yoroi wallet staking ada Cardano ADA

How to Stake ADA on Yoroi

February 24, 2021

Learn how to stake ADA on Yoroi in three easy steps! 

Yoroi is a fantastic lightweight wallet to delegate and stake your ADA. Unlike Daedalus, it doesn't download a copy of the ledger but instead connects to a cloud version of it on a server. It is similar to the Metamask wallet that you would find in the Ethereum world.

The Yoroi Wallet comes as a browser extension that can be installed on common browsers, including Chrome, Edge, and Firefox. A mobile app version is also available for Android and iOS.

Be sure that you download the correct version from the official Yoroi website - https://yoroi-wallet.com/. There are quite often copycat apps that are fake and will try and steal your ADA.

This video tutorial will go through installing the Yoroi Wallet browser extension on the Brave, a Chrome-based browser, creating a new wallet and using that wallet to delegate its ADA balance to a stake pool.

1. How to Install Yoroi Wallet for Chrome

Navigate to the Yoroi website - https://yoroi-wallet.com/. Ensure you're on the correct website. Searching it via Google may also be a good idea.

From the Download drop-down menu, choose Chrome.

How to install Yoroi wallet on Chrome/Brave browser

This will take you to the Chrome web store. Again, check that you're on the correct domain for Google.

yoroi on google web store

Click Add to Brave or Add to Chrome

A warning message will appear about the extension.

Click Add Extension.

Add the Yoroi wallet extension

You will see a success message stating that the extension has been installed.

yoroi extension installed

The extension will appear in your Extensions icon in the browser. Click to expand the extensions tab. You will see Yoroi appear under the area "No Access Needed". 

Open Yoroi wallet extension on Chrome/Brave

You have to option here to also Pin the extension to your browser bar so that you can quickly interact with it when needed.

Click on the Yoroi icon to load the extension.

You will now be taken through the basic setup.

Choose your language

Choose your desired language and press continue.

accept terms and conditions

Accept the terms of use (as well as read them) and press continue.

Yoroi simple or advanced options

You can choose between simple and advanced options. If you're completely new to blockchain and have never used an Ethereum wallet such as My Ether Wallet or Metamask, then you should choose Simple. Otherwise, choose Advanced. For this tutorial, we are going with simple.

Payment URLS

Choose if you want to use Payment URLs or not. You can come back and enable these at a later date. For this tutorial, we can skip this for now.

You are now done with the installation of the Yoroi wallet extension for Chrome and are ready to set up a new wallet to begin delegating to stake ADA on Yoroi.

2. How to Create a Wallet with Yoroi

Assuming that you have now successfully installed the extension to your browser, you can now create a new wallet.

create a new wallet with Yoroi

If you have an existing wallet, you can choose to restore it. You can also restore a wallet that was created in Daedalus or connect your hardware wallet with Trezor of a Ledger Nano, but that is out of the scope of this tutorial.

Click "Create wallet" from the launch screen.

choose currency
Create wallet

Choose the currency, in this case, "Cardano", and choose "Create Wallet".

Give the wallet a friendly name. This is for you to track which wallet is for what. Similarly to how you may have different bank accounts for different functions. We'll call our wallet, My Wallet. Create a 'sending password' for your wallet. The password is used to authorise transactions on your wallets, such as sending ADA, delegating to a stake pool or voting. It is important to ensure you have a secure password being long in character count, using upper and lower case letters and numbers and symbols. Making a multi-word password sometimes makes it easier to remember. Either way, make sure you write this down somewhere secure.

recover phrase overview

The next step is to create the recovery phrase. This is the random 15-word password that is used to restore your wallet on a different device. Anyone can use these 15 words to restore the wallet and send funds to another wallet without the sending password.

Ensure that no one can see your screen. Ensure that the word phrase is written down and stored somewhere safe away from being able to deteriorate.

Some people go to the length of etching their recovery phrase into stainless steel plates or pressed in leather. We'll write about this in a future post.

Write down your recovery phrase and be prepared to write it back into the wallet extension.

The next screen will ask you to restore the recovery phrase by either typing in the words or selecting them on the screen. 

Once you're done, click accept to the screen prompts and continue. If you are ever to restore a wallet, this seed phrase is what you will do to restore it. It might be a good idea at this point to remove the Yoroi wallet and practise restoring your wallet from your seed phrase before transferring your millions of ADA to the wallet, only to lose it one day from not being able to restore the wallet.

Your wallet is now created!

At this point, you will need to send ADA to this wallet by clicking on RECEIVE from the top menu. You can't stake ADA on Yoroi if you don't have any ADA in your wallet.

receive ada to a yoroi wallet

It will give you a wallet address.

