I am new to crypto. I have some ADA staked. I have it in yoroi wallet. I will get a ledger delivered probably tomorrow and I plan to move my assets on the nano s ledger. I do not know exactly how I will do this, but I will figure it out, since there are tutorials out there for doing so.
My question is if I must stop staking while doing so to transfer funds in the wallet, or is it possible to somehow update on ledger keeping the stake as it is and eventually update to the new version of the wallet after the fork.
Probably a dumb question… sorry for that, but I am confused.
I saw a few threads about restoring the wallet in another type of wallet, but none of them mentions what happens with staked funds. Or I was unable to understand.
Thank you for your time
I think having a Nano ledger means that you need to create a new wallet - and transfer your ADA into the new wallet.
That means your are not restoring wallets instead of creating a new one - which has new addresses. That is why I think the delegation can not be remain since that is connected to the previous wallet address.
If the resulting address(es) are the same, you’re done and don’t need to do anything else. If you get different addresses, it means that Yoroi is not standard compliant and indeed, you’d have created a “new wallet” even if you used the same 24 words. In that case, you’d (also) have to delegate your ledger wallet.
To migrate smoothly, you might first want to delegate a small amount from your ledger and only when you see rewards coming in (after 2 epochs) you would transfer all the funds from Yoroi to your Ledger wallet. Your 2 ADA delegation deposit on Yoroi is lost, unless there is a way to de-register a Yoroi stake address that I’m not aware of.
I tried, a BIP39 mnemonic (from Ledger) does not seem to be compatible with Daedalus, ADALite, Yoroi.
Perhaps anyone out there would know the details of why this is?
I would personally never enter any 24 words created on a software wallet and use them with your ledger as this defeats the whole point of having a ledger. Your 24 words created by a software wallet on you’re phone or computer could be compromised especially if you’re new to crypto. Only use the 24 words that your hardware wallet creates
Hope the above answers help
It is possible to undelegate your funds in Yoroi when you withdraw your rewards.
Thank you all for your answers. I will use the ledger and transfer the funds. It is the safest way, so I will do it. I was thinking of this even before I asked, but I figured there may be a smarter choice. It looks like it is not and that is fine.