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.
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 Android in this example.
After the installation, choose “ADD WALLET” (SHELLEY-ERA).
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 “Delegate” tab at the bottom right, You can delegate by ID or choose your SPO (stake pool operator) from the list
To delegate coins to [LADA] LADA Stake Pool, use the ID below:
Pool ID: pool12e2nev8uef544wahzz4sdvcn00xhnr6x40pjda4edllugl4lktn
To choose SPO from the list — go to the “Delegation List” tab and type “Lada” in the search bar.
As you can see, there are several LADA 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 [LADA] pool in this example.
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.
The reward process is distributed after the delegate is done
Disclaimer: If you are an delegate for the first time, you can wait after 20 days for the reward to be distributed to your wallet.