More and more people are asking what is the best wallet for Cardano. There are several options with Daedalus and Yoroi being two of the top options.
This article will review several options in regards to wallets for Cardano and the pros and cons in using them.
The best and most secure option is to use a Ledger Nano or a Trezor to store your ADA. This gives you a physical hardware device that controls your keys to your wallet. This can then be used with a wallet application such as Daedalus or Yoroi to be able to view the balance of your wallet and interact with the blockchain.
The Daedalus wallet application allows you to create a new Cardano wallet, import an existing one or connect your Ledger hardware wallet.
The main difference with the Daedalus wallet is that it synchronises the entire blockchain to your local computer. This takes up disk space and requires syncing before it can interact with the blockchain and process your transactions. On the other hand, because the wallet has a copy of the blockchain stored locally, it doesn't depend on a third-party server to interact with the blockchain and process transactions.
With other wallets that require servers to interact with the blockchain, this becomes a bottleneck at times of peak usage.
Pros
Cons
The Yoroi wallet is a lightweight wallet that works as a browser extension. This means that it doesn't take much disk space and is cross-platform compatible.
Yoroi connects to a server in order to interact with the blockchain. This allows for a lightweight solution that can work anywhere on the go. This is why Yoroi has a mobile application that allows users to check their balances and interact with the blockchain.
The downside of connecting to a server is the impact of high traffic and usage to the blockchain servers of the Yoroi wallet. There have been previous NFT sale events where there were peak and high usages of Yoroi resulting in long response times for usage of the Yoroi wallet extension. This was due to too many users connecting with the servers at the same time.
Pros
Cons
ADALite wallet, created by VacuumLabs, the team that wrote the majority of the code to connect Ledger Nanos to various Cardano wallets, is a great browser-based wallet.
Pros
Cons
| Feature | Daedalus | Yoroi | ADALite | Exchange (Binance, Coinbase) |
| Self manage seed phrases or keys | Yes | Yes | Yes | No |
| Hardware walllet integration | Yes | Yes | Yes | No |
| Blockchain synchronisation | Yes | No | No | No |
| Mobile app | No | Yes | No | Depends on exchange |
| Sending Passwords | Yes | Yes | ||
| Two-factor authentication | No | No | No | Yes |
| Allows Importing Wallets | Yes | Yes | Yes | |
| Multi assets (Non-Native) | No | No | No | Yes |
| Tokens & NFTs | Yes | Yes | Yes | No |
How to Stake ADA on Yoroi Wallet
Podcast: How to Stake Cardano & Understanding Rewards Payout
Calculate How Much ADA You Will Get From Staking
Use ticker: ADAOZ
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