Welcome to our quick guide on how to stake your ADA from your Yoroi Wallet in less than 10 minutes on cardano-stake.com!
Let’s get started. If you haven’t installed Yoroi yet, we need to do that first:
A) Download Yoroi App
-
Android
-
Firefox
-
Chrome
B) Setup Yoroi Wallet (in smartphone or browser app)
After you downloaded the app, we need to setup a new wallet to store the ADA. It is recommended to take 10 minutes of quiet time to concentrate on the setup process. The next steps are easy, but important to follow precisely:
The next screenshots are from an iPhone, but it works the exact same way in Android or Firefox/Chrome. If there are questions on the process, contact us on Twitter and we will see if we can support you.
- Choose language
- Accept Terms of Usage
- Select era for wallet
While there is still BYRON support in Yoroi, opening a new wallet for Cardano staking needs to be on Shelly-Era (at least).
- Create a new wallet or Connect
Here Yoroi gives us the option to connect to a Ledger Nano S, if we have one. If we don’t, we could think about buying one or just go ahead and CREATE WALLET.
- Setup a fresh Yoroi Wallet
If you decide against a hardware wallet, a standalone wallet is created within Yoroi. To do this, we provide our new wallet a name and spend a good password. Take a secure password with at least 10 characters (better 16 with special characters).
The next step is crucial: You will see the most important words of your wallet: The backup phrase. Currently, 15 random words are used for this.
- IMPORTANT: Wallet Recovery Phrase Generation!!!
I understand - Get paper and pen! NOTE DOWN THESE WORDS IN A SAFE PLACE!.
Just note down the words on a paper, click next and sort them again on the next page. Thats it. Afterwards, make a second, secure copy of these words!
- Accept risk warning about secret keys
- Wallet creation finished! You should see your wallet - Congratulations!!!
- Receive money (e.g. from Binance, Coinbase, PancakeSwap or others)
So before we could stake our ADA into the pool, we need to have some on the wallet (obvious right?). In order to get some, we click on RECEIVE in the lower corner of our new wallet.
- Send money from any exchange
Now go to your source wallet and send the amounts of ADA you want to stake to the address displayed.
Take care! The address is regenerated for each new transaction. So check them twice!
(If you do not have ADA already and no idea how to get them, one easy way would be to buy it on Binance. It is required to create an account to buy ADA over the exchange. The registration link invokes a 50%:50% discount on transaction fees.)
- Stake your ADA (FINALLY! :))
Go to Delegate (bottom right corner) and just cick Delegat again, after checked the pool name once again ([BDB1] cardano-stake.com)
- YOU ARE DONE!
Your ADA is now being staked with our pool and you participate on possible rewards from the Cardano network, starting from the next epoch until you decide to go. Make sure you hold your secrets (recovery phases! passwords!) close to you and leave us a comment on Twitter how you liked the turorial. Cheers!
Summary
In this blog post we provided a quick walk through on how to install and configure a new Yoroi Wallet. Furthermore, we received money from another address (such as one on a major exchange) and we staked the transmitted ADA into an independent staking pool.