Ep11 - Learn Cardano Podcast - Interview with MermADA Cardano ADA

EP011 - Simple Explanation of Cardano Fees & Inspirational Chat with SPO MermADA

June 8, 2021

This week we look at all the Cardano fees that are involved with using the blockchain. Every Cardano fees from staking fees, registering fees and transfer fees for Cardano. MereADA also joins me on the podcast to talk about her mission-driven pool to save the world's oceans, and we look at her unique branding for her stake pool. We also talk about how she mines other cryptocurrencies with a mining setup for Ethereum.

News

Nervos Cross Chain Bridge with Cardano

Nervos partner with Cardano to build a bridge between the two blockchains. It forms a layer of interoperability between the two blockchains.

"Holders of Nervos CKByte (CKB) and ADA will be able to transact both currencies interchangeably. Nervos users will also be able to take advantage of Cardano's native asset standard to create tokens that can be ported and used across both networks. On top of this, the bridge enables developers on both chains gain access to services and features to expand their DApp ecosystem and user bases."

Read more at the IOG Blog about the first cross chain bridge between Nervos and Cardano.

Hardware Wallet by Square

Jack Dorsey, CEO of Square and Twitter mentioned that they're looking into building an open hardware wallet to store Bitcoin. This will allow users another option in regards to storing their cryptocurrencies in a secure manner.

Read more about the announcement about Square's plans to make an open hardware wallet for Bitcoin.

Understanding Cardano Fees for Transactions, Registering and Delegating to a Stake Pool

There are various Cardano fees that you have to pay to use the network. These vary from process to process, but their all have one thing in common, they're vastly cheaper and lower than Ethereum or Bitcoin fees.

These fees make up the block rewards that are minted by stake pool on the network.

When delegating to a pool, there is also a small fee of around 0.17 ADA. If it is your first time registering a wallet to delegate, it will cost you 2 ADA to register the wallet, which can be reclaimed when the wallet is deregistered.

General Cardano Fees that You'd Expect to See

Wallet Delegation Registration Fee

Any time you create a new wallet and delegate it to a pool for the first time, you will have to pay the wallet registration fee and transaction fee. The wallet registration is currently 2 ADA and the transaction fee is approximately 0.17 ADA

Cardano Transfer Fees

When you transfer ADA from one wallet to another or from a wallet to exchange and vice versa, you will pay approximately 0.17 ADA. Some exchanges charge you more for moving ADA from an exchange to a wallet. It's important to take note of these Cardano fees when moving from an exchange to a private wallet for staking as they will eat into your rewards.

understanding cardano ada staking fees

To find out more about the fees with delegation, please read out guide about the costs and fees of delegating to a stake pool.

Interview with MermADA from MetroMermaids

MermADA joins me to talk about her experience in running a stake pool and mining Eth with their mining rig.

Since recording this interview with MermADA, the stake pool MetroMermaids have minted not 1 but 2 blocks.

MermADA gives her point of view in regards to mining Eth and running a stake pool. Overall both are hard to do but the difficulty comes in different aspects. On one hand, mining Eth requires more hardware skills and an understanding of how it all works. You have to look into the aspects of monitoring, cooling, GPU card lifespan and hardware maintenance. Cardano requires less effort to manage the hardware aspects but requires a lot more effort to market.

You can find out more about MetroMermaids from their website and MermADA on Twitter.

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February 27, 2021

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EP025 - Building on Cardano with Smart Contracts

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4 Things to Understand ADA Staking Fees & Gain Better Rewards

One question that is asked again and again is the Cardano ADA staking fees. What are the fees, fixed costs and variable costs that are seen when staking to a pool? From various websites such as PoolTool.io and ADApools.org or wallet apps such as Daedalus or Yoroi, you will see the term fix and variable […]

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August 31, 2021

EP023 - Earn Cardano (ADA) in 3 Easy Ways

In this episode and shote notes, we learn how to earn Cardano rather than continuously converting fiat currencies for ADA. In episode 22, we looked into how much ADA you need to retire. For some people, it still seems impossible to get enough ADA soon enough to retire and it bought up a lot of […]

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August 25, 2021

EP022 - How to Retire on ADA Cardano

In this episode, we are going to look into how it may be possible to retire on ADA and live on the returns from staking your ADA to a stake pool and from other methods of getting returns in Decentralised Finance (DeFi) protocols such as decentralised exchanges and decentralised finance platforms. Living Off Returns from […]

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