Now that Cardano’s Shelley update has finally been implemented on their mainnet, users can now delegate their ADA tokens to staking pools. These staking pools process and secure transactions on Cardano’s Blockchain. By delegating your tokens to these staking pools, it increases the pool’s chance to be chosen as a block producer and increase the pool’s profit potential. These staking pools will try to encourage users to delegate their ADA to their pool by offering various rewards. This will naturally increase the competition between the different pools which will help increase the profit potential for the users delegating their tokens to them.
You can learn more about Cardano’s staking incentives here – https://cardano.org/stake-pool-delegation/
Steps To Earn Passive Income With Cardano
- Buy Cardano on a Crypto Exchange or from your Crypto Wallet.
- Download the Daedalus Wallet or the Yoroi Wallet to stake your coins
- Send your ADA coins to your chosen Wallet
- Stake your coins in one of the many available staking pools
- Sit back and enjoy the passive earnings