Use this address as the receiving address from the exchange where you are purchasing your ADA. You can also use the QR code to populate the payment address string. If you use the address above, thank you. It means you are sending the ADA to my address, and I'll gladly accept it as a donation. So please check to see that you are sending it to the correct address. You can reference the last 5 characters. Usually, they will be unique and should match the address you're using. Finally, you are ready to delegate and stake ADA on Yoroi.

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

Now that you have the Yoroi wallet extension installed you can now stake ADA on Yoroi, with a newly create wallet and funded with ADA, you're ready to delegate to a stake pool.

stake ada on Yoroi

From the Yoroi wallet app, click on the "Delegate List" menu across the top to start staking ADA on Yoroi.

You can browse through all the pools that are listed but you can also search for a pool by its ID or ticker name.

Our pool, ADAOZ, is a pretty good new pool with low saturation and good growth. 

  • Ticker: ADAOZ

In the search box, paste in the Ticker you wish to delegate to. In this case, our pool, ADAOZ.

You will see the pool icon and details. [ADAOZ] ADA Australia. Click "Delegate".

What are Costs & Fees

On all pools you will see a Cost. This cost as you can see on our pool is the fee that we take from the rewards. It is not a fee we take from you when you delegate.

The fee is taken from the rewards that are distributed to the pool each epoch collectively.

See the data at: https://adapools.org/ADAOZ

There are two examples of our pool distributing rewards when we only had a 220,000 ADA stake delegated to our pool. In epoch 263, we minted our first block and returned to our delegates 27.53% of their stake.

Our pool took 395.4 ADA in total in regards to fees and our delegates took home 348.8 ADA in total distributed between the 29 delegates to the pool.

Learn more about the fixed and variable margin fees for Cardano staking.

Confirming Your Delegation

The next screen that will appear will confirm your delegation.

confirm ada delegation on yoroi

In this process, I am delegating 10 ADA to the pool. There is a transaction fee of 2.174257 ADA for delegating. This is something to keep in mind if you're going to continuously switch from pool to pool. Type in your sending password which you created when creating your wallet and click delegate.

You have now successfully delegated your ADA to a stake pool using the Yoroi wallet! Stake ADA on Yoroi and earn rewards is that easy!

If you want to learn more about how to stake ADA on Yoroi, and the rewards workflow in Cardano, check out episode 9 of our podcast where we break it all down for you.

Sending Additional ADA to an Existing Wallet.

If you are sending additional ADA to a wallet that is already delegated to a pool, it will add that ADA to the already existing amount of ADA that is in the wallet and will be included in the next delegation cycle just as you did when you first added ADA to the wallet and started delegating.

Learn more about delegating ADA and rewards cycle for Cardano.

References and Additional Material

Consider Delegating to Our Pool

We're a small, independent single stake pool operator. We've got a long way to go before we are completely self-sufficient and continuously producing blocks for the community. Our stake pool infrastructure costs money and time to support. Search for us with ticker: ADAOZ.

Learn how to delegate to us using Daedalus or delegate with the Yoroi wallets.

Comments

24 comments on “How to Stake ADA on Yoroi”

  1. Hello
    Since you published this page a lot has changed
    But I really don’t understand the costs and rewards.
    Today June 3, 2021, to delegate for instance 4,448 ADA to a pool would cost me about 340 Ada Pluz 2 to 4 %!!!! And the reward? 3,478599 ADA per « epoch », to 5 days.
    So, to regain those 340 I need 2 years! Or??!

    1. Yes, I always try and keep it up to date with as much information as possible.

      No, it's a common misunderstanding everyone has about the fees of the pool. The fees are not taken from you when you delegate. The fee is taken from the rewards that are distributed to the pool each epoch collectively.

      For example, when you delegate 4,448 ADA to the pool you will be charged a first-time delegation fee by the network, not by the pool of about 2 ADA. That is to register your wallet on the blockchain and to delegation.

      You will have about 4,446 delegated to the pool.

      Each epoch, 5 days, if a pool mints a block, reward ADA will be given to the pool. For example, 10,000 ADA.

      From that 10,000 ADA, the pool will take a fee. The 340 ADA and any percentage of ADA that is set as the variable margin percentage. For our pool, this variable margin is 2%.

      10,000 ADA - 340 = 9,660.

      From that remaining 9,660 we take out the 2% fee.

      9,660 - (9660*0.02) = 9466.80 to be distributed to all the delegates in proportion to their total stake in the pool.

      We keep the 193.20 as the pool fee, which means the pool gets 340 + 193.20 = 533.20.

      You as a delegate with your stake of 4,446 ADA will get a portion of the remaining, 9466.80 ADA.

      I how that makes sense and I think I need to do a whole episode about this.

