Which Wallet Application Is Best For Cardano?

Daedalus or Yoroi? The question Cardano users eventually ask.

You already bought some Cardano coins (ADA) but they are still sitting at the exchange. You know that the worst thing to do is to leave your coins at the exchange as you lose your voting power, you lose out on staking rewards and you are exposed if the exchange gets hacked. You decide on taking your ADA out but are not sure which software to use.

If this is you, then this article is for you. For the sake of security, we are only considering two wallet applications which are officially supported:

  1. Daedalus by IOHK
  2. Yoroi by Emurgo

1. Daedalus

In the beginning, there was no other option. If you wanted to store ADA onto your own wallet, you need to use Daedalus. This means syncing the entire blockchain onto your computer which can take a few hours depending on your computer and connection speed. Transactions need to be planned ahead to accommodate for the time needed for Daedalus to sync its copy of the blockchain. If you are unlucky, Daedalus may stop syncing and you have to re-install and restore your wallets using the backup phrase. Daedalus also didn’t do much aside from storing your keys and performing transactions. A few years later, a lot has changed.

Blockchain sync speed has significantly improved. The Daedalus interface has added additional functionalities that are needed by the network including:

  • Retrieving rewards for ITN (Incentivised Test Network)
  • Selecting a pool for delegation
  • Viewing and retrieving rewards
  • Handling multiple wallets
  • Voting on Catalyst Projects (selecting which projects to fund to improve the Cardano ecosystem)
  • Displaying important announcements
  • Synchronising with a hardware wallet (e.g. Ledger Nano S)

The additional features and improved sync speed has helped Daedalus tremendously. Nevertheless, every once in a while you may still encounter network lag. In extreme circumstances when Daedalus would not sync even after hours of waiting, you may still need to re-install and restore your wallets.

2. Yoroi

When it comes to speed and ease of use, Yoroi is unmatched. Just add the browser extension to Chrome or Firefox and you’re all set.

From experience, I found Yoroi’s response time for handling transactions much quicker and less prone to errors especially when using a hardware wallet. You can even perform not so common tasks in Yoroi like getting ITN rewards or voting for Catalyst projects though this is not so straightforward in Yoroi compared to Daedalus.

What Yoroi is sorely missing at the moment is the ability to easily handle multiple wallets. If you do want to use another wallet, there is a workaround which requires you to install a new profile onto your browser. This is tedious to setup at best but it does work.

The Verdict

If you have a computer and want to perform all of the features available for a Cardano wallet, your first choice should be Daedalus.

If you don’t have a computer or if you just have one primary wallet and just want things done faster and smoother, go with Yoroi.

In reality however, it does not have to be one or the other. You can access the same wallet with both applications. Therefore, my personal recommendation is to use both. Use Yoroi for your frequent transactions with your primary wallet. Use Daedalus whenever you need access to all of your wallets in one place or to perform special functions that are easier to do there. In this way, you get the best of both worlds. Have fun!

If you find this article useful, please consider delegating your ADA to WISH Pool. You will be earning interest rewards while indirectly helping the lives of disadvantaged children. This is because at WISH Pool, we pledge to give at least 10% of our own profit to educational charities so that successful students can help get their families out of poverty.

Only download Daedalus and Yoroi from the official IOHK and Emurgo sites. Direct links below:

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