The Quick-Start Staking Guide

How to Set Up Your Wallet

Welcome to the Sonarch Quick-Start Staking Guide; a quick-start tutorial to help you invest in a digital future.

If you haven’t bought a coin or chosen a wallet, see articles 1 and 2, otherwise read on and learn how to set up your wallet so you can start staking, and start earning.

How To Buy Your First Coin
Read Article
How to Choose A Wallet
Read Article
How To Stake
Read Article
Starting Your Crypto Wallet

Now that you know which wallet is right for you, we will show you how to set up either online wallet (Yoroi or Daedalus). They’ll give you extremely user friendly prompts, but if you want to know everything they’ll ask for, you can find it here. We’ll start with Yoroi, but scroll down if Daedalus is the crypto wallet for you.

Setting Up the Yoroi Wallet

Now that you’ve decided on Yoroi here are the steps you’ll need to take:

1. Download the Yoroi plugin from yoroi-wallet.com.
2. Click the icon to open Yoroi.
3. Select your language, then read and agree to the terms of use.
4. Choose between simple or advanced. (We recommend simple for most crypto stakers).
5. Click on “Create Wallet”.
6. Write down your 15 word recovery phrase.

We are pausing here to highlight the importance of bullet 6. The recovery phrase is the lifeline to your wallet. We cannot understate the importance of writing it down (maybe in multiple locations) and storing it somewhere safe. The beautiful thing about blockchain is the privacy it allows, but that means there is no central authority storing your data, and there is no customer service line to call should you lose it.

Write it down. Make it a jingle. Tattoo it on your inner thigh. Whatever you need to do, but keep it safe.
7. Enter that 15 word phrase in order as confirmation that you are you, whoever you are.
8. Now you have a wallet!

After these steps, you are ready to transfer the Cardano you bought from the exchange of your choice. The next step is to start staking and earning yield on your tokens! To finish the last step, learn how to stake.

Setting Up the Daedalus Wallet

Setting up a Daedalus wallet, like most of cryptocurrency, is an exercise in patience over speed. But, trading patience for privacy is a choice most of us would gladly make. To stake through a Daedalus wallet do these things:

1. Create your wallet.
2. Enter a new wallet name and a spending password.
3. Write and record the 24-word recovery passphrase.

Like Yoroi above, this is a critical, critical step. So we will repeat ourselves verbatim: The recovery phrase is the lifeline to your wallet. We cannot understate the importance of writing it down (maybe in multiple locations) and storing it somewhere safe. The beautiful thing about blockchain is the privacy it allows, but that means there is no central authority storing your data, and there is no customer service line to call should you lose it.

Write it down. Make it a jingle. Tattoo it on your inner thigh. Whatever you need to do, but keep it safe.
4. Verify the phrase to cement your wallet.
5. You now own a special wallet!

Congratulations! You now have a wallet and you are one step closer to staking. To learn how to stake ADA from Daedalus, read the next article in our series.

Thought Leadership
Why Sonarch Chose to Stake Cardano?
TL;DR. Sonarch spent months vetting protocols to stake crypto. We chose Cardano for these reasons: 1. Leadership we believe in. 2. That gave power and resources to their people (who they’ll never meet). 3. They support decentralization with a fully-researched proof of Stake design that’s more than lip service. 4. They incentivize small pools to succeed. 5. They have a really, really cool name.
Thought Leadership
Why Sonarch Chose to Stake Avalanche?
TL;DR. In a space that rightfully prizes security over speed, Avalanche is a rarity that supplies both. The combination of low fees, high efficiency, and potential growth are worth a pinch to the arm, followed by a purchase.
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