How to Stake Your Cardano With Yoroi Wallet and What You Can Expect

Cardano is one of the most promising cryptocurrencies of the moment thanks to its model based on staking ADA to earn rewards automatically in wallets like Yoroi.

It is literally one of the few coins that works for you.

How does it do this? Through a ‘proof-of-stake’ mechanism that allows it to decentralize the blockchain processes.

In this post, you’ll learn how to stake your ADA (Cardano) with the Yoroi wallet.

So, let’s cut to the chase

Why Should I Stake My ADA With Yoroi Wallet?

Yoroi wallet is one of the alternatives you have when staking your Cardano (ADA).

There is no mandatory reason why you should use Yoroi wallet.

In fact, when staking your ADA, you have other alternatives such as ADALite or Daedalus. If you click on either of those two links you will be taken to the guide for staking your ADA with them. However, this post is made for those who are specifically interested in Yoroi.

So what are the advantages of staking your Cardano in Yoroi Wallet?

Well, Yoroi is currently considered one of the best web wallets on the market.

It’s considered a light wallet, which means it is easy to use and does not require downloading and syncing with the blockchain as can happen with other wallets – it simply runs with a Chrome extension.

Being a wallet, when you create your account you will receive a 15-word password: write it down in a physical format and protect it! You will need it if in the future you lose access to your account and want to recover your ADA safely and quickly.

Is Yoroi Wallet Safe?

Yoroi wallet is one of the safest wallets available now in the market, along with ADALite and Daedalus.

Unlike with what happens with online brookers, your wallet is not in risk of being hacked even if Yoroi server were hacked.

Why?

Because Yoroi is a self-hosted wallet that encrypts and stores your private keys on your device. This means that your money is in your care all the time (as if you were carrying a wallet). That is why you should be careful not to fall into traps such as phishing websites or scams.

It is important that the device in which you store your cryptocurrencies is treated with care. This means thinking twice before downloading suspicious things and being careful not to enter your personal information on malicious sites.

As long as you can do this and have a secure 15-word password to retrieve your wallet in case of an emergency, you should be fine.

Get the Yoroi Wallet

 

Yoroi Wallet Review

Yoroi is a reliable and easy to use wallet, ideal for storing your ADA safely. On top of that it has a sleek and user-friendly interface design – which is appreciated.

It’s quick to start using this wallet. All you have to do is create an account. No extra steps or complex processes are required, thanks to which you can start depositing, sending and receiving your cryptocurrencies in seconds.

In addition to that,

Yoroi offers several options for support: a Telegram channel, access to forums, or contacting the company directly.

It is important to clarify, however, that for staking Cardano in Yoroi wallet you will have to resort to a pool.

When this process is done through Yoroi, it is called ‘delegating’.

You will be staking your ADA, making money passively. However, this staking process will be done using your Yoroi wallet as an intermediary.

This ‘delegate’ process allows you to choose from a list of pools in which you would like to stake your Cardano.

Advantages of Joining a Cardano Pool

The main advantage of joining a Cardano pool is that you’ll get period reward for staking your ADA there.

Cardano uses these pools to keep its network running at maximum speed. That’s why when you ‘support’ a pool, you’re rewarded with a fixed amount of ADA per month.

This is one of the few cryptocurrencies that allow you to make money without investing!

And don’t worry, you don’t have to do anything. Staking is much like showing your support to a certain pool. You don’t have to keep your system running, invest on expensive hardware, or take any kind of risk.

Just by staking your Cardano you’ll be collecting these juicy rewards every month!

Staking your ADA with LEARN Pool will give you: (…)

Join The LEARN POOL

Can I Un-Stake My ADA on Yoroi Wallet?

Of course.

You can un-stake your Cardano and collect the money that it made for you whenever you want.

Actually, you don’t even have to go through an ‘un-staking’ process. You can simply use your Cardano at any time — yes, even when it’s staked. Nothing stops you from doing whatever you want with your money (just like it should be).

You keep at all times complete control over your currency.

How To Install Yoroi Wallet

The process to install Yoroi wallet on your browser is simple.

1 — Go to Yoroi Wallet Official Website and click on download.

2 — Once installed, open it and choose the option: SIMPLE

3 — Just like that, you’ll have access to the wallet. Click on CREATE WALLET

4 — Click on CARDANO, and then click on CREATE WALLET.

5 — Write a name for your wallet and then create a password:

6 — Once created, click on CONTINUE and write down in a paper the recovery words for your wallet. You’ll need them in the future in case you lost access to your wallet!

7 — Finish the process to generate your wallet.

Deposit Cardano (ADA) in Yoroi Wallet

Depositing your Ada in Yoroi is a simple process – especially thanks to the wallet’s emphasis on user experience.

To deposit your Cardano in your wallet go to the ‘RECEIVE’ tab. There you will find the address of your wallet. Simply send your ADA to that address to receive it in your Yoroi wallet as you would with any conventional wallet.

How to Use Yoroi with an Offline wallet?

If you have an hardware wallet and you want to use it together with your Yoroi, you’ll be glad to know it’s quite easy too.

For this you can simply plug in your offline wallet and proceed like you would with any other wallet.

2 — Select your hardware wallet:

3 — Choose the era. Shelley-era is the current mainet, but if you have funds from incentivized testnet you should use Byron-era.

4 — Connect your hardware wallet and follow the steps. You’ll be guided with specific instructions depending on your device:

5 — Your Yoroi wallet is connected to your hardware wallet and ready to go!

Staking your Cardano to earn passive rewards is super easy and it only will take you a minute.

Don’t forget that staking your ADA is 100% risk-free — you always keep the control over your currency. You can send it, sell it, use it to buy things, and more (even when it’s staked).

Staking your Cardano with LEARN Pool will provide you: (…)

Before staking make sure to have ADA in your wallet.

To stake your ADA with LEARN Pool follow these simple steps:

1 — Once you’re logged in your Yoroi wallet, go to the ‘DELEGATION LIST’ tab:

2 — Search for ‘Learn’ in the search bar:

3 — Once you find it, click on ‘DELEGATE’ so start staking your ADA:

4 — Congratulations! Now you’re staking your Cardano with LEARN Pool.

Now you’ll collect rewards every month (approximately a (…) gain) while still using your ADA to buy whatever you want — without banks asking you for reasons or endless bureaucracy.

This is the future.

Discover more about LEARN Pool here.