Instructions For Deadulus and Yoroi Wallets
Staking with MaximumMint (Ticker AMINT) is easy. Just follow the simple steps below.
- Download and install the Daedalus Wallet. Follow the instructions for transferring your ADA to this wallet.
- Click the “cluster of dots” icon in the left side navigation menu.
- Click the “Stake pools” icon to find our Stake -Pool MaximumMint for staking.
- In the search field type MaximumMint or AMINT.
- Click the “AMINT” stake pool.
You will be prompted to confirm delegation to MaximumMint (ticker AMINT) stake-pool. Don’t worry your money is always in your wallet, and under your control. Once you are setup you should see your wallet is staked with MaximumMint (Ticker AMINT). Now your on your way to making rewards. It’s that simple, enjoy!
You can confirm it’s correctly done by checking your wallet in the delegation center. After staking you will see that your wallet is delegated to MaximumMint (ticker AMINT). Remember, you always have control over your ADA wallet. Staking does not risk your wallet funds, it only earns you more ADA. We here at CardanoMint thank your for staking on our stake-pool MaximumMint, and hope you enjoy the steady flow of rewards. Cheers!
Instructions For Yoroi Chrome/Brave and mobile wallet
Yoroi is a fantastic lightweight wallet to delegate and stake your ADA. Unlike Daedalus, it doesn’t download a copy of the ledger but instead connects to a cloud version of it on a server. It is similar to the Metamask wallet that you would find in the Ethereum world.
The Yoroi Wallet comes as a browser extension that can be installed on common browsers, including Chrome, Edge, and Firefox. A mobile app version is also available for Android and iOS.
Be sure that you download the correct version from the official Yoroi website – https://yoroi-wallet.com/. There are quite often copycat apps that are fake and will try and steal your ADA.
1. How to Install Yoroi Wallet for Chrome
Navigate to the Yoroi website – https://yoroi-wallet.com/. Ensure you’re on the correct website. Searching it via Google may also be a good idea.
From the Download drop-down menu, choose Chrome.
This will take you to the Chrome web store. Again, check that you’re on the correct domain for Google.
Click Add to Brave or Add to Chrome
A warning message will appear about the extension.
Click Add Extension.
You will see a success message stating that the extension has been installed.
The extension will appear in your Extensions icon in the browser. Click to expand the extensions tab. You will see Yoroi appear under the area “No Access Needed”.
You have to option here to also Pin the extension to your browser bar so that you can quickly interact with it when needed.
Click on the Yoroi icon to load the extension.
You will now be taken through the basic setup.
Choose your desired language and press continue.
You can choose between simple and advanced options. If you’re completely new to blockchain and have never used an Ethereum wallet such as My Ether Wallet or Metamask, then you should choose Simple. Otherwise, choose Advanced. For this tutorial, we are going with simple.
Choose if you want to use Payment URLs or not. You can come back and enable these at a later date. For this tutorial, we can skip this for now.
You are now done with the installation of the Yoroi wallet extension for Chrome and are ready to set up a new wallet to begin delegating to stake ADA on Yoroi.
2. How to Create a Wallet with Yoroi
Assuming that you have now successfully installed the extension to your browser, you can now create a new wallet.
If you have an existing wallet, you can choose to restore it. You can also restore a wallet that was created in Daedalus or connect your hardware wallet with Trezor of a Ledger Nano, but that is out of the scope of this tutorial.
Click “Create wallet” from the launch screen.
Choose the currency, in this case, “Cardano”, and choose “Create Wallet”.
Give the wallet a friendly name. This is for you to track which wallet is for what. Similarly to how you may have different bank accounts for different functions. We’ll call our wallet, My Wallet. Create a ‘sending password’ for your wallet. The password is used to authorise transactions on your wallets, such as sending ADA, delegating to a stake pool or voting. It is important to ensure you have a secure password being long in character count, using upper and lower case letters and numbers and symbols. Making a multi-word password sometimes makes it easier to remember. Either way, make sure you write this down somewhere secure.
The next step is to create the recovery phrase. This is the random 15-word password that is used to restore your wallet on a different device. Anyone can use these 15 words to restore the wallet and send funds to another wallet without the sending password.
Ensure that no one can see your screen. Ensure that the word phrase is written down and stored somewhere safe away from being able to deteriorate.
Some people go to the length of etching their recovery phrase into stainless steel plates or pressed in leather. We’ll write about this in a future post.
Write down your recovery phrase and be prepared to write it back into the wallet extension.
The next screen will ask you to restore the recovery phrase by either typing in the words or selecting them on the screen.
Once you’re done, click accept to the screen prompts and continue. If you are ever to restore a wallet, this seed phrase is what you will do to restore it. It might be a good idea at this point to remove the Yoroi wallet and practise restoring your wallet from your seed phrase before transferring your millions of ADA to the wallet, only to lose it one day from not being able to restore the wallet.
Your wallet is now created!
At this point, you will need to send ADA to this wallet by clicking on RECEIVE from the top menu. You can’t stake ADA on Yoroi if you don’t have any ADA in your wallet.
It will give you a wallet address.
Use this address as the receiving address from the exchange where you are purchasing your ADA. You can also use the QR code to populate the payment address string. If you use the address above, thank you. It means you are sending the ADA to my address, and I’ll gladly accept it as a donation. So please check to see that you are sending it to the correct address. You can reference the last 5 characters. Usually, they will be unique and should match the address you’re using. Finally, you are ready to delegate and stake ADA on Yoroi.
3. Delegating/Stake ADA on Yoroi to a Stake Pool
Now that you have the Yoroi wallet extension installed you can now stake ADA on Yoroi, with a newly create wallet and funded with ADA, you’re ready to delegate to a stake pool.
From the Yoroi wallet app, click on the “Delegate List” menu across the top to start staking ADA on Yoroi.
You can browse through all the pools that are listed but you can also search for a pool by its ID or ticker name.
Our pool, MaximumMint ticker AMINT, is a pretty good new pool with low saturation and good growth. Our History is strong, lets grow together.
- Ticker: AMINT
In the search box, paste in the Ticker you wish to delegate to. In this case, our pool, AMINT.
You will see the pool icon and details. [AMINT] MaximumMint. Click “Delegate”.
Staking Rewards Schedule
The Rewards Predicted By This Calculator Are Only An Estimate.
Staking ada provides ada holders with rewards – in addition to the potential market price gains. The more ada you stake, the more rewards you can earn.
Now you can do more than hodling; see how much rewards you can possibly earn by staking ada.
Disclaimer: This calculator only predicts an estimate of rewards. The actual amount of ada earned may vary and will depend on several factors, including actual stake pool performance and changes to network parameters.
The annualized equivalent returns given by this calculator assume that you delegate your stake to the same stake pool for a 365-day period and that stake pool performance and other settings are consistent over that timeframe. Cardano provides this calculator for guidance only and accepts no responsibility for any discrepancy between estimated and actual rewards. This calculator is for guidance only.
well the last question to consider is how much you want to delegate. This is entirely up to you, but if you want a guestimate of how much you would need to create a passive income, check out this calculator. It will show you how much you will need to build up to in order to ditch your job. Believe it or not some of you may have the money sitting somewhere already, but it’s only giving you 1% or less per year.. and if you could touch it you could get taxed to death. Moving your investment on MaximumMint (ticker AMINT) will allow you access to the money be means of the rewards. Those rewards will pay you every 5 days as an income.. no more nasty taxes or having to wait to enjoy the fruits of your labors.