#StakeCardano #StakeCardanoLedger #YoroiWalletTutorial

Now that you bought some ADA coins and transferred it to your Ledger wallet, it’s time to make your Cardano coins work very hard for you 24/7 by generating additional coins by staking.

Staking is one of the few strategies for earning rewards or passive income in crypto. By staking your ADA coins on the Cardano network, you are contributing to the overall health and security of the network.

First, before we begin staking Cardano (ADA) on Ledger using Yoroi Wallet, I’m going to assume the following:

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1. Ledger Wallet: You already have a Ledger hardware wallet such as Ledger Stax, Ledger Nano X or Ledger S Plus.

If your ADA coins aren’t stored on a hardware wallet like the Ledger Nano X, it’s important to do so first to protect your Cardano from hacks, cyber thefts and malicious attacks.

• To buy Ledger Wallet, click here.
• How To Set Up Your Ledger Wallet

2. Cardano App & Coin: You’ve already installed the Cardano app on your Ledger wallet and  have transferred some ADA coins into your Ledger wallet. If not, checkout the video below:

How To Transfer Cardano To Ledger

3. Cardano Staking Pool: You already know how to choose a good staking pool/delegator.

If not, here’s a summary on Cardano Staking Pool and how to choose a delegator.

Cardano staking pool is simply a group of individuals who pool their resources together in order to increase their chances of being selected to validate transactions on the Cardano network and earn rewards.

How To Choose A Cardano Staking Pool:

When choosing a staking pool to delegate to, there are several factors to consider.

• Performance: One important factor is the pool’s historical performance. One can safely assume that staking pools with a good track record of successfully validating blocks are more likely to continue doing so in the future.
• Pledge: This is the amount of Cardano (ADA) that the pool operator has locked up as collateral. The higher the ADA amount, the better. For example, 250,000 ADA or more is a good benchmark.
• Saturation: This is the amount of ADA coins already delegated to the pool. You want a low saturation to ensure better returns on your ADA. For example, 25% – 50% saturation
• ROA: Return on asset. This is the estimated annual % interest or reward on your ADA coin. The higher the number, the better
• Fees: Compare the pool’s fees to those of other pools. Steer away from pools that charge zero (0) ADA.

It’s important to do your own research and due diligence before delegating your stake to any staking pool.

Read: How To Choose A Good Cardano Staking Pool/Validator (Step-By-Step Tutorial)

Next, in this tutorial, I’ll walk you step-by-step: how to stake Cardano on Ledger using Yoroi, a popular Cardano wallet.

How To Stake Cardano (ADA) on Ledger with Yoroi Wallet

Next:

Step 1: Open the Live Ledger Live on your computer or smartphone. Don’t have Ledger Live yet? Click here to download Ledger Live

Step 2: Connect your Ledger hardware wallet to your computer.

Step 3: Unlock your Ledger device by entering your PIN Code.

Step 4: On Ledger Live, ensure your Ledger wallet firmware is up to date. Else, click on the update firmware notification to update your device for security upgrades, new features, and applications.

Step 5: On the Ledger Live dashboard, select the “Manager” tab.

Step 6: Open the Cardano app.

Step 6a: If you haven’t installed the Cardano app yet,

• Click on “Add Account”
• In the search bar, type “Cardano”
• Follow the on-screen instructions to install Cardano on your Ledger wallet.
• Once the installation is complete
• Transfer ADA coins into your Ledger wallet.

Step 7: With the Cardano app now open on your Ledger device, ensure it reads “Cardano is ready”

Step 8: Next, close the Ledger Live app as it may interfere or conflict with the Yoroi wallet interface.

How To Step Up Cardano Wallet: Yoroi Wallet

Step 9: In a web brower, {Chrome/Edge/Firefox}: go to: www.yoroi-wallet.com

Step 10: Download and install the Yoroi extension in your browser.

For example, if you’re using the Chrome browser.

