How to join the Charity Lounge

!!! FIRST OF ALL !!!

Delegating ADA (₳) to our Charity Lounge Pool or any other Pool is a simple and safe task.

 

!! Important !!

Your funds will ALWAYS stay safe in your own wallet and you can spend or transfer your ADA anytime.

When delegating you will NEVER be asked for sending ADA to any personal wallet address.

 

! Nice to know !

You should have at least 10 ₳ in your wallet for delegating to our or any other Pool and no worries, ~0.2 ₳ will be used for transaction fees for delegating.

 

Where to start

ADA can be bought by following exchanges

Let's choose a ADA wallet

Staking is supported by the two official wallets for the Cardano network: Daedalus and Yoroi Wallet. You will need to transfer your ADA from the Exchange Account to one of your ADA wallets.

 

Daedalus is a full node wallet, which means it will download the whole blockchain to your PC/MAC to independently verify the transaction history of the blockchain. Downloading the Blockchain may take up to a few hours/a day till fully synchronized. You will also need at least 30GB free space for the installation and data. But to be honest - it offers the most security.

 

A faster way to get your ADA to a wallet would be using the light wallet Yoroi. Yoroi is a web light wallet for Cardano. Light wallets don't need to download or synchronize the full copy of the blockchain. It connects to trusted servers for transactions.

This means you that once you open the wallet, you can send or verify the reception of transactions right away. There is also a Yoroi Wallet for mobile avaiable.

 

There are also some other wallets, e.g. Eternl, which are NOT officially supported and more or less community driven.

Make sure that you always download your ADA wallet from the offical websites like daedaluswallet.io or yoroi-wallet.com

Create a new wallet

Once you have downloaded YOROI or Daedalus wallet, you can start creating a new ADA wallet.

Below you will find a link to the official "Guidlines" from both wallets.

Delegate to the Charity Lounge Pool

Once your ADA is in your wallet, you are ready to delegate to our Cardano stake pool and start earning stake rewards.

As mentioned above - your funds will always stay in your wallet while you delegated to a stake pool. You have full access to your ADA while staking and you can add/remove or transfer ADA at any time. How to delegate to a specific pool and how the rewards work will be described below.

How to delegate to the Charity Lounge Pool

1. Select the "Delegation List" tab of your wallet

 

2. Search in the list of stake pools for CLP

 

3 "Delegate" will delegate your  ADA wallet to our CLP pool. Thank you for supporting.

What about first rewards and what can i expect?

Now you can send your ADA from the Exchange to your newly created Wallet before start earning!

Click here - to safely withdraw ADA from Exchanges

When you frist start delegating to a Cardano stake pool, it will take some time until your stake bekomes active and you receive your rewards. The delegation and reward system is seperated into Epochs.

Each Epoch has a duration of 5 days. This means you will receive rewards automatically all 5 days.

 

When you start delegate at the first time, you will have to wait about 15-20 days for your very first rewards.

 

Here a little example when you would start staking on Epoch "0"

A snapshot is taken end of Epoch "0" which determines the amount of ADA you have in your wallet at this time. That amount of stake becomes active in Epoch 2. The rewards you have earned in Epoch 2 are calculated in Epoch 3 and with Epoch 4 they are paid out (from Epoch 2). At this point when you keep delegating you will receive then every 5 days (every Epoch) rewards.

 

The return is usually between 4%-5% annually. The long term rewards are very similar for all Pools (nevermind if small, medium or large pools), as long as blocks are produced.

 

If you hit this point of my page then CONGRATULATIONS, you have successfully delegated to our pool and we hope you stay with us and we can make the world a little better! :) Happy ST₳KING!