Staking is a method of earning passive income from the crypto asset without selling them. It is similar to putting fiat in high-yield saving accounts where the actual deposit remains the same and you earn a percentage. Yoroi wallet staking is great for cryptocurrency space and in this article we’ll tell your more about it.
When it comes to staking digital assets, people look towards Cardano (ADA) because Cardano is a proof-of-stake blockchain. Staking Cardano provides higher transparency and sustainability with its resilient infrastructure.
Yoroi Wallet
Yoroi is a light, secure, and fast wallet for Cardano launched by Emurgo. Aside from being an everyday Cardano wallet, it provides a facility to stake Cardano as well. Yoroi wallet staking is simple, secure, and profitable. In just a few steps, you can open your account with Yoroi, deposit your Cardano, and start staking. To guide you more effectively about Yoroi staking, let’s take it to step by step.
First of all, visit the website of Yoroi Wallet and download your wallet. It is available in different versions to support Google Chrome, Edge, Mozilla Firefox, Android, and iOS. You can select anyone from the list for example Chrome. In each case, there will be two further options to select from, simple or advanced. Users are advised to use the one which best suits their needs. Let’s take the example of the simple version for now.
In the next step, Yoroi will take permission for enabling payment URLs. These URLs help to share info with your contacts if you like. Both Cardano and Yoroi Wallet respect your privacy so they never share anything without consent. After this, you will have to click on the ‘Allow’ pop-up button to continue by granting Yoroi Wallet access to your Cardano.
Now, the Yoroi desktop will appear before you where you will find the following options after scrolling down.
- Create a wallet
- Connect a wallet
- Add hardware wallet
Being a new user, you can click on ‘create a wallet’ to proceed and then opt for ‘Cardano’. After the creation of your wallet, you need to enter a wallet name and its password. Next, you will have to deposit your Cardano holdings into your newly created wallet. You can easily transfer ADA from any other wallet or exchange by copying your Yoroi wallet address. After the deposit, you are good to go for staking.
Yoroi Staking/Delegating
There will be a ‘Delegation list’ option on the top right corner. By selecting this, a stake pool will appear before you from which you can select anyone who provides more Yoroi Cardano staking rewards. Click on the ‘Delegate’ option that is given in front of each pool to delegate your assets. Fill in the amount you desire to delegate and confirm by entering your password. Hurrah! Your Cardano is delegated now.
Yoroi Wallet Staking Rewards
Yoroi Cardano staking rewards are very attractive. On average, you can earn up to 5% per annum without even practically doing anything. The rewards are calculated and transferred to clients every five days. The amount is not fixed though as different pools offer different profit percentages but the average is around 5 percent which is very reasonable.
