Daedalus is currently the most sophisticated and feature rich asset manager available for the Cardano ecosystem. Daedalus is the perfect tool for intermediate & advanced users who want to actively participate in the network and for those who want to use the newest features first. Input Output Global’s development of the application is comprehensive and will most likely offer update support for the foreseeable future.
- Wallet creation and restoration
- Send/Receive ADA
- Monitor transactions and UTXO distribution
- Manage multiple wallets
- View all active Cardano Stake Pool Operators (SPO) with built in rating system
- Delegate wallet funds to SPOs without losing control of your assets
- Monitor current Epoch and Slot live with the Blockchain
- Allows Cardano-CLI use without a relay node for the Linux lovers out there
- Multi User Wallets & Hardware (Ledger/Trezor Support)
- Manage multiple assets on the Cardano Network.
- Participate in the governance protocol with voting.
- Directory for identification credentials issued on the Cardano network
IV. Wallet Management
1. Click on “Add Wallet” Note: if you do not have any wallets loaded on Daedalus, you will be sent directly to Step 2.
2. Click on “Create”
3. Enter wallet name and spending password.
4. Confirm through recovery phrase warning.
5. Write down the recovery phrase. WARNING: Your recovery phrase is the only way to recover your wallet, make sure it is written down or secured on cold storage. Anyone with this phrase can access your funds from any wallet.
6. Enter recovery phrase.
7. Confirm through final warning.
Wallets do not live in Daedalus. Wallets live on the blockchain. Daedalus is only a tool used to interact with the blockchain on your behalf. The spending password only shields wallets loaded into the Daedalus application. If you delete your wallet, delete Daedalus, or lose the machine that has Daedalus installed; the spending password will be useless in recovering your wallet. The only way to recover a wallet is by using your 24 word recovery phrase, thus requiring you to secure it (OFFLINE) as if it were cash. With your recovery phrase, you can generate your wallet on any Cardano asset manager whether it be Daedalus, Cardano-CLI, Yaroi, AdaLite, or any future wallets.
1. Click on “Add Wallet”
2. Click on “Restore Wallet”
3. Choose the wallet type that you want to restore. Most will be either “Daedalus” or Yaroi.”
4. Choose the amount of words in your recovery phrase. Note: On July 29, 2020, the Cardano network upgraded from Byron to Shelley. With the Shelley upgrade, wallet recovery phrases were increased from 12 words to 24 words to improve security. If you are reading this tutorial, you most likely have a 24 word Shelley wallet. However, if your recovery phrase only has 12 words, then you own a Byron wallet – which will be updated to a Shelley wallet once you restore it.
5. Input recovery phrase.
6. Input Wallet name and spending password.
7. Wait for your wallet to sync with the blockchain. Note: Your wallet will always initially show 0 balance. The correct balance will be shown once the wallet syncs with the blockchain.
8. Once the wallet it synced it will show your balance.
1. Click on the Wallet that you want to perform the action.
2. Click on the “Send” tab.
3. Input the receiver’s address and amount and click “Next”. Note: the transaction fee will automatically be added once you input your desired amount.
4. Input your Spending Password and click “Confirm.”
5. Monitor your transaction on the “Summary” tab until you see a “Transaction Confirmed” note in green under the ADA spent.
1. Click on the “Receive” tab to reveal all your generated addresses. Copy one of the generated addresses and send to the sender. Note: multiple addresses are generated for each wallet. This is done to enhance your privacy while transacting on the blockchain – it is recommended that you share a different wallet address every time you transact.
The “Transactions” tab is where you can view all your transactions from the genesis of the wallet. The transaction tabs function the same as those in the “Summary” tab. There is a filter function to help you navigate through a history of transactions.
The “More” tab drops down the “Settings” and the “Wallet UTXO Distribution” tabs.
In the “Settings” tab you can change the name of your wallet, change the spending password, delete your wallet, and verify your recovery phrase. Note: It is important to regularly verify your recovery phrase to confirm the stored copy is correct.
The “Wallet UTXO Distribution” tab is where you can monitor your unspent transaction outputs. Unspent transaction outputs (UTXO) is the mechanism the network uses to keep track of the user’s balances. Fun fact: This is the same system that is utilized by the Bitcoin Network.
Proof of Stake is the bedrock of a scalable decentralized network. It incentivizes independent Stake Pool Operators (SPO) to run block producing nodes by putting up stake. This removes the requirement of the energy hungry and expensive “Mining” system that is preventing previous generation blockchains from scaling. Those in the Cardano ecosystem can stake their ADA to a trusted pool operator to receive both rewards (paid out in the form of ADA) and get to participate in making the network more secure and decentralized. The staking process is very easy and can be done directly on your asset management apps such as Daedalus and Yaroi. At the time of this writing, Daedalus is the most comprehensive staking tool available and is the most recommended. Staking is safe and will not require you to send your ADA outside of your wallet or lock your transaction ability.
Enter the Staking Center on the far left menu of the Daedalus user interface. This section of the application is split up into four tabs : “Delegation Center,” “Stake pools,” Rewards,” and “Info.”
Performance, which is quantified by the pool’s availability to produce blocks (the “on time”), the amount of block produced, and the ability to meet pledge.
Pledge, which is the amount of ADA that the SPO commits to staking to their own pool. This can be any amount, however higher pledged pools will have advantages when it come to being selected to produce blocks. WARNING: If a SPO does not meet his/her pledge commitment, the pool will not be able to produce blocks guaranteeing that neither the SPO or the delegators will receive any rewards. Make sure the pool you choose meets their pledge commitment.
Saturation, the point at which a pool reaches maximum delegation. There will be a drop off of rewards for pools that have delegation over the saturation point. Note: the saturation point is ever changing and will adjust depending on the needs of the network.
1. Navigate to the “Stake pools” section in Daedalus.
2. Navigate to the “Stake pools” tab.
3. Search for the Stake pool you wish to delegate to. Note: There is a search tool for easy access.
4. Click on the Stake pool ticker and click on the “Delegate to the pool” button.
5. Choose wallet to delegate from. Note: a wallet needs to have a balance minimum of 10 ADA in order to stake.
6. Confirm your stake pool selection.
7. Confirm delegation with your spending password. Note: this will cost 2 ADA for delegation registration (locked in the network) + transaction fee.
8. Delegation is confirmed.
9. Delegated pools will show up on the “Stake pools” and the “Delegation center” page. Note: On the “Delegation center” page, you can re-delegate your wallet to another stake pool. The transition will take place in the next epoch.