Cardano
How to stake Cardano (ADA) via the Yoroi mobile wallet
In this guide, we will tell you how to stake Cardano via the Yoroi mobile wallet.
FEB 12, 2021
Table of Contents
How to install and create Yoroi mobile wallet
How to top up the wallet
How to delegate your Cardano (ADA)
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Yoroi is a light wallet for Cardano, a product of Emurgo, one of the companies behind the Cardano development. Yoroi has versions for browsers (Chrome, Brave, Edge, Firefox) and mobile (iOs, Android). In this guide, we will tell you how to stake Cardano via the Yoroi mobile wallet. Read more about What Cardano is and How it Works.
How to install and create Yoroi mobile wallet
Go to the official Yoroi website and choose your browser. Click “Download” and choose Android or iOS. I will use iOS in this example.
After the installation, choose “ADD WALLET”.
You will see the options to Create wallet, Restore wallet, and Connect to Ledger Nano.
Click “Create wallet”, Choose your wallet name, spending password, and click “Continue”
Then you will see the notification screen and after you click “I understand” — you will see a set of 15 random words. This is your wallet backup phrase. In the future, it can be entered in another version of Yoroi or other wallets to restore your wallet’s funds. Please remember that this is very important information so keep it secure.
Please, make sure you have carefully written down your recovery phrase somewhere safe. You will need this phrase to use and restore your wallet. The phrase is case-sensitive.
Then you will need to confirm your recovery phrase in the same order as it appeared in the previous window.
After confirming that “I understand that my secret keys are held securely on this device only, not on the company’s servers” your wallet will be created.
How to top up the wallet
Click “Receive” and here you will see your address. Also, you can generate new addresses. So you can just copy it or use QR-code if you are using a mobile wallet.
How to delegate your Cardano (ADA)
Go to the “Dashboard” tab at the middle bottom and click the “Go to staking center” button, You can delegate by ID or choose your SPO (stake pool operator) from the list.
To delegate coins to [EVE1] Everstake, use the ID below: e4abcf4408584601e7c707a8902996c0c291e1a3c8300b327ae3f6ab
To choose SPO from the list — go to the “Delegation List” tab and type “Eve” in the search bar.
As you can see, there are several Everstake pools. Some of the pools might be close to the saturation level, so depending on your ADA balance, it’s better to choose pools with a smaller amount of delegated ADA. Like [EVE1] pool in this example.
Click “DELEGATE”
Confirm transaction with your wallet password and click “DELEGATE”
Congratulations — you successfully delegated your ADA!
You will begin receiving staking rewards after 20 days. The Cardano staking yield is about 5% per annum. You can move your funds any time, as they never leave your wallet.
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If you want to learn more about Cardano staking in general, make sure to check out our guide on How to stake cardano.
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Disclaimer
Everstake, Inc. or any of its affiliates is a software platform that provides infrastructure tools and resources for users but does not offer investment advice or investment opportunities, manage funds, facilitate collective investment schemes, provide financial services or take custody of, or otherwise hold or manage, customer assets. Everstake, Inc. or any of its affiliates does not conduct any independent diligence on or substantive review of any blockchain asset, digital currency, cryptocurrency or associated funds. Everstake, Inc. or any of its affiliates’s provision of technology services allowing a user to stake digital assets is not an endorsement or a recommendation of any digital assets by it. Users are fully and solely responsible for evaluating whether to stake digital assets.
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