Stake With Yoroi
1. Download and Install Yoroi
Download the Yoroi extension that fits your operating system. We’ll use the Chrome extension as an example here, but the procedure doesn’t vary much between different operating systems.
2. Create a New Wallet
Simply choose the “create wallet” option to create a new wallet. You can also restore an existing wallet or use a hardware wallet. But we’ll assume you’re creating a new wallet.
3. Choose A Currency Or Platform
For staking ADA, you need to choose the Cardano option.
4. Choose A Username And Password
Once you’ve chosen a name for your wallet, you will be taken to a custom recovery phase. It’s a good idea to write your username, password, and recovery phrase down in a book you can store safely and not keep online.
5. Save Your Recovery Phrase
It’s best to write down your recovery phrase in a little notebook or piece of paper you can keep in a safe place where you can’t lose it! Think safety deposit box, just maybe not that drastic. You do not want to make use of online password storage services like LastPass. They are very convenient but have been hacked in the past. The recovery phrase is required to restore your wallet on a different computer if you ever need to. If your computer crashes, you’re covered. If you lose the recovery phrase, you will lose access to the wallet, and the funds contained in it cannot be recovered. Also, never share your recovery phrase with anyone or take print screens of it online.
6. Deposit ADA Into Your Wallet
Once you’ve sent ADA, your Yoroi dashboard should look like this:
7. Delegate Your ADA
Having researched the best stake pool on Cardano using the methods in this article, you should now know which stake pool you want to use to stake your ADA. Click on “Delegation List” and search for the stake pool you want to delegate to in the search bar. Once you’ve located your stake pool, click on “Delegate.”
Enter your password and click “Delegate,” and you’re all set! Your ADA is now staked.
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