Kraken is excited to announce staking for Cardano (ADA) went live on May 4 at approximately 21:00 UTC.
Kraken listed ADA for trading in September 2018. By staking ADA through Kraken’s market leading staking service you’ll take your place among the decentralized community of supporters helping to secure the Cardano network.
Cardano is a Proof of Stake (PoS) blockchain that offers developers the ability to run smart contracts and build decentralized applications. Owners of ADA, its native cryptocurrency, are also incentivized to help operate its network and vote on changes to its software rules.
With the addition of ADA, Kraken now supports staking in seven assets, with more coming soon. You can see the full list of available assets and learn more about staking here.
How to deposit Cardano (ADA)
- Navigate to “Funding” > “Deposit” > select “ Cardano (ADA).” You can find ADA either by ticking “Show all assets” or by searching (e.g for “Cardano” or “ADA”).
- Click “Deposit” next to ADA and follow the on-screen instructions.
How to get started
- ADA staking will be available starting May 4 at approximately 21:00 UTC
- Add Cardano to your Spot Wallet by depositing ADA, or by buying ADA directly on Kraken.
- All you need to do to begin, is put ADA into your Kraken Staking Wallet by navigating to “Staking,” then under “Cardano (ADA)” click “Stake.”
What time will funding and staking start?
- Funding: Live now, you can deposit ADA immediately.
- Staking: ADA staking will be available starting at approximately 21:00 UTC on May 4.
- Updates will be posted on the status page near launch time.
How to deposit
- Navigate to “Funding” > “Deposit” > Select “Cardano (ADA).” You can find ADA either by ticking “Show all assets” or by searching (e.g for “Cardano” or “ADA”).
- Click “Deposit” next to ADA and follow the on-screen instructions.
Confirmations required before deposits credit
- Cardano (ADA): 15 Confirmations (about 10 minutes)
Fees and Funding minimums
Key advantages to staking with Kraken:
- Start accruing and earning rewards on ADA instantly, with no waiting or lockup periods.
- Enjoy one of the highest returns in the industry
- Receive payouts on a regular schedule, weekly
- Quickly exit from your staking position if you want to trade or withdraw by transferring tokens from your Staking Wallet back to your Spot Wallet
- Available for Starter, Intermediate and Pro account tiers
Staking makes your crypto work for you
Many newer blockchains are utilizing a new consensus mechanism, known as Proof of Stake (POS), to process transactions and ensure the operation of their blockchains.
It works like this:
- Instead of needing to purchase special equipment to compete for newly minted network tokens, users are instead able to stake their funds in Kraken’s stake pool
- By staking their funds on the blockchain, users earn the ability to be selected to propose new transaction blocks to the network and earn rewards.
- Staking may also empower users with other responsibilities, including the ability to vote on proposed changes to network policies or code.
For a deeper dive into how staking works, see our official FAQ on the topic.
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Source: https://blog.kraken.com/post/8891/earn-4-6-staking-cardano-ada-available-on-kraken-now/
