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Cardano Ecosystem

CryptoAdventure

07/23/2022

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AzureADA – A Platform Proposing New Ways to Stake Cardano (ADA)

Crypto staking is a process where token holders can earn rewards by locking up their coins in a wallet. In return for pledging their support to the network, they receive a portion of the block reward.  Cardano is one...

AzureADA – A Platform Proposing New Ways to Stake Cardano (ADA)

Crypto staking is a process where token holders can earn rewards by locking up their coins in a wallet. In return for pledging their support to the network, they receive a portion of the block reward. 

Cardano is one such blockchain that offers this feature. This review will analyze the features of AzureADA, a staking platform that allows users to participate in Cardano’s staking program.

What Is AzureADA?

If you’re looking for a reliable and trustworthy stake pool to earn your ADA rewards, AzureADA is a popular option. We are talking about one of only two stake pool operators selected by both SundaeSwap and Ardana DEXs.

This project has over 3,000 stake pools, with a team with decades of IT experience. The project runs on Microsoft Azure cloud infrastructure designed according to best practices to minimize failure. 

The project currently has nine servers in America, Europe, and Asia. AzureADA also has one of the most significant pledges of over 5.15 million combined ADA coins between its pools. The team explained that the company had been an experienced Cardano operator since the Incentivized Test Net (ITN) in 2019. 

The team labels itself honest, open, and transparent, with an active community of Telegram followers.

How Does AzureADA Work?

In order to use AzureADA, you will need a digital wallet. You can either use Daedalus or Yoroi. Once you have your wallet, you can buy ADA from an exchange and transfer the coins to your wallet. Finally, choose a staking pool to earn rewards for holding ADA.

The choice between Yoroi and Daedalus is up to you. Daedalus invested in building a user-friendly wallet, while Yoroi prioritized transaction speed and security. Ultimately, the right choice entirely depends on your needs and preferences.

Buying ADA coins is not a complex operation. CoinMarketCap is a good resource for tracking different cryptocurrencies’ prices and market caps. You can use this website to find exchanges where you can buy ADA. Some exchanges that list ADA include Binance, Upbit, and HitBTC.

To transfer ADA to a wallet, you will need the following:

  • The address of the wallet you are transferring to
  • The amount of ADA you want to transfer

You may follow these simple steps on a wallet such as Daedalus:

  1. Open the Daedalus wallet and click on “Transfer.”
  2. Enter the address of the wallet you are transferring to in the “To Address” field
  3. Enter the amount of ADA you want to transfer in the “Amount” field
  4. Click on “Send”
  5. Your ADA will be transferred to the specified wallet address.

When it comes to staking pools, there are a few things you will want to take into account:

  • The size of the pool
  • The fees the pool charges
  • The level of security offered by the pool
  • The level of customer support provided by the pool
  • The location of the pool

You can find a list of staking pools on the AzureADA website. Once you have chosen a staking pool, you will need to follow the instructions on how to join the pool.

The Delegation Process on AzureADA

Delegation is the act of trusting another person or entity to manage your staking rewards on your behalf. When you delegate, you give the pool operator permission to vote on your behalf and stake your coins. 

This can be an excellent option for people who don’t have the time or knowledge to stake their coins themselves. However, it is essential to choose a reputable and trustworthy pool operator.

On the one hand, delegating allows holders to stake their coins without being online or running a full node. This can be helpful for those willing to stake with no time or resources to do so themselves.

On the other hand, delegating introduces an element of risk. If the delegate fails to properly manage the staking process, holders could lose their tokens. Additionally, delegates may charge fees for their services, which can eat into any rewards earned from staking.

Overall, delegation in crypto staking has advantages and disadvantages that you must consider before making a decision. Those who delegate should do so carefully, selecting a reputable delegate with a good track record. 

Delegation is a critical component of staking on AzureADA. By delegating your stake to a validator, you can increase your rewards while maintaining control over your tokens.

Send the tokens you want to stake to the validator’s address to delegate your stake. The validator will then create a delegation contract on your behalf.

Once the delegation contract is live, you can monitor your stake and rewards through the validator’s interface. You can withdraw your stake anytime by sending a transaction to the validator.

Staking on AzureADA is a great way to earn rewards while supporting the network. You can help secure the network and earn rewards by delegating your stake.

Examples of Staking Pool on AzureADA

The AZUR, AZUR2, and AZUR3 staking pools on AzureADA are all excellent ways to earn rewards by supporting the network. The AZUR pool has a saturation of 94.52% and costs 2% + 340 ADA. The AZUR2 pool, instead, has a saturation of 43.55% and charges 2% + 340 ADA. 

The AZUR3 pool has a saturation of 49.20% and costs 2% + 340 ADA. All three pools have a fixed 340 ADA fee divided proportionally by all pool delegators, resulting in a minimal fee. 

You can also monitor your stake and rewards through the validator’s interface and withdraw your stake at any time.

The Reward Calculator

To use the calculator, you need to know how much money you want to invest and the ADA price. The calculator will tell you how many ADA coins you will get for your investment. 

You can also use the calculator to determine how many ADA coins you would get if you invested each month. The calculator will perform the calculations in the same manner as they would in the actual world.

You may also use the calculator to estimate the price of ADA in 20 years, year by year. You will receive your interests every five days (epoch), and the calculator will automatically recalculate your new staked amount. 

Interests add to your holding amount, and the following rewards take into account your previous balance, including the rewards collected.

Final Thoughts

AzureADA may be a good alternative if you want to get paid for supporting the Cardano network. You may enhance your earnings while still keeping control of your tokens by delegating your stake to a validator. 

You may also use the project’s reward calculator to see how much you could earn from ADA in 20 years. 

If you like this project, visit the team’s website and stay up to date with its social media updates.

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