Secure Simple Cardano (ADA) Staking with Yoroi Wallet

In order to receive rewards without running your own stake pool, you must stake your ADA to stake pool. Some exchanges allow you to stake your Cardano for convenience (in their own internal stake pools). However, for the health of the Cardano network it's better to decentralize the staking as much as possible. You usually save on pool fees and a few other benefits too. Larger pools earn smaller rewards faster (small due to being split between all delegators), but in theory the amount should all balance out for delegators if a stake pool is performing it's tasks reliably. Therefore, a smaller stake pool would receive bigger rewards less often. The going rewards rate is around 4%-7% yearly.

Yoroi is a lightweight browser extension wallet that allows you to stake your Cardano to a stake pool. You can find Yoroi in the Chrome Web Store here:

Yoroi Wallet - Chrome Web Store

Staking your cardano is secure and simple. You can't lose it as it is always within your wallet. Whenever you stake, regardless of the stake pool, there is a 2 ADA deposit which you get back when you unstake your cardano (after 2 epochs, 10 days, which will make more sense below under the notes section). There is also a small transaction fee (always the case, regardless of the stake pool, and a fraction of an ADA), similar to if you were sending ADA to someone on the Cardano network. In the example below the transaction fee was 0.175137 which at the time was about $0.25.

To stake with us, simply do the following after you have setup your Yoroi wallet:

Select the Delegation Tab on the right:

Search for SSASP (don't forget to hit the magnifying glass button):

Click the Delegate button:

Wait a little while for it to find our pool:

Type your Yoroi spend password:

Click the "Delegate" button:

Wait a little while for the Success dialog. Click the Dashboard Page button and you are done.

That's it. After you have staked your ADA, there is no need to keep your wallet open. You can now close it and simply open it at your leisure. Your earnings will show up in your wallet. Realistically, your earnings will be between 4%-7% yearly, so it may take a while before anything is earned on smaller pools.

NOTE: Once you stake your ADA, it takes 2 epochs (10 days) before your earnings will start with the current pool. So, the switch is immediate, but your earnings will reflect any other other stake pool for another 10 days (or none at all if this is your first stake pool). Your earnings from the previous stake pool will continue to go to the same wallet.