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EL15: Staking Pools

Hey friends! Hope this isn't a stupid question, but I tried looking into what exactly a staking pool is but I'm quite confused. I have a good amount of ADA that I have sitting in my crypto exchange account (NDAX). What does it exactly mean to "Stake"? Are there pros and cons? Any information would be extremely helpful. Thanks so much guys! Edit: Sorry the title should be ELI5, not EL15 :)!!
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