In a previous article, we learned how to set up a Cardano wallet. Now what? This article will explore the first steps you might take with your wallet.
We are highlighting some of the specific features of GeroWallet, but most things mentioned here will work for any wallet.
Get some ada
If you don’t have any of Cardano’s native currency, ada, you might want some. GeroWallet makes this extremely easy: There is a button in the wallet that says BUY. If you click it, you will be directed to Moonpay, a platform that links with Gero to make a seamless path for getting some ada into your wallet. This is a breakthrough in the world of Cardano wallets - most do not offer an integrated gateway to purchase ada. That said, Moonpay may not be available in some countries, and the fees may be higher than other platforms.
If you want to compare fees with another service, consider a cryptocurrency exchange like Coinbase. If you go this route, you’ll have to take the extra step of sending your ada to your new wallet from the exchange, but that is a good skill to learn anyway. In GeroWallet, click the “COPY” button in the upper right corner of your wallet. That text string that starts with “addr…” is your wallet receiving address (also known as the “public address). It is safe to share with third parties, companies, and other people - it’s how they can send you money!
Earn some ada
As described above, many people enter the Cardano ecosystem by buying some ada. To be honest, that was how I got here too. However, that is officially “Not Financial Advice.” Now when people ask me if they should buy some ada, I say “No, I think you should earn some!” I live in the USA, where dollars are very useful, but you won’t catch me buying any. I go out and earn them. I encourage you to start thinking about ada the same way - it’s a very useful currency in a certain economy. You might consider trading your dollars, euros, or shillings for a few ada to get started, just like visiting a local currency exchange when traveling to a different country. But if you were going to spend a long time in that country, you would want to start earning that money - right?
Cardano’s Project Catalyst is one way to start earning ada. This article details eight jobs you can fill and earn some ada. You could earn a couple of ada just for voting, hundreds more for serving as a proposal assessor, or even much more if you find a role on a winning project.
Snapbrillia’s Cardano Bounty board is a great place to look for paying gigs. Some offer payment in dollars, but many pay in ada. And just in case you think all the gigs are for high-tech skills, think again! Postings include developer work but also include grant writing, graphic design, social media marketing, event planning, and more.
If you speak Swahili, you are invited to participate in our Swahili Learn to Earn project and earn up to $25 in ada and 3 NFTs, just for participating and learning about Cardano. Sign up for that program here at Lido Nation starting in May 2023.
The designer of Lido Nation’s PHUFFY coin earned her first ada by accepting our offer to do what she is great at (graphic design) and get paid in ada. Now that you are in the community, these kinds of opportunities may also come your way.
Stake your ada
As soon as you have a little ada in your wallet, you should stake it. Staking is risk-free; you can still use or spend your ada whenever you want. Staked ada helps secure the Cardano network, and allows you to earn passive rewards. Staking with GeroWallet is extremely easy - just click the big “Stake” button and follow the prompts.
You can stake with any pool - and we would love for you to join our pool - just search for LIDO on the pool selection page. Delegators at LIDO earn network rewards (ada), but they also earn PHUFFY and get access to other perks. Visit our Delegator page for all the latest.
You have taken your first step into the Cardano economy by getting a Cardano wallet. Like any bustling economy, there are many ways to buy, sell, trade, and earn. In the next article, we learn more about what you can do with your newly acquired or earned ada.