Last updated on June 14th, 2022
If you are looking for a platform that allows you to stake cryptocurrencies, one of them that may come up is the Exodus wallet.
How does staking work on Exodus and should you be using this wallet?
Here is my experience staking 5 different currencies on Exodus:
Contents
- 1 How does staking work on Exodus?
- 2 What currencies can I stake on Exodus?
- 3 Staking ADA (Cardano)
- 4 Staking ATOM (COSMOS)
- 5 Staking SOL (Solana)
- 6 Staking VET (VeChain)
- 7 Staking ALGO (Algorand)
- 8 What are the fees for staking with Exodus?
- 9 What are the risks of staking with Exodus?
- 10 Is Exodus good for staking?
- 11 Conclusion
How does staking work on Exodus?
7 cryptocurrencies that use the proof-of-stake consensus model are able to be staked on Exodus. Some of them require you to lock up your funds to earn rewards, while others allow you to earn rewards just by holding them in your Exodus wallet.
Exodus partners with the delegator Everstake to assist in the staking of your cryptocurrencies. The currencies include:
- ADA
- ATOM
- ALGO
- ONT
- SOL
- XTZ
- VET
Exodus used to allow you to stake NEO on their wallet. However, with the upgrade of NEO to Neo N3, Exodus is still unable to support the new token as of now.
Some cryptocurrencies (ADA, ATOM, ONT, SOL and XTZ) require you to lock up your funds. This means that you will incur transaction fees for staking and claiming rewards.
Other currencies (ALGO and VET) do not require you to lock up your funds. So long as you hold these currencies in your Exodus wallet, you will be able to earn rewards!
What currencies can I stake on Exodus?
Here are the different cryptocurrencies which Exodus allows you to stake on their wallet:
| Cryptocurrency | Staking Supported on Exodus? |
|---|---|
| Cardano (ADA) | Yes |
| Cosmos (ATOM) | Yes |
| Vechain (VET) | Yes |
| Ontology (ONT) | Yes |
| Solana (SOL) | Yes |
| Tezos (TXZ) | Yes |
| Algorand (ALGO) | Yes |
| Polkadot (DOT) | No |
| Ethereum (ETH) | No |
| Binance Coin (BNB) | No |
| Tron (TRX) | No |
| Zilliqa (ZIL) | No |
| Polygon (MATIC) | No |
| Bitcoin (BTC) | No |
| THETA | No |
| Ripple (XRP) | No |
| Stellar (XLM) | No |
Can I stake Zilliqa on Exodus?
Exodus currently does not support the staking of Zilliqa on its platform. You are only able to deposit or withdraw Zilliqa on the Exodus wallet.
If you are looking to stake Zilliqa on Exodus, you are out of luck!
Currently, Exodus does not support Zilliqa staking. As such, you are only able to deposit or withdraw Zilliqa.
Can I stake Bitcoin on Exodus?
Exodus only allows you to deposit or withdraw Bitcoin from its platform, and you are unable to stake Bitcoin on the Exodus wallet.
Similar to Zilliqa, you are only able to deposit or withdraw Bitcoin from your Exodus wallet.
Here is my experience with staking 5 different currencies on Exodus wallet:
Staking ADA (Cardano)
Here’s what you’ll need to do to stake ADA (Cardano) on Exodus:
- Deposit your funds to Exodus
- Go to the ‘medal’ icon on the Cardano page
- Select the amount you want to stake
First, you’ll need to deposit your funds into Exodus, which you’ll need to tap on the ‘Down Arrow‘ on the ADA currency page.
You will be provided with a deposit address that you can use to transfer ADA to your account.
Do be careful when you’re copying the address, as any changes in the wallet address may result in your crypto being lost forever!
After depositing ADA into your account, you will need to stake it afterwards. You can do this by tapping on the ‘Medal‘ icon.
This will bring you to the staking page.
You will need to pay a transaction fee for each stake that you perform.
After staking your ADA, you will need to claim your staking rewards. This can be done by going to the same medal icon, and then tapping on the ‘Claim Reward‘ button.
