Cardano

Last updated: Oct 06 2021

Protocol teams occasionally change the delegation / staking process. If the following instructions do not work, please email support@bisontrails.co for assistance.


Cardano is a proof of stake blockchain based in peer-reviewed research and focused on security, scalability, and financial applications.

Minimum Stake

10 ADA

Unbonding Period

Variable, 0-5 days

Warm Up Period

10 days

Service Fee

4%

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Bison Trails’ Stake Pool Name


Bison Trails

Bison Trails’ Stake Pool Ticker


BISON

Bison Trails’ Stake Pool ID


66c1296e3bee372fc37282535eb45710d9c8b96b05248d7ea636352f

Delegation Instructions



Important:

Fake URLs impersonating the secure wallets and UIs used to delegate are circulating on the internet. Always confirm you are using the exact sites we link to here:

  • https://daedaluswallet.io/
  • https://adalite.io/
  • https://docs.cardano.org/projects/cardano-node/en/latest/getting-started/cli.html


Before you start

Currently, delegation is available using the Daedalus Mainnet desktop wallet, or the AdaLite web wallet. Additionally, you may delegate using the CLI as outlined in Cardano's documentation.

Using the Adalite UI...

Starting Conditions:

If you already have a funded Adalite wallet, skip to Step 2.

STEP ONE: Create or connect wallet

To create a new Cardano wallet...

  1. On the acccess homepage select Mnemonic
  2. On the Menmonic tab, select Create New Wallet
  3. Copy your mnemonic key phrase as it appears in the pop‐up window and close the pop-up window
    Note: ensure that you store your seed phrase somewhere safe where it cannot be lost or compromised. Your seed phrase is the master key to your wallet; loss or compromise of your seed phrase may result in permanent loss of your ADA.
  4. Back on the Mnemonic tab, enter your key phrase in the text box and select Unlock
  5. Select Receive on the wallet homepage and copy the first address that appears under My Addresses
  6. Send your ADA to this address from the exchange or wallet where it is stored to fund your Adalite wallet

To link an existing hardware wallet...

  1. On the access homepage select Hardware Wallet
  2. Ensure your device is connected and unlocked, and select the Unlock withoption corresponding to your hardware device
  3. Follow the on‐screen prompts to connect your device to Adalite, including approving the connection on your hardware wallet
  4. Your ADA balance will now show on the wallet homepage

To link to an existing Cardano wallet...

  1. On the access homepage select Mnemonic to enter the 12, 15, 24, or 27 word mnemonic seed phrase for your existing Cardano wallet, then select Unlock. Your ADA balance will now show on the wallet homepage.
  2. On the access homepage select Key file to upload the encrypted JSON recovery file for your existing Cardano wallet, then choose Select a key file to upload the JSON recovery file. Select Unlock. Your ADA balance will now show on the wallet homepage.

STEP TWO: Delegate your ADA

  1. On the wallet homepage select the Staking tab
  2. The Delegate Stake module on the right side of the page will show a randomly selected validator
  3. Clear the populated Stake Pool ID field and enter the Bison Trails Stake Pool ID: 66c1296e3bee372fc37282535eb45710d9c8b96b05248d7ea636352f
  4. Use your keyboard return/enter key to populate the staking information for the Bison Trails Stake Pool
  5. Select Delegate and enter the amount of ADA you would like to delegate
  6. Review that your delegation information looks correct and select Confirm Transaction. If using Adalite connected to a hardware device, your device will need to be connected and unlocked.
  7. Follow the on-screen prompts, or the prompts on your connected hardware device if using, to confirm your stake key address registration and confirm your delegation

Congratulations, you’re now delegating to the Bison Trails stake pool!

Using Daedalus

Starting Conditions:

Before you start, visit Daedalus Wallet and download the mainnet wallet desktop application.

If you already have a funded Daedalus wallet, skip to Step 2.

STEP ONE: Create or connect wallet

To create a new Cardano wallet...

  1. Open the Daedalus desktop application and allow it to sync to the Cardano blockchain
  2. Select Create and follow the on‐screen prompts to create a new account, password and mnemonic seed phrase
  3. Select the Receive tab
  4. Copy any of your wallet addresses. Send your ADA to this address from the exchange or wallet where it is stored to fund your Daedalus wallet.

To link an existing hardware wallet...

  1. Open the Daedalus desktop application and allow it to sync to the Cardano blockchain
  2. Select Pair and ensure your hardware device is connected and unlocked
  3. Follow the on-screen prompts to connect your device to Daedalus, including approving the connection on your hardware wallet
  4. Your ADA balance will now show on the wallet homepage

To link to an existing Cardano wallet using a key phrase...

  1. Open the Daedalus desktop application and allow it to sync to the Cardano blockchain
  2. Select Restore to enter the 12, 15, 24, or 27 word mnemonic seed phrase for your existing Cardano wallet
  3. Choose your original wallet type and select Continue
  4. Follow the on-screen prompts to reconfigure your wallet
  5. Your ADA balance will now show on the wallet homepage

To link to an existing Cardano wallet using a JSON recovery file...

