Ethereum & Cardano Wallets
Metamask, Yoroi, Nami, Daedalus
Within this article, I cover the wallets that I use for Ethereum & Cardano as well as their strengths/weaknesses. I will update this in the future with more information as the wallets are improved as well as when I have more information to add to them.
Also, as always, this is not financial advice (Full Disclaimer at the bottom, I include this everywhere : ) )
Table of Contents
Ethereum
Metamask
Cardano
Yoroi
Nami
Daedalus
Metamask (Ethereum)
Metamask is a wallet that functions as an add-on to your web browser or as an app. You can use it to set up an ethereum wallet (or set of wallets). You can then use this wallet to purchase tokens on the ethereum network using ethereum or to purchase NFT’s on the ethereum network. Etoro has provided a guide which I will link below as I feel it is comprehensive enough for a user to get started using it. The opensea based steps are only necessary if you would like to purchase NFT’s using Ethereum:
https://www.etoro.com/en-us/news-and-analysis/crypto/how-to-buy-an-nft-on-etoro/
Important Notes for Cardano Wallets
A couple of important notes:
Different wallets are important for different things as they have different strengths & weaknesses. For example, you need a Nami wallet in order to buy Cardano NFT’s on www.jpg.store
Etoro is currently setting up the ability to send Cardano to an off-site wallet but it is not yet available. This means that if you want to get Cardano to a wallet from an exchange you will need to wait until Etoro finishes this feature or send it via another route to your wallet. Whichever route you use will have the same process of purchasing Cardano on the exchange, Creating an off-exchange wallet, & sending your Cardano to your wallet’s address.
Yoroi (Cardano)
Yoroi is an extension-based Cardano wallet (found here) where you can stake your Cardano in staking pools to earn rewards. The downside of this wallet is that while you can Stake your Ada you can’t currently see the tokens you earn from staking your Cardano on the Yoroi interface. The upside is that it’s extremely lightweight and can be run on computers regardless of their specifications.
Nami (Cardano)
Nami is an extension-based Cardano wallet (found here). Of the three Cardano wallets, I am covering you will need this one if you want to purchase NFT’s on the jpgstore site (similar to opensea but for Cardano & not ethereum). Some other benefits of this wallet are that you can view your Cardano NFT’s directly in the wallet & its also not limited to high-end computers as it is a web browser-based extension.
A downside is that unlike Yoroi & Daedalus its staking process is less flexible. Within the wallet, you can select to stake with the wallet’s dedicated pool but if you want to use a different staking pool you will need to find a staking pool that has set up an External staking interface on their webpage. Yoroi & Daedalus in comparison have a list on their application from which you can choose making it easier to find the pool you want to stake with. Different staking pools will have different reward rates as well as provide different token airdrops so it is important to be able to easily join different networks making this a frustrating downside.
Daedalus (Cardano)
Daedalus is a downloaded Cardano Wallet (found here) that you can use to create a wallet and to interact with the projects on the Cardano network. This includes purchasing NFT’s (via minting), staking your Cardano in staking pools, Cardano token purchasing, & sending Cardano to different wallets. It is the fastest option (in terms of transaction processing speed, slowest for startup speed, initial setup can take a couple of hours to run depending on your computer) amongst the 3 I have listed but it is also the only one that requires a high-end computer in order to run. There recommended hardware requirements are:
64-bit dual core processors
16 GB of RAM
25 GB of free drive space
Broadband Internet connection
Disclaimer: The information in this Newsletter is not financial, legal, or tax advice. I only trade on Etoro; if you are reached out to by people requesting you join a group or provide money, it is not me. My only public social media accounts are this Substack page, my Youtube page, my Twitter page, and my Etoro page; any others you see online are not me.