Cardano is the first decentralized blockchain platform created with the sole aim of allowing users to send and receive digital funds securely and efficiently. If you’ve already invested in its cryptocurrency, do you have to learn how to stake Cardano on Coinbase, or are there other places that can help you earn rewards on the blockchain?
Coinbase currently does not support Cardano staking. However, you can still buy the necessary ADA coins on Coinbase and send them to an exchange platform that supports Cardano staking, such as Binance, Bittrex, and digital wallets like Daedalus and Yoroi.
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Staking cryptocurrencies such as Cardano’s ADA is an excellent way to earn rewards on the blockchain. However, be aware that all the coins you’ve deposited for this purpose won’t be available for other transactions until you decide to withdraw them.
Coinbase Currently Doesn’t Support Cardano Staking
Coinbase is an excellent digital assets platform that allows you to participate in several crypto transactions, but it currently doesn’t allow you to stake Cardano ADA. Earning staking rewards on the platform is only available for users who hold a minimum relevant amount of specific currency.
As of early 2022, only four different blockchains allow you to stake their cryptos on Coinbase, including Algorand (ALGO), Cosmos (ATOM), Ethereum (ETH), and Tezos (XTZ). Check out the table below to see their reward payout rates and minimum amounts needed to participate in the transaction validation.
| Cryptocurrency | Rewards Payout Rate | Minimum Balance Needed |
| Algorand (ALGO) | Daily | 0.01 ALGO |
| Ethereum (ETH) | Daily | No minimum balance |
| Cosmos (ATOM) | 7 days | 0.0001 ATOM |
| Tezos (XTZ) | 3 days | 0.0001 XTZ |
How to Send Your Existing Cardano ADA Coins to a Different Exchange Platform?
While you might not be able to stake your ADA coins on Coinbase, you can still acquire the cryptocurrency on the platform and send it to another exchange that allows Cardano staking. To do this, you will need to:
- Login to your Coinbase account and click on the “Accounts” tab,
- Under “Accounts”, select “Send” and then “Cardano (ADA)”,
- In the “Amount” field, enter the number of ADA you want to send and then click on “Review”,
- On the next page, review the details of your transaction and then click on “Send”,
- Enter the correct address to send your ADA to, then click “Confirm”. Your funds will update in “My Cardano Wallet” once your transaction has been confirmed by the network.
Where Can You Stake Cardano (ADA)?
There are a few places where you can stake your Cardano, and one of the easiest ways to do it is through the Daedalus wallet. You can also stake your Cardano at home by downloading a staking pool client and setting it up to run automatically. Keep in mind that staking pools are not open source, so you should do some research to ensure they are reputable.
However, there are also several exchanges where you can stake your ADA. Some of the most popular platforms that let you stake include Bittrex, Binance, and Upbit.
If you need help, I highly recommend that you visit the official Cardano staking pool and their Reddit channel. The community is very helpful and excited to have ADA holders earn rewards by staking their coins.
Be Aware That Exchanges Take a Portion of the Rewards
When staking Cardano through an exchange, it’s important to remember that these exchanges will take a portion of your staking rewards.
On Bittrex, the fees are taken after splitting. This means that you can split all of your ADA into many smaller units (e.g., 1 ADA equals 100,000 Lovelaces), giving you the ability to stake more coins with fewer resources.
Binance takes 50% of your staking rewards and charges you 0.1% in trading fees. While this may seem like a lot, keep in mind that Upbit takes 75% of all your staking rewards. If you’re looking to make more significant returns on your investment, you may want to avoid it.
When all is said and done, it’s still best to leave your ADA in the wallet for the entire duration of the stake. This ensures that you can immediately sell any rewards should something go wrong with the network.
How Does Staking Cardano Through a Staking Pool Work?
The Cardano staking pools are responsible for the distribution of the stake reward system. In this system, each member can receive an equal share of half the total interest. If there are 100 members in a pool and the interest is 0.5% of ADA, 50 members get 25%, and the other 50 members get 12.5%.
The more ADA you have staked in a pool, the greater your chances of winning a larger share of the reward. The size of the reward also depends on how many members the pool has and their stakes. The more members a pool has, the smaller your share is going to be.
While there are quite a few Cardano staking pools, the two most popular ones are Daedalus and Yoroi. Daedalus is the official Cardano staking pool. It is a desktop application that you can download on your computer, while Yoroi is a browser extension that you can add to your Chrome or Firefox browser.
The Daedalus wallet can also help you find all the available Cardano staking pools. If you want to enter a specific pool, click on “Enter pool” in the lower right corner of the wallet. To withdraw your rewards, you have to enter the pool and click on “Staking history” in the wallet’s lower-left corner.
Next to each distribution, press the “Withdraw” button to collect the reward. However, be aware that this will also stop the staking process, as the deposit you made will be withdrawn from the pool.
It’s also important to note that this will only transfer the rewards to the online wallet. Before you can withdraw the funds to your bank account, you will first have to sell the ADA coins on one of the exchange platforms that support it.
Yoroi Is Easier for Those New to Staking
If you are new to staking, checking out Yoroi might be easier. In order to stake on the wallet, you only have to follow a few simple steps:
- 1) Install the browser extension on Chrome or Firefox,
- 2) Open Yoroi,
- 3) Click “Login”,
- 4) Create an account,
- 5) Enter your ADA wallet address where you want to receive your rewards,
- 6) Click “Start staking”.
You have now successfully started staking with Yoroi! If you want to stop the process, click on “Stop Staking”. The ADA should automatically be credited back to your wallet after the reward period is over.
Cardano Staking Should Be Easier to Complete in the Future
While everything I’ve mentioned so far makes it look like staking Cardano takes a lot of work, worry not. The team behind the blockchain is working on making it easier for users to stake their coins in the future by integrating proof-of-stake in a mobile wallet. This will be an excellent way for less technical users to gain extra ADA without having to deal with a staking pool or the command line.