Start Staking ADA on Mobile Yoroi App Easily and Earn Rewards in 10 Minutes (2024)

Download the official Yoroi app from the App store. Ensure that you're downloading the correct and real application. It is created by EMURGO, the commercial arm of the Cardano project. You should see the company name when downloading and installing the app, along with all the reviews it has received.

If in doubt, go to the official Yoroi website, https://yoroi-wallet.com/, and follow their links to download the app.

Once you open the app, you will be given the option to add a new wallet.

Choose ADD WALLET (SHELLEY-ERA). Byron is the previous era wallet format and is only available for users that created wallets back then and now need to upgrade it to the new format.

Choose CREATE WALLET

Give your wallet a name and create a secure sending password. This password is used anytime you transfer funds or delegate to a pool.

The next step will require you to create and store your wallet's seed phrase. This seed phrase allows you to recover your wallet if your device gets destroyed or stolen.

This seed phrase will also allow you to set up your wallet on your computer on any browser that allows for installing the Yoroi extension.

1) Click I UNDERSTAND after reading the details about the wallet recovery phrase.
2) Write down your 15-word recovery phrase in a secure location. Anyone with this seed phrase will be able to access your wallet.
3) Click the next progress screen and accept the terms. Be sure that you understand what you're doing at this point.
4) Reproduce the seed phrase in the Recovery Phrase screen and click continue.

Once this step is complete, you are now in control of your wallet and financial future. You are technically now your own bank. Losing this phrase will mean losing access to your wallet and all funds within it.

I this example, we are transferring ADA from the Coinbase mobile app to the Yoroi wallet to start staking ADA on mobile.

1) Start by opening the Yoroi wallet and click on RECEIVE from the bottom menu. This will display a bunch of addresses along with a QR code. Copy one of the addresses and take note of the last 4 characters, as this is what I like to use to check that it has been copied correctly.

2) Open your Coinbase app and click on the bottom ACTION button. At the moment, it's a blue circle with arrows pointing left and right to indicate move or transfer funds. Click SEND.

3) Select the asset that you want to send. In this case, it is Cardano.

4) Skip past contacts and paste the earlier copied address from Yoroi to the TO field on Coinbase. Check that the last 4 characters here are correct.

5) Preview the send and double-check that the address is correct and you're sending the desired amount. Then click Send Now.

It should take no more than a minute for your funds to have been send and then a little while longer to be confirmed across the network.

Please make sure you double-check the address that you copied from Yoroi and that you pasted it into the Coinbase app. Once the transfer has completed, it will appear in the balance of your Yoroi wallet.

With over 2700 stake pools, it's quite hard to choose a stake pool. However, you could order the pools by best monthly returns and delegate to the best on the list.

This indicator shows the pools previous performance. It is important to keep in mind that all pool rewards will try and zero in on a 5% return yearly. Pools that have a slightly higher return are more than likely to have a lower return later. A pool with a slightly lower return now will more than likely have a higher return to average out their lower periods of return.

Perhaps delegating to a pool with a lower monthly return is a better idea as it will have higher returns the following period.

Here are a few tips in regards to choosing a pool.

1) Contact the pool owner(s) via their channels of communication. Whether that is Twitter, Facebook, Telegram or Discord. Engage with your operator and see how they are engaging with the community.

2) Some pools are purely there to get a return. Some pools give back to the community and various charities. See what the pool is doing for the Cardano community or what charities it might be engaged with.

3) If you are after a return, delegate to a pool that is already minting a block. If they have minted a block, it proves that they can run a pool that mints blocks and the pool is in a position to produce returns. On the other hand, if the operator is someone you really want to support, then you may forgo returns for a while until it is their time to produce blocks. It's important to note that their returns will be much higher when they produce a block. There is less chance to produce those blocks, and the rewards will be higher to compensate.

If you want to learn more about delegation and choosing a stake pool, check out our show notes and podcast all about delegating to a stake pool and when to expect your returns.

Now that you have your ADA on your Yoroi mobile wallet, you can start delegating and staking your ADA on the Yoroi mobile app.

1) Open Yoroi and click on the DELEGATE menu option.

2) Search for a pool. In the example here, we are searching for our pool ADAOZ which currently gives a return of 4.22% with 1M in pledge and a low saturation level.

3) Click DELEGATE. Please note that there is a small transaction fee at this point to delegate to a pool. If it is your first time delegating with a new wallet, you will be charged a wallet registration fee and the transaction fee. You can learn more about fees on the Cardano network or listen to our podcast episode about Cardano fees.

4) The next screen will show you the wallet amount that is going to be delegated. Enter your sending password and press DELEGATE.

5) Success! You've now delegated to the ADAOZ pool. You can check your delegation on the DASHBOARD menu option of the app.