Staking with Yoroi Wallet

Easy steps to get rewards by staking ADA on Mobile Yoroi App

There are lots of ways to start staking ADA on your mobile. However, best option for this will be using the official Mobile Yoroi app, which is available on both iOS and Android. With Yoroi, you can easily transfer your ADA from an exchange to your wallet, get rewards after staking ADA on mobile.

1 - 4 Minutes on Mobile Yoroi Wallet to stake ADA

Firstly, we do have a video tutorial to show every single step of staking ADA on mobile in case you’re too lazy to read this. A new wallet will be created, then ADA will be moved from Coinbase exchange to your new ADA wallet on Yoroi app.

Everything you need to know to start staking ADA on mobile is explained clearly in this tutorial, which includes how to download the Yoroi mobile application, create your own wallet as well as move ADA to your mobile wallet and then start staking to get rewards.

An iOS device is used to illustrate in this tutorial; however, the steps are the same on all Android device.

2 - How to download the Yoroi Mobile App

Download the official Yoroi Mobile App, which is created by Emurgo, from the App store. Make sure that you download the trusted one. The company name and all the application’s reviews should be seen when you download the app.

To be more careful, please check out Yoroi’s official website https://yoroi-wallet.com/ to get the links to download.

3 - Create your new wallet

There are two main steps to add a new wallet

1 - Choose Add Wallet (SHELLEY - ERA).
Please note that only users who created wallets before chose Byron (an old era wallet format), now their wallets need to be upgraded to the new format (Shelley - era)

2 - Choose Create Wallet
You need to fill in your name and a secure sending password. Every time you want to transfer funds or delegate to a pool, you will need this password.

4 - Save your recovery seed phrase

You will have to created and save your wallet’s seed phrase; this will helps you recover your wallet in case your device gets broken or stolen. With this seed phrase, you can control your wallet on any browser that can install the Yoroi extension.

1 - Choose “I understand” when you finish reading about the wallet recovery phrase

2 - Write down your 15-word recovery phrase in a secure location. Remember that your wallet could be accessed by anyone with this seed.

3 - Click on “Accept the terms”

4 - Reproduce the seed phrase in the Recovery Phrase screen then choose to continue

You are now in full control of your wallet as well as your financial future after you finish all the steps above. You are your own bank now, technically speaking. The access to your wallet along with all funds within it will be lost if you’re losing your phrase.

5 - Transfer ADA to your new wallet

1 - Open your Yoroi wallet and click on “Receive”. This will show up lots of addresses with QR code. Copy one of the addresses and take note of the last 4 characters so that we could check if we copy the address correctly or not.

2 - Open your Coinbase and click on “Action” - click “Send”

3 - Choose the asset you want to send. It is Cardano in this situation.

4 - Skip past contacts and paste the earlier copied address from Yoroi to the TO field on Coinbase. Check that the last 4 characters here are correct.

5 - Double check your address/ the amount of funds you’re going to send. Then click “Send Now”
You will receive confirmation for sending to Yoroi within 5 minutes after clicking “Send Now”. When the transfer has finished, you will see the result in the balance of the Yoroi Wallet.

6 - Delegate & staking ADA on Yoroi App

Now you can delegate and stake your ADA on Yoroi.

1 - Open Yoroi, choose “Delegate”

2 - Search for a pool (SND pool in this example)

3 - Click “Delegate”. A small transaction fee will be taken at this point to delegate to a pool. Besides, if this is your first delegating with your new wallet, you will be charged 2 times for the wallet registration fee and the transaction fee.

4 - Your wallet is now showing your delegated amount. Fill in your sending password and choose “Delegate”

5 - All is finished now. You’re now delegated to SND pool. Please check your delegation on the DASHBOARD menu option.

Tips and stricks

- Staked funds still remain in your wallet. Staking ADA does not mean you send it away.

- You can transfer your ADA anytime you want during staking time.