  2. Hello, what is the transaction fee of 2.174257 ADA while delegating a pool is all about? Is it refundable after the delegation is over? Or is it a fee each time the pool charges to an individual while delegating ? Please throw some light on it.

    1. It's a fee you pay to the network to register your wallet and start delegating. You don't get that back.

      One part of the fee is wallet registration, the other is the delegation fee. Each time you delegate to a new pool you will part that delegation fee.

      I just tested by starting the delegation process to another pool at it is charging me 0.172761 ADA for the redelegation.

    1. You're more than welcome to delegate to whatever pool you want to.

      You can create multiple wallets and split your ADA to delegate to multiple pools too.

      Lots of flexibility in regards to what you want to do with your ADA.

  3. My question is about staking on Yoroi connected to ledger Nano S. I used Firefox to download Yoroi. Firmware version is 2.0.0, Cardano app on ledger shows version 2.4.1. I tried to delegate some ADA from my Yoroi wallet to stake pool but I´m stuck on ¨Something unexpected happened. Please re-try¨ error message. My ledger device was connected to my MacBook during the process. Could you please advise some fix options to resolve this issue? Thanks.

    1. Firmware version 1.6.1, and I'm running an older version of the Cardano app 2.2.1.

      I'm very reluctant to upgrade to test the issue as you're there the third person who has contacted me regarding the issues. I do have a spare Ledger Nano that I will fire up and test on.

      Have you tried it on the Daedalus wallet instead of Yoroi.

      For the Ledger, I'm currently using it on Daedalus, and it is working as expected. Keep subscribed to the thread as I investigate and track down submitted issues around the problem.

    2. People are having success using a different browser.

      The common thing that I’ve found between everyone that is having issues in Firefox.

      Reddit

      Try the Yoroi extension on Google Chrome.

  4. Some users are reporting that they are having issues with Yoroi Mobile and the Bluetooth version of the Nano Ledger X.

    Transaction Error
    Undefined is not an object
    (evaluating 'P.Stake Credential')

    This error was introduced with the latest voting features that are found in the app for Fund 4 and Fund 5 of Project Catalyst.

    The workaround at the moment until a fix is deployed is to load the Ledger on Daedalus or on the browser extension version of Yoroi.

    Reddit conversations about the issue.

  5. I set up a Yoroi wallet and sent 10 ada to it. I delegated the 10 ada to the most popular staking pool. I was charged a fee of about 2.1 ada which has left my balance in the pool at 7.8. So it will take years to earn that ada back in interest. Also, if I want to de-register from the pool and withdraw, after the fees it will leave me with 1.8 ada.

    1. What you've done sounds right. I personally wouldn't stake anything less than 100 ADA as it takes too long to get back the fees. You'll make more trading it up and down on the exchange if you know what you're doing.

      You can still add more ADA to the wallet to increase your overall balance to get a better return in the long run. e.g 5-10 years.

      I created the calculator on our website with that in mind. Adding an additional x ADA a month to increase the compounding interest.

      As for moving your ADA off the wallet, when you do, you get your 2 ADA deposits back. So you will have 9.8 ADA and then be charged a transfer fee of about 0.17 to get back to an Exchange. You should have 9.66 after moving back to an Exchange.

      Hope that helps.

  6. Hi

    How I can add more Ada to delagate? I ad just 10 Ada for test and now there are 7 and something there. Ok, I understand, when I deregister and so on....I get back that ada`s.

    I saw that first reward is at 12 september for the pool that I delagate in. Is that the day that I can add more ada in that pool?

    Sorry for my english.

    Best regards.

    1. Hi Gregor, yes you can just add more. Send more ADA to the same wallet and it will be added to your total delegation after 2 epochs. You can add more and more at any time you like. It will build up more and more over time as you add more to your wallet.

      I hope that helps.

  7. What is the recommended minimum amount of ADA to stake and period to stake it for in order to make opening a Yaroi wallet worthwhile? Anyone done the math?

  8. Hi,
    Wonderful article.
    Can you please write an article on staking on exchanges such as Binance as compared to staking in pools. I am unable to find any advantage of staking on pools over exchanges and I am sure I am missing something important.

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Delegate with the Daedalus Wallet

  • Download the Daedalus app
  • Create/select your wallet
  • Select Delegation Centre -> Stake pools
  • Search for our stake pool ticker: ADAOZ
  • Select to delegate
daedalous wallet

Delegate with the Yoroi Wallet

  • Download the Yoroi app
  • Create/select your wallet
  • Select Delegation Centre -> Stake pools
  • Search for our Stake pool ticker: ADAOZ
  • Select to delegate
Yoroi wallet

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  • Create/select your wallet
  • Send funds to your wallet
  • Click DELEGATE WITH NAMI Button on our website
Nami Wallet

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