Delegating to multiple stake pools at the same time has its benefits.
- Average out your returns on ADA for staking by getting a more balanced average across multiple different pools,
- you can participate in multiple ISPOs at the same time,
- help decentralise the Cardano blockchain by delegating to many different stake pool operators.
In this tutorial we will go through how to setup delegate to 5 different stake pools using Lace Wallet.
Learn how to delegate to up to 5 stake pools at the same time from Lace.
Total Time: 5 minutes
Open your wallet and navigate to Staking
Open the wallet extension and expand your view. Seeing more of the wallet application will allow you to more easily search for the different stake pools.
Get a short list of stake pools
We like to use a website such as CardanoScan to find a good stake pool to delegate to.
We have a short list of pools that we recommend including our own.
It is important to monitor your operator and ensure they are still operating. Reach out and connect with them via social channels.
Also check to see if the saturation level of the pool is below 100%. Delegating to a pool with a saturation level over 100% will diminish your returns.
Search for the pools
With your short list of pools, start searching for each one by using the stake pools ticker and click “Stake” to add the pool to your delegation list.
Repeat the process until you have added all of the pools that you wish to delegate to.
Click “Next” to continue to the next step.
Confirm Your Delegation
Here you will need to check over your staking details and confirm the action.
If this is your first time delegating to a pool, you will need to add a 2 ADA deposit to each of the pools that you are delegating to.
You will also need to pay the transaction fee at this point to delegate to all the stake pools.
Click “Confirm” to continue.
Enter your wallet password and you’re done.
At this point you would have completed your delegation to the multiple stake pools. It will take approximately 10-15 days to be start earning rewards.
Check your wallet periodically over time to ensure that your pool that you have selected is still operating and hasn’t become oversaturated.