DELEGATING TO SHAKTI

We're honored that you're considering delegating with us! Please follow the instructions below to learn about how to stake.

(If you already have a Cardano wallet, you can skip to the Delegating section)

Creating a wallet

Before you can delegate, you will need to have your money in a wallet, rather than in an exchange service like Kraken, Coinbase, Binance, etc. This is a good step to take whether you are delegating or not to secure your ADA and keep it in your control.

There are two official wallets, Yoroi or Daedalus. Daedalus is a "full-node" wallet, which means that you will need to store the entire blockchain on your computer, which will keep syncing. We recommend and will provide instructions for the Yoroi wallet, which is a "lightweight" wallet running in a browser extension or mobile app, and is more convenient to use (this is what our team uses also!)

1. Download Yoroi

Go to https://yoroi-wallet.com/ and click Download. From the dropdown menu, select the platform or browser you are trying to install for. 

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Follow the instructions in your browser or app store to download the extension, and open it up.

2. Finish First-Time Setup

Once you open the Yoroi app, it will ask you to select your language. Do so and click "continue".

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You will be presented with a Terms of Service to accept. Do so, and click continue.

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The next page will ask you whether you want to enable Cardano payment URLs. This is an optional step. 

3. Create Your Wallet

On the home screen, if you have a hardware wallet device, select that option and follow the pairing instructions. Otherwise, by default, you can select "Create wallet".

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The Yoroi wallet supports storage for both the Ergo and Cardano cryptocurrencies, and will thus ask you which currency you would like to create a wallet for. Select Cardano to continue.

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The next option asks whether you would like to create a normal wallet or paper wallet. A paper wallet is well suited for devices not connected to the internet as an extra measure of security, but is not necessary (to properly take advantage of it, steps should be taken to disconnect internet while generating keys also, etc.). You can select "Create wallet" to continue.

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In the next step, you can can set the name and spending password for your wallet. Enter these, and select "Create Personal Wallet".

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The next section is the most important part for your wallet security. You will be asked to write down a "recovery phrase" of 15 random words for your wallet. These should be written down on paper, and stored safely. If this is lost, you may not recreate your wallet on any other device. Similarly, if it falls into the wrong hands, someone else will be able to recreate your wallet on their device and control it. In our recommendation, store multiple copies of this phrase, or ideally with someone you absolutely trust.

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After confirming that you have written down the phrase, you will be asked to recreate your recovery phrase from the individual words, by dragging and dropping.

Your wallet has now been created! This will be the home screen when you open Yoroi now!

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Transferring Funds

The next step you will want to do is actually transfer funds to your wallet. You can do this by first going to the "Receive" tab in Yoroi.

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Here you can find the wallet address that you will need to provide your exchange service in order to send your money to your wallet. You will need to follow the instructions for your exchange to do this.

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Once you send the money to your wallet, after a couple minutes your transaction should show up in the "Transactions" tab.

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Delegating

Finally, we can delegate! To do so, go to the "Delegation List" tab in Yoroi.

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In the "Search By Id or Name" field, type in "shakti" and hit search. We should be the first result :)

Click the green "Delegate" button, The first time you delegate, you will need to submit a deposit of around 3 ADA. While frustrating, this is a measure to prevent attacks on the network. This deposit will be returned when you stop staking altogether, and will not need to be paid again if you choose to delegate to another pool in the future.

To continue, enter your spending password that you selected when creating your wallet.

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A popup should appear indicating that you have successfully delegated and take you to the Dashboard page. Scrolling down in your dashboard, you should see that you are officially delegated to Shakti pool! Please note that from when you delegate, it will be 4 "epochs" (each epoch is 5 days, so 20 days total) before you see your first rewards.

This is because it will take 2 epochs for your delegation to become "active", and then after the epoch in which your stake is active, one more epoch is required to calculate rewards before distribution.

And that's all there is to it! We are excited to have you along for the journey; we are stronger together :)

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