How to Stake ADA with 8SQRD: Yoroi Wallet

Yoroi Wallet

Yoroi is a popular and trusted wallet for Cardano users. As a light wallet for Cardano there’s no need to download or synchronize the blockchain, allowing you to transact with Cardano immediately when you open your wallet.  The Yoroi wallet can be accessed directly from your browser or your mobile device. 

Download Your Wallet

Access Yoroi by downloading the extension of your choice for any of the popular browsers or mobile OS at the official website: https://yoroi-wallet.com. The “Download” dropdown menu will provide you with a list of available options that will redirect you to the appropriate add-on pages. For Chrome, you’ll be redirected to the Chrome Web Store where you’ll find the blue “Add to Chrome” button where you can click to install. You’ll find that the same steps apply for the other browsers on the list. 

Access Your Wallet

The Yoroi Wallet can now be accessed as an app on your mobile device and as a browser extension. If you forget where the Chrome extensions are, look for the puzzle icon on the top right corner of the browser. Click to open your new Yoroi wallet extension. 

Pro tip: Pin your Yoroi Wallet in your browser for ease of access. 

Create a New Wallet 

If you’re new to using Cardano then you’re in for a pleasant surprise. Creating a Yoroi wallet is the first step in allowing you to transact, stake and delegate your ADA. For those who have existing wallets, feel free to skip ahead to the section about restoring your wallet.

Setup: Once you open the wallet you’ll encounter a few setup screens that will prompt you for your language preference, agreement to terms of use, and complexity of the interface. It’s recommended that you read through and agree to the terms of use and choose the simple interface. Click the middle “Create wallet” option to proceed. Choose “Cardano” as the currency and “Create Wallet” as your next options.

Name and Password: Provide a wallet name and spending password. 

Pro tip: Your wallet name and password is unique to the wallet installed locally on your set up device. If you choose to restore this waIlet on another device, you’ll be prompted to create a new wallet name and password. 

Recovery Phrase: Your Recovery Phrase is vitally important in maintaining full control of your funds. The recovery phrase (also known as mnemonic seed words or simply seed words) is a deterministic set of 15 or 24 word combinations that create the unique private key to sign transactions on your wallet (think of this as the ultimate “password” or “pin” to your Cardano “account”). 

Please pay careful attention to this step to ensure that you have carefully written down your recovery phrase and stored it somewhere safe. You will need this phrase to use and restore your wallet in the future. You’ll be asked to confirm your recovery phrase by going through verification prompts. Once completed you will have full access to your wallet. 

Pro tip: Best practice is to keep your recovery seed words offline. Write them down and store them safely! Remember, don’t lose them as they allow you to recover your wallet in case you need to access on another device. 

Also, avoid the following:

• Storing your seed words where they can be easily damaged or lost. Why? Absolutely no one can help you recover them if it’s damaged or lost.
• Copying and pasting your seed words and saving them a file on your computer. Why? Malicious software can be on your computer. 
• Sending your seed words by email. Why? Hackers can sift through your emails to get access to your funds.
• Sharing the seed words with others. Why? Trust yourself. Once it’s in the hands of someone else, consider it compromised. We will never ask you for your seed words, nor should anyone else.

Restore an Existing Wallet

Using the above recovery phrase that you carefully saved, you can restore your wallet and access your funds on another device. You can restore your wallet by choosing the “Restore wallet” option.  Provide the 15-word or 24-word recovery phrase to restore your existing wallet. 

Delegate to 8SQRD Cardano Stake Pool

Cardano is a proof-of-stake blockchain where transactions on the network are processed by participants who actively hold and stake ADA. Participants are incentivized to participate in the staking process through ADA rewards. The likelihood of rewards is maximized through the pooling together of many stakes. ADA holders “delegate” their stakes to larger pools to increase their Return on ADA (ROA). Delegation allows you to stake and therefore receive rewards.  Think of these rewards as an interest rate for being an active ADA holder and participant. Typically, ROA rates are between 3-5% for staking pools.

The Yoroi wallet gives you full control over your funds, including delegation. The wallet interface consists largely of four functional tabs that allow you to send, receive, vote and delegate, briefly described below. The Dashboard and Transactions tabs mostly provide an overall summary of your account. Each of the following gives you power over your ADA funds: 

• Send – An outgoing transactional function where a recipient will receive funds from your wallet. Typical scenario: You send your ADA from your Yoroi wallet to another wallet on your cryptocurrency exchange account (e.g. Binance) to further transact with your ADA.
• Receive – An incoming transactional function where your Yoroi wallet is the recipient to accept ADA. Typical scenario:  You send ADA acquired from a cryptocurrency exchange (e.g. Binance) to your Yoroi wallet. 
• Vote – Allows you to vote on various Cardano initiatives as holders of ADA. This function is only used on occasion.
• Delegate – Allows you to stake with a larger pool to maximize your “interest rate”.

To delegate, select the right-most tab “Delegation List”. Here you can search for staking pools using the ticker or Pool ID in the search field. 

Support our pool by entering one the following and selecting “Next”: 

• Ticker: 8SQRD
• Pool ID: pool1vvesqladm29fuzrv93px5qse0upw82a579lz9063xsfrz7yef7z (6333007fadda8a9e086c2c426a02197f02e3abb4f17e22bf51341231) 

Your search results will show 8SQRD Pool. Click “Delegate” on the right to support our pool. You’ll be prompted to confirm the amount of ADA to delegate by entering your spending password. Select “Delegate” to finalize your delegation. 

Congratulations you have now successfully delegated your ADA.