How to Stake Cardano (ADA) with Yoroi Wallet: A Step-by-Step Guide
Yoroi Wallet, an early light wallet for Cardano developed by EMURGO (a founding entity), is a popular choice for managing ADA and staking due to its simplicity and availability on multiple platforms. This guide provides a clear, actionable walkthrough for staking your ADA using Yoroi Wallet.
Introduction: Staking with Yoroi Wallet
Yoroi offers a straightforward way to interact with the Cardano blockchain without needing to download the entire blockchain history. It's designed to be a simple yet secure option for everyday users, making it well-suited for those new to staking.
Prerequisites:
- Yoroi Wallet installed (as a browser extension or mobile app).
- ADA available in your Yoroi Wallet.
Step 1: Accessing the Delegation List/Staking Center in Yoroi
Once your Yoroi Wallet is open and you're viewing your dashboard:
- Look for a tab or menu item labeled "Delegation List" or sometimes simply "Dashboard" which might then have a sub-section for staking or delegation. In some versions, it might be under a "Staking" or "Delegate" tab.
- Click this to navigate to the area where you can choose and delegate to a stake pool.
Step 2: Finding a Stake Pool
In the delegation section, Yoroi allows you to find pools:
- You'll typically see a search bar or a list of stake pools.
- You can browse the list or, more efficiently, use the search bar if you know the pool's name or ticker.
- To delegate to Dotare.io, for example, you would type its ticker "DOTAR" into the search field.
Step 3: Evaluating a Stake Pool in Yoroi
When you select or search for a pool, Yoroi usually displays basic metrics like:
- Pool name and ticker.
- ROA (Return on ADA - often an average).
- Pool size (total stake).
- Margin (fees).
- Pledge.
Review these details to help make your choice. You might need to visit a pool explorer for more in-depth research on the pool's mission.
Step 4: Delegating Your ADA
After selecting your desired stake pool:
- There will be a button labeled "Delegate" next to the pool's information. Click this button.
- Yoroi will then prepare a delegation transaction. You'll be asked to confirm the amount (your full wallet balance will be staked automatically) and the associated transaction fee (around 0.17 ADA) plus a 2 ADA deposit (refundable if you undelegate).
- Enter your spending password to authorize and send the transaction.
Step 5: Confirming Your Delegation
Once the transaction is confirmed on the blockchain:
- Yoroi Wallet will update your dashboard or the delegation section to show which pool you are currently delegating to.
- You should see the chosen pool's name and ticker displayed.
Understanding Rewards & When to Expect Them with Yoroi
With Cardano staking, there's an initial period of about 15-20 days (3-4 epochs) before you start receiving rewards if you're a new delegator. After this, rewards are distributed every epoch (5 days) and will automatically appear in your Yoroi wallet, added to your staked balance.
Switching Pools or Undelegating (Briefly)
Yoroi allows you to switch your delegation to another pool by simply repeating the delegation process with a new pool. To undelegate completely (and get your 2 ADA deposit back), there's usually a "Withdraw" or "Deregister" option in the delegation section, which will also require a transaction.
Troubleshooting/Common Questions
- Delegation button greyed out? Ensure you have enough ADA to cover the transaction fee and the 2 ADA deposit.
- Rewards not appearing? Double-check the initial waiting period and ensure your chosen pool is producing blocks.
You're all set! By delegating, especially to a pool like Dotare [DOTAR], you're earning rewards and supporting a cause. Check your rewards in a few epochs!
