How to stake with Yoroi
. Alternatively, Yoroi can also be installed as an app for a mobile device. The installation works in the same way.
This will take you to the Chrome Web Store. Again, make sure you are on the correct Google domain.
Click add to Chrome
A warning message about the extension is displayed.
Click Add extension
You will receive a confirmation that the extension has been successfully installed.
The extension will appear in your extension icon in the browser.
- Click on it to expand the Extensions tab. You will see Yoroi appear under the "No access required" section.
- Click on the pin to fix Yoroi in the browser bar.
The extension is now displayed in the browser bar.
- Click on the Yoroi icon to load the extension.
- You will now be guided through the Yoroi Basic Setup. First select your desired language.
(can be changed at any time)
- Click CONTINUE.
Accept them (and read them) and click CONTINUE.
Enable Cardano payment URLs
Click on SKIP.
(can be setup at any time)
You are now done installing the Yoroi wallet extension for Chrome and can set up a new wallet to start delegating ADA through Yoroi.
. You can see how to do this below.
Once you have successfully installed the extension in your browser, you can create a new wallet.
If you have an existing wallet, you can restore it. You can also restore a wallet created in Daedalus or connect or restore your hardware wallet to Trezor or a Ledger Nano, but this is outside the scope of this tutorial and is described elsewhere. Click on "Create Wallet" on the start screen.
Select the currency, in this case "Cardano", and select "Create Wallet".
Description on the next page
- Give the wallet a name. This way you can keep track of which wallet is for what.
Similar to how you might have different bank accounts for different functions.
We call our wallet "Holiday Savings Account".
- Create a "send password" for your wallet.
The password will be used to authorise transactions on your wallets, such as sending ADA, delegating to a stake pool, or voting.
It is important that you use a strong password with many characters, upper and lower case letters, numbers and symbols. If you choose a password with several words, it is sometimes easier to remember.
In any case, you should write it down in a safe place.
The next step is to create the recovery phrase. This is the random 15-word password that will be used to restore your wallet to another device. Everyone can use these 15 words to recover the wallet and send money to another wallet without knowing the send password..
Make sure no one can see your screen. Write down the word phrase and keep it in a safe place.
There are various ways to secure a wallet or the recovery phrase. From engraving the words on stainless steel plates, for example, to sophisticated solutions. More on this in a later article.
- Note your recovery phrase and prepare to write it back in the next screen. .
- On the next screen, you will be prompted to recover the recovery phrase by selecting the words on the screen.
Once you are done, click "Accept" and continue.
If you ever want to recover a wallet, you will use this seed phrase to do so.
Train for the emergency!
At this point, completely remove & restore the Yoroi Wallet again.
. Or at least before you transfer your millions of ADA to the wallet, only to lose them one day because you can't restore the wallet.
Your wallet is now created!
Now you need to send ADA to the wallet.
You can see how to do this below.
Now it's about sending ADA to the wallet.
Click Receive in the top menu.
You will then see your wallet address.
You cannot stake ADA on Yoroi until you have ADA in your wallet.
Use this address as the receiving address of the exchange where you purchase your ADA. You can also use the QR code.
. Please check that you are sending it to the correct address. You can refer to the last 5 characters.
Usually they are unique and should match the address you are using.
Done! You are now ready to use & delegate ADA on Yoroi.
See how below.
Now that you have installed the Yoroi Wallet extension, you can use ADA on Yoroi. With a newly created wallet populated with ADA, you are ready to delegate to a stake pool.
Click on the "Delegation List" menu at the top to start staking ADA on Yoroi.
You can browse through all the pools listed, but search for a pool by pool ID or ticker.
ADA Suisse with the ticker SUI is a reliably functioning & cost-effective pool.
Then click on "Delegate" at the desired pool. You will be asked to confirm the transaction. This is the registration of the stake address. This is necessary once per wallet.
There is an ADA cost of 2.174257 for delegating.
More on the cost below.
Enter your send password that you created when you created your wallet and click delegate.
. That's it!
You have now successfully delegated your ADA to a Stake Pool using the Yoroi Wallet!
This is how easy ADA staking goes with Yoroi and earning rewards!
Other Questions & Answers about this topic
To delegate a wallet, it is necessary to register its so-called stake address in the blockchain.
This happens on the basis of a transaction.
Therefore, a one-time fee of approx. 0.17 ADA is charged.
A deposit of 2 ADA is also required. The deposit is returned as soon as the wallet is unregistered.
Note: You stake / delegate a wallet, not an amount. This means that the above process only has to be carried out once initially.
If you send ADA to the corresponding wallet, these costs are no longer incurred.
Costs of the pool
A Cardano Stake Pool charges two types of costs:
Rewards are distributed directly by the algorithm, without the influence or intervention of the pool operator or similar.
If the pool does not mine a block in an epoch (which can happen in particular with small pools and is completely acceptable), the rewards for this epoch are zero, which also means that no fees are incurred.
Staking can help you generate passive income. If you delegate your ADA to ADA Suisse, you will receive around 5.5% rewards RISK-FREE. This is similar to having money in a savings account and generating 5.5% interest annually (which is currently rather difficult).
Price fluctuations remain, of course, and the value of an ADA can still increase or decrease. You may also delegate your ADA to a pool where you receive less or no rewards.
However, the initial amount remains the same and your ADA is still fully under your control. You can sell, swap or send your ADA to another wallet at any time.
If you delegate a wallet with 1000 ADA to a Stake Pool, they will at least remain there.
Normally you will receive about 5-6% rewards per year, so after one year you will have about 1050 on your wallet.
*Minus the one-time registration deposit & costs, but these are marginal, more on this below.
For all transactions involving ADAs, 0.17 ADA transaction fees are charged, which are paid out again as rewards. In addition, the rewards also come from ADAs that have not yet been circulated.