- You will be taken a 2 ADA deposit for delegating. This will be returned to you when you decide to undelegate your stake.

- You don’t have to leave your wallets open to stake ADA.

- Rewards multiply with the power of compounding

- Additional ADA will be added up to your current staking and is automatically delegated.

- You just need 10 ADA to start a delegation.

Easy Steps to Stake ADA on Yoroi web extension

If you want to delegate and stake your ADA, Yoroi Wallet is your best choice. It appears as a browser extension that can be easily installed on most of the browsers (Chrome, Edge, or Firefox). There is also a mobile app version for iOS and Android device.

We do not have to download a copy of the ledger as Daedalus, a cloud version of it will be connected to a server instead. This comes the same as Metamask wallet in the Ethereum world.

Make sure that you download the official version of Yoroi wallet - your ADA could be stolen if you’re using fake apps. To be more careful, please check out Yoroi’s official website https://yoroi-wallet.com/ to get the links to download.

With the Brave - a Chrome-based browser, we will show you how to install Yoroi Wallet browser extension and steps to create a new wallet then delegate its ADA balance to a stake pool.

1 - Install Yoroi Wallet for Chrome

Explore Yoroi website: https://yoroi-wallet.com/. At the drop-down button “Download”, choose Chrome.

This will lead to the Chrome web store, we click “Add to Chrome”.

Click “Add extension” at the pop-up message.

You will see the extension in your Extensions icon in the browsers, expand the tab, you will see Yoroi appear in the “No Access Needed” part.

Click on Yoroi icon to load the extension. You can pin the extension to your Chrome bar for fast opening.
Choose your language and click “Continue”

Tick “I agree with the terms of use” after carefully reading it.

If you want to use Payment URLs, click “Allow”. However please don’t worry you can adjust these later. We will skip this in this tutorial. Now you have finished getting the Yoroi wallet extention for Chrome.

2 - Create a wallet with Yoroi

You can choose to connect to a hardware wallet with Trezor of a Ledger Nano, create a new wallet or even restore an existing wallet. Here we will show you how to create a new wallet. Click “Create wallet”

Choose the currency, here we choose “Cardano” - “Create Wallet”.

Fill in all the required information like your Wallet name, Spending password… Be sure that there must be upper and lower case letters, numbers, and symbols in your secure password. This password will be used to verify all transactions on your wallets later.

Next, you have to create a 15-word recovery phrase then you will be able to restore your wallet on another device. Be careful since anyone with this recovery phrase can transfer your funds to another wallet without the sending password.
Please make sure you have carefully written down your recovery phrase somewhere safe. Phrase is case-sensitive.

Finally, tick on the confirmation needed. Now your wallet is now created.

Choose RECEIVE (top menu) to send ADA to this wallet and you will have a wallet address. You can use this address as well as the QR code to receive your ADA from the exchange coinbase.

3 - Delegating/ Stake ADA on Yoroi to a Stake Pool

Clicking on DELEGATION LIST from the top menu to start staking ADA on Yoroi. A list of all the pools will show up. You can search for a pool by using its ID or ticker name too. For example: Our pool ticker SND
Choose the desired pool you want to delegate to. Click “Delegate”

Confirming your delegation

As you can see, we’re delegating 10 ADA to the pool with a transaction fee of 2.174257 ADA for delegating. Keep this in mind if you intend to continuously switch from pool to pool. Fill in your spending password and choose “Delegate”.
Now you have finished delegating your ADA to a stake pool by Yoroi.

Tips and stricks

- Staked funds still remain in your wallet. Staking ADA does not mean you send it away.

- You can transfer your ADA anytime you want during staking time.

- You will be taken a 2 ADA deposit for delegating. This will be returned to you when you decide to undelegate your stake.

- You don’t have to leave your wallets open to stake ADA.

- Rewards multiply with the power of compounding

- Additional ADA will be added up to your current staking and is automatically delegated.

- You just need 10 ADA to start a delegation.