  1. Open the Daedalus desktop application and allow it to sync to the Cardano blockchain
  2. Select Import then Daedalus 'Secret.key' file and upload your JSON recovery file
  3. Enter your JSON recovery file password in the text box below and select Import wallets
  4. Your ADA balance will now show on the wallet homepage

STEP TWO: Delegate your ADA

  1. Select the network icon on the left menu to enter the Delegation center
  2. Hover over the third epoch listed to the right of your wallet balance and select the DELEGATE button that appears
  3. Select Continue
  4. Select the wallet you would like to delegate from (if you have multiple) and select Continue
  5. In the Search stake pools field enter the Bison Trails Stake Pool Ticker:BISON
    or Pool ID:
    66c1296e3bee372fc37282535eb45710d9c8b96b05248d7ea636352f
  6. Click the BISON pool icon that appears and select Delegate
  7. Enter your wallet password, and select Continue

Congratulations, you’re now delegating to the Bison Trails stake pool!

Support

We are available to answer your questions 9am–6pm ET Monday-Friday. Please contact us: support@bisontrails.co



FAQ

The expected reward rate for delegating ADA is 4.6083% per annum, as of September, 2021.

Cardano’s initial token supply was 31.1 billion ADA, with an expected 7% annual inflation rate leading up to a maximum supply of 45 billion ADA. As of September, 2021, the circulating supply of ADA is 32.04 billion ADA.

The Cardano protocol requires a minimum of 10 ADA to be in one’s wallet in order to be eligible for delegation. However, there is no minimum stake that one must delegate to an individual stake pool.

Cardano does not have an unbonding period. However, due to the protocol’s snapshot system, unbonding will not be recognized by the protocol until the end of the epoch during which the user unbonds; each epoch lasts approximately 5 days. As such, if a delegator were to unbond moments before an epoch ended, their unbonding would be recognized by the protocol in 0 days, whereas, if a delegator were to unbond moments after an epoch began, their unbonding would not be recognized by the protocol for 5 days—until the next epoch begins.

There is a two epoch delay before a user’s delegation becomes active in Cardano, during which time the delegation is not eligible to earn rewards. The first rewards are then distributed another two epochs following the end of the warm up period.

One epoch lasts approximately 5 days; as such, from the time of delegation, there is approximately 10 days before one’s delegation is eligible to earn rewards, and another 10 days before those rewards are distributed.

There is no slashing within the Cardano protocol. However, while there is no eventuality that a penalty will be withdrawn from a token holder’s initial balance, stake pools can experience a decrease in potential rewards earned. The most common scenarios for decreased rewards include:

  • Missing blocks: The more block production a stake pool misses, the lower the reward rate will be for the stake pool that epoch.
  • Lack of pledged ADA: A stake pool at its stake cap with no ADA pledged earns only 77% of the rewards that a stake pool composed of 100% pledged ADA earns.

Bison Trails charges a percentage service fee on all rewards earned by tokens delegated to our stake pool. The service fee is paid to Bison Trails automatically by the protocol. You can then withdraw your rewards from the protocol directly.

Interested in delegating on other protocols?

Have tokens on other networks? Learn more about delegating to our public validators on Celo, Cosmos, Edgeware, Kusama, Livepeer, Ontology, Polkadot, Solana, and more. We also offer dedicated participation clusters.


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THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY. PLEASE DO NOT CONSTRUE ANY SUCH INFORMATION OR OTHER MATERIAL CONTAINED IN THIS DOCUMENT AS LEGAL, TAX, INVESTMENT, FINANCIAL, OR OTHER ADVICE. THIS DOCUMENT AND THE INFORMATION CONTAINED HEREIN IS NOT A RECOMMENDATION OR ENDORSEMENT OF ANY DIGITAL ASSET, PROTOCOL, NETWORK OR PROJECT. HOWEVER, BISON TRAILS (INCLUDING ITS AFFILIATES AND/OR EMPLOYEES) MAY HAVE, OR MAY IN THE FUTURE HAVE, A SIGNIFICANT FINANCIAL INTEREST IN, AND MAY RECEIVE COMPENSATION FOR SERVICES RELATED TO, ONE OR MORE OF THE DIGITAL ASSETS, PROTOCOLS, NETWORKS, ENTITIES, PROJECTS AND/OR VENTURES DISCUSSED HEREIN.

THE RISK OF LOSS IN CRYPTOCURRENCY, INCLUDING STAKING, CAN BE SUBSTANTIAL AND NOTHING HEREIN IS INTENDED TO BE A GUARANTEE AGAINST THE POSSIBILITY OF LOSS. THIS DOCUMENT AND THE CONTENT CONTAINED HEREIN ARE BASED ON INFORMATION WHICH IS BELIEVED TO BE RELIABLE AND HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE BUT BISON TRAILS MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE FAIRNESS, ACCURACY, ADEQUACY, REASONABLENESS OR COMPLETENESS OF SUCH INFORMATION.

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Questions?

Learn more about delegation in our guide to delegating digital assets.

If you have questions, or if you are interested in running a validator, please contact us. Our protocol specialists are happy to assist you.