• Select Chrome in the drop down menu.
• Then select “Add To Chrome”
• A pop up window message is displayed. Click “Add Extension”
• “Yoroi has been added to Chrome” message is displayed
• To bookmark the Yoroi wallet, click on the extension icon on the address bar. It shows a list of the extensions on your computer. Click on the grey pin to bookmark. (pin turns blue)

Step 11: Bookmark the Yoroi wallet onto your address bar. To do that, click on the extension icon on the address bar. It shows a list of the extensions on your computer. Click on the grey pin next to Yoroi bookmark. (pin turns blue)

Step 12: Open the Yoroi Wallet app by clicking on the icon in your address bar.

Step 13: Select “Add New Wallet”

Step 14: Select “Connect to Hardware Wallet”,

Step 15: Select “Cardano”

Step 16: Select “Ledger Hardware Wallet”

Step 17: Select: Standard Wallet”

Step 18: Connect your Ledger device to your computer USB port and open the “Cardano app” on your device.

Step 19: Choose your device: Ledger Nano X or Ledger Nano S (select Nano S for both Nano S & Nano S Plus users)

** Ensure your Ledger device reads “Cardano is ready”

Step 20: “Confirm export 2 public keys” is played on your Ledger device screen.

Step 21: To validate this transaction, press both the left & right buttons at the same time to confirm exporting the public keys.

Step 22: On Yoroi wallet, give your wallet and click Save button.

Step 23:  Hurray, your Yoroi wallet is now ready to use. Your ADA balance in your Ledger wallet should also be displayed in your Yoroi wallet.

Staking Cardano On Ledger with Yoroi Wallet

Now, you’re ready to start staking your ADA coins for rewards.

Step 24: To start staking, click the “Delegation List” button on the upper top right menu.

A search field is displayed. Enter the validator’s name or ID you want to stake with. (preferably copy and paste the pool operator’s name or ID into the search bar instead of typing it to avoid error)

Step 25: Select the “Delegation List” button.

Remember to use the 5 criteria listed earlier on how to choose a good validator:

• Performance
• Pledge
• Saturation
• ROA
• Fees

You can use the “Select by Rating” dropdown menu to filter the list by staking performance.

Step 26: Once you’ve selected a staking pool, click the “Delegate” button. All the ADA coins in your wallet will now be delegated to the selected staking pool.

NOTE:

• You can only delegate to one staking pool at any given time. As of this writing, you can either stake all your ADA coins or nothing. You cannot delegate your ADA coins among several validators.
• You can unstake your ADA coins at any time.
• You can always change your staking pool by unstaking with your current validator and then delegating your ADA coin to another validator of your choice.
• Cardano rewards are usually every 5 days. (epoch cycle)

Step 27: Next, confirm the transaction on the Ledger device. The transaction details, amount and fees are displayed.

If everything looks correct, confirm the trasaction by pressing the left & right buttons at the same time for authentication.

Yoroi Wallet Tutorial: Here’s how it works:

• On the upper right corner, click on “Delegation List”
• Then, in the search bar, paste the name of the pool operator you want to delegate your ADA coins to (You can select a staking pool from adapools.org)
• Next, ensure the details of the pool operator/validator matches the same details on adapools.org

Read: How To Choose A Good Cardano Staking Pool/Validator (Step-By-Step Tutorial)

Step 28: Wait for the delegation to be processed, which may take a few minutes. Once it’s complete, you should see a confirmation message on the Yoroi wallet.

“Successfully delegated” message is displayed.

Congratulations, you are now staking Cardano on Yoroi using your Ledger device!

From the dashboard page, you can track the status of the staking pool as well as the amount of time remaining to receive your staking rewards.

I hope this tutorial was helpful in getting you started with staking Cardano on Yoroi using a Ledger device. Happy staking!

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Other Useful Tips & Tutorials 

• SHOP Ledger Wallet, click here.
•  How To Set Up Your Ledger Wallet
•  How To Stake Cardano On  LEDGER

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