In this quick step-by-step guide, I'll explain what you need to know about Ellipal staking.
Staking enables you to earn interest awards by locking your crypto funds. We suggest using a hardware (cold) cryptocurrency wallet to lower the risk of your funds being hacked.
There is a plethora of them on the market; you can check Weirdo's selection of the Best Crypto Hardware Wallets. But in today's article, we will focus on how staking is done with your Ellipal Hardware Wallet.
Let's jump right into it!
Why stake with Ellipal?
What we like with Ellipal the most is the level of security and all the additional features like deep integration of Dapps. We wrote a detailed Ellipal Titan review on our site, so you can read more here if you are still getting to know this hardware wallet.
Ellipal is an air-gapped security cold wallet, network isolated, and signs transactions using QR code, making it a good choice for staking your coins securely over a longer period. It's also easy to navigate and has a big touch screen for easy viewing transactions.
Now we know why Ellipal is a good choice for staking, so let's look into the available coins for staking and how the process goes with each of them.
Which coins can you stake with Ellipal?
With Air-gapped Ellipal Titan, you can stake Cosmos (Atom), Tezos (XTZ), Polkadot (DOT), Kusama (KSM), and Cardano (ADA).
How to stake Tezos (XTZ) with Ellipal?
Delegate:
- Connect the wallet with the Ellipal mobile app and add Tezos; choose your Tezos account and select Staking and Delegate.
- Choose the delegate nodes. Ellipal recommends HashQuark as the most reliable and safe with fast rewards.
- Enter the staking amount.
- Select Delegate, and carefully review the screen with the QR code and the additional information.
- On your Ellipal, select Tezos, and sign the transaction using the QR codes on both the wallet and the app.
- Select Complete on your mobile, and your Tezos is staked.
The process of undelegate is similarly simple:
- On the app, select the Undelegate button.
- Review the screen with the QR code and the additional information.
- On the wallet, select the Tezos account and use it to sign the QR from the app and confirm the transaction by using the app and scanning the QR code from the wallet.
How to stake Cosmos (Atom) with Ellipal?
Delegate:
- Connect the wallet with the Ellipal mobile app and add Atom; choose your Atom account and select Staking and Delegate.
- Choose your delegate nodes - different nodes have different rewards rates and enter the amount you wish to stake
- Enter the amount you wish to stake.
- Select Delegate, and carefully review the screen with the QR code and the additional information.
- On your Ellipal, select Atom, and sign the transaction using the QR codes on both the wallet and the app.
- Select Complete on your mobile, and your Tezos is staked.
Undelegate:
- On the app on your mobile device, select the Undelegate button.
- Choose the node you wish to undelegate and enter the amount.
- Carefully review the screen with the QR code and the additional information.
- Sign the transaction with QR from the app and confirm by using the app and scanning the QR code from the wallet.
How to stake Cardano (ADA) with Ellipal?
Ellipal's partners provide ADA Staking equity stake pools. You don't need to transfer your ADA but select the equity pool to authorize the pledge mandate and participate.
Before starting to stake ADA, you need to ensure that you ADA Shelley wallet address on your Ellipal wallet and the latest firmware and app version. In addition, you need to have at least 4 ADA on your account to stake.
- Open the Ellipal App and select ADA,
- Click on staking, and on the staking page, click the Delegate button.
- Select the equity pool with which you want to stake your ADA, e.g., Ellipal wallet.
- Select Delegate and sign the transaction process to confirm and complete staking.
If your current account has been staking with another equity pool, you have to take back the current rewards before staking with a new equity pool.
You can see the ADA staking rewards on the Ada staking page. On the same page, you also see the pool you stake with. You can click Undelegate if you no longer wish to stake with this pool.
How to stake Kusama (KSM) with Ellipal?
Staking with Kusama is a very straightforward process:
- On your app, go to your $KSM account and select staking,
- Click on Bond,
- Enter the amount you wish to stake,
- Review that information and confirm the transaction with QR codes Ellipal Titan.
On the staking page, you can also simply unbond, withdraw, claim rewards and modify nominations.
How to stake Polkadot (DOT) with Ellipal?
The process when staking Polkadot is the same as with Kusama:
- On your app, go to your $KSM account and select staking,
- Click on Bond,
- Enter the amount you wish to stake,
- Review that information and confirm the transaction with QR codes Ellipal Titan.
Is staking with Ellipal safe?
While there are always risks with staking your assets, Ellipal Titan is safe cold storage. It's one of the rare air-gapped cold wallets that communicates with QR codes and is in no way connected to the internet, which prevents any online attacks.
If you want to look into different wallets to stake your assets, you can check our guides on Staking with Trezor and Staking with Ledger Hardware wallets.
Disclaimer
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This website includes information about cryptocurrencies and other financial instruments. All these areas are complex instruments and come with a high risk of losing money. We are NOT giving financial or investment advice; this page is for educational and informational purposes only. Please be careful and make sure that you understand how these instruments work. Also, think about whether you can afford to take the risk of losing your money.
Weirdo.Rocks encourage you to do your own research before you make any investment decision.
