to allow to test the reward system needed to ensure constant, growing participation in the Cardano ecosystem, ensuring Cardano remains secure, scalable and feature-complete for the foreseeable future.
Through the incentivized testnet, Cardano holders can delegate their ADA stake to one of a variety of stake pools, and earn real rewards while doing so. As it stands, Shelley testnet users can receive around a 10% yield on their ADA — irrespective of how much is delegated. As such, it is possible to see a healthy return regardless of how much ADA you have in your wallet.
Fortunately, AdaLite has made participating in the new staking process incredibly simple, allowing anybody to begin delegating ADA within just minutes.
Begin Earning Rewards Through AdaLite
**(1) **To begin staking your Cardano (ADA), you will first need to access the testnet version of AdaLite, available here. This is a version of the AdaLite wallet that is designed to interact with the Cardano Shelley incentivized testnet.
head to ADALite Wallet here:
Visit ADALite Wallet
(2) Here, you will be provided a selection of login options. If you have your wallet file available as a .JSON Key file, then select the ‘Key file’ option to open your wallet Key file. Alternatively, select the ‘Mnemonic’ option.
(3) This will bring up the mnemonic phrase entry screen.
(4) Enter your 12, 15 or 27-word mnemonic phrase in the designated field, and click the Unlock button to open your Shelley testnet wallet. Please note, this will only work if you are logging on with a testnet compatible wallet, if you don’t have one, you will need to create one on the AdaLite testnet site first.
(5) Once logged in to your Shelley-compatible Cardano wallet, you will then need to navigate to the Staking interface by clicking the ‘Staking’ tab.
(6) On the right-hand side, you will find the delegation panel, where you are able to enter the ticker or stake pool ID of the pool you wish to delegate your stake to. A non-comprehensive list of available stake pools can be found here. Here, you will be able to select a pool based on your specific requirements, such as size, commission percentage, uptime etc.
(7) For our example, we will choose AdaLite’s own staking pool, which has a fee of 3% and a ticker code: ADLT1 and Pool ID of: f61c42cbf7c8c53af3f520508212ad3e72f674f957fe23ff0acb49733c37b8f6
(8) Simply enter either the ticker code or pool ID in the designated field and click the ‘Delegate’ button. You may need to pay a small transaction fee to register your stake delegation, after which you will then receive rewards based on the payout schedule of your chosen stake pool.
Your staking balance and any rewards you have earned will then appear in the AdaLite staking interface as shown above.
Once the incentivized testnet period ends, any ADA you earned as a result of staking will be transferrable to the mainnet and spendable!
You’re now all set! If you ever wish to change your delegation, simply click the ‘Revoke current delegation’ button in the AdaLite staking interface to reset your stake, allowing you to choose a different stake pool if you wish.
Want to see more Cardano (ADA) wallet tutorials? Click here!