You will incur a transaction fee for each reward you claim. As such, you may want to wait until you have accumulated a high amount of ADA, as the fee can be quite high!
You can also choose to unstake your ADA, where the process is instant.
Are there fees involved when staking my Cardano with Exodus?
You will incur transaction fees whenever you stake or unstake your Cardano on Exodus. Another fee that you will incur is a deposit fee, which is required to register your Cardano address before you can start staking.
The deposit fee usually costs around 2 ADA.
What pool does Exodus use to stake Cardano?
Exodus partners with Everstake which provides the staking function on the Exodus Wallet. You will be using the Everstake pool when you are staking your Cardano with Exodus.
Why am I not receiving any rewards from my Cardano staking?
When you first stake your Cardano with Exodus, you will need to wait for 25 days first before you are able to receive your staking rewards. After that, you will receive your rewards after every 5 days (equivalent to 1 epoch) for the ADA you’ve staked.
Initially, I was wondering why I was not receiving my staking rewards. However, I soon realised that I will only receive the staking rewards after the first 25 days.
If you’ve just staked your ADA on Exodus, you do need to wait a while first before you can receive your awards!
Another way that you can ‘stake’ ADA is by lending it out for interest on platforms like Nexo, Celsius or Crypto.com.
Staking ATOM (COSMOS)
Exodus also allows you to stake ATOM in the wallet as well. The process is similar to that of staking Cardano.
Here’s what you’ll need to do:
- Deposit ATOM to Exodus
- Go to the ‘medal’ icon on the ATOM page
- Select the amount you want to stake
Similar to ADA, you will need to deposit ATOM into your Exodus wallet.
After that, you will need to go to the medal icon,
which brings you to the Staking feature.
You can enter the amount you wish to stake, and view the corresponding network fee that you’ll incur for staking your ATOM.
You will receive a warning that your ATOM will be locked up when you stake it with Exodus. If you wish to unstake your ATOM, you will need to wait 21 days before you can receive your funds again.
At any time, you are able to claim your ATOM rewards.
Whenever you claim your rewards, you will incur a network fee as well.
However, this is much less compared to the fees you’ll pay for claiming your ADA rewards!
Do I need to send ATOM to Exodus with a memo?
You are not required to input a memo when you are sending ATOM from an external wallet to Exodus. This is because Exodus only provides the wallet address when you are depositing ATOM, but does not provide you with a memo.
This is similar to how you do not need a memo when sending ATOM to your Keplr Wallet.
If you go to the deposit section of your ATOM wallet, you will only see a deposit address.
When you are withdrawing your ATOM from an external platform like Binance, they may require you to add a memo.
However, this is optional for ATOM deposit addresses on Exodus!
You can find out more about the memos here.
Staking SOL (Solana)
Staking Solana on Exodus is similar to how you’ll stake ATOM or ADA.
- Deposit your funds to Exodus
- Go to the ‘medal’ icon on the Solana page
- Select the amount you want to stake
Similar to ATOM or ADA, you’ll need to deposit SOL into your Exodus wallet.
After depositing SOL, you will need to select ‘Stake SOL‘ and select the amount you want to stake.
Similar to ADA and ATOM, you will incur a network fee. However, this is a very small fee (~ 0.000005 SOL) that you’ll need to pay!
After you’ve staked your SOL, you will start to earn rewards automatically. Unlike ADA and ATOM, you do not need to claim your rewards periodically!
Your SOL rewards will be credited directly into your SOL wallet.
Why is my Solana stake not working on Exodus?
If you have just started to stake SOL in your Exodus wallet, you will need to wait for a few epochs before you are able to receive your rewards in the SOL wallet. Each epoch usually takes around 2-4 days, so you may have to wait a few weeks before you see your SOL rewards being credited.
The negative point about Exodus wallet is that it does not tell you when you are expected to receive your rewards.
If you were like me, you may have initially wondered why your stake was not working even after you’ve deposited SOL in Exodus.
However, all you’ll need to do is wait a while before your rewards are credited into your wallet! This is similar to how it takes a while before ADA staking rewards are credited as well.
Alternatively, you can consider lending your SOL using Nexo, which offers a rather high interest rate for SOL!
Staking VET (VeChain)
If you want to stake VeChain (VET) in your Exodus wallet, it is slightly different from the previous 3 cryptocurrencies.
While you are staking your VET on Exodus, you will be earning your staking rewards in the form of VTHO!
Here’s how you can get started with staking VET:
- Deposit VET into your Exodus wallet
- Receive your staking rewards in the form of VTHO
All you’ll need to do is to deposit VET into your Exodus wallet.
Unlike the previous 3 currencies, you do not need to manually stake your VET. Any VET that you’ve deposited into Exodus will start to earn staking rewards immediately!
Furthermore, you do not need to manually claim your rewards too! This makes staking VET very convenient on Exodus.
If you want to check the rewards that you’ve received, you can go to the medal icon in Exodus.
You will be able to see the amount of VTHO that you’ve earned from staking VET.
Alternatively, you can check your VTHO balance in the VTHO wallet to see the rewards you’ve earned.
Staking ALGO (Algorand)
Staking Algorand (ALGO) is similar to other cryptocurrencies on Exodus. Here’s what you’ll need to do:
- Deposit ALGO into your Exodus wallet
- Claim your ALGO rewards
First, you’ll need to deposit ALGO from an external platform into your Exodus wallet.
Once you’ve deposited ALGO, it will immediately become staked. This makes it much more convenient, as you do not need to manually stake your ALGO.
If you want to claim your rewards, you will need to go to the medal icon.
You will be able to claim your rewards from this page.
The best part is that you do not need to pay any transaction fees when you are claiming your ALGO rewards!
What are the fees for staking with Exodus?
Exodus currently does not charge any fees for using their platform to stake your cryptocurrencies. However, you will need to pay network fees on the specific currency’s blockchain when you are staking or unstaking your cryptocurrencies.
Although Exodus does not charge any staking fees, you will need to pay any network fees that are involved in transacting the cryptocurrencies.
Here is a breakdown of the fees that you’ll need to pay for each cryptocurrency:
| Cryptocurrency | Fee For Staking / Unstaking | Fee For Claiming Rewards |
|---|---|---|
| ADA | Yes | Yes |
| ATOM | Yes | Yes |
| SOL | Yes | No |
| VET | No | No |
| ALGO | No | No |
What are the risks of staking with Exodus?
The main risk of staking with Exodus occurs when a hacker is able to gain control of your private keys. This will result in your wallet being compromised, and these hackers may withdraw your cryptocurrencies to their external wallets.
I have been staking my cryptocurrencies with Exodus for the past few months. So far I have been receiving regular rewards from my staked cryptocurrencies.
As such, it is safe to say that Exodus is pretty legit!
The main problem with the Exodus wallet is the security of the wallet. Since it is a non-custodial wallet, Exodus does not have any control over your assets.
This means that you are the one who is responsible for your own wallet’s security!
When you are creating your Exodus wallet, you will be given a set of private keys.
These keys are extremely important, as they will help you to recover your wallet.
It is extremely important that you keep your private keys safe and secure. If anyone gets hold of your 12-word phrase, they will be able to access your wallet!
There are quite a lot of scams that will ask for your private keys. Do be very careful and it would be best to verify the identity of the person who’s asking you for your keys before you give it to them!
Is Exodus good for staking?
Exodus provides a simple user interface for you to stake multiple cryptocurrencies under the same platform. If you are a beginner at staking and want a fuss-free way of staking your cryptocurrencies, Exodus is one wallet that you can consider.
I’ve had a pleasant experience while staking my cryptocurrencies with Exodus. I am still a beginner at staking cryptocurrencies, and Exodus has helped to make this process very simple.
All I needed to do was to deposit my cryptocurrencies on Exodus, and they will do most of the work after that!
Conclusion
The Exodus wallet is just one of the many non-custodial wallets that are available. I do like their sleek user interface which makes staking very convenient on their platform.
It is one wallet that you can seriously consider, especially if you are not sure about how to stake cryptocurrencies by yourself!
For some cryptocurrencies like ADA and SOL, you do need to wait a while first before you are able to start receiving your rewards.
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