We have some exciting news: Ledger recently announced that you can now stake ETH directly from your Ledger hardware wallet! This has been made possible with Ledger's new partnership with an Ethereum 2.0 liquid staking platform, Lido.
You will no longer need to hold and wait for the price to rise. Just stake it!
But what exactly does "staking" mean?
Let’s get into it in this blog post!
WHAT IS STAKING?
It’s pretty simple. Crypto isn’t just about buying and selling digital assets. It’s also about generating passive income while helping secure the network.
Staking allows you to buy and set aside a certain amount of tokens to become an active validating node for the network. By simply holding these coins, you become an important piece in the network's security infrastructure and are compensated accordingly.
LIQUID STAKING WITH LIDO
By staking ETH with Lido, you don’t need to own the required 32 ETH to become a network validator. Lido allows users to participate in the network with any amount of ETH, without the need to maintain complex infrastructure whilst preserving the liquidity of your ETH. For each Ether you stake through LIDO you’ll receive stETH in exchange.
WHY STAKE ETH WITH LIDO THROUGH LEDGER?
Staking your ETH through Ledger Live enables you to validate Ethereum transactions and be rewarded for doing so from within the security of your hardware wallet. Here’s 3 reasons why you should stake your ETH through Ledger Live:
- SAFETY. Your private keys remain tightly secured offline with your Ledger hardware wallet. All transactions are confirmed from within your hardware wallet, meaning you are less likely to be hacked.
- ERGONOMIC APP. All you need to access a galaxy of Web3 services are under the same roof. You can stake ETH with LIDO but also buy or exchange Ethereum, Bitcoin and many others coins all from one single app.
- USER-FRIENDLY. The interface is simple and easy to use.
HOW DO YOU SET IT UP?
1. GO ON THE LEDGER LIVE APP
Make sure you installed the Ethereum Nano app on your device (if not go in the Manager section) and created an Ethereum account. If you don’t have ETH yet you can buy some directly in the buy tab in Ledger Live.
2. GO TO THE “DISCOVER” TAB IN LEDGER LIVE AND SELECT LIDO
This tab will show you our new Catalog section in Ledger Live gathering all apps currently and soon to be supported. Essentially, we form a gateway to those different services, we do not manage them but rather provide you with a secure way to access them.
With your Ethereum account connected, you should be able to view your ETH balance directly within your Lido interface.
3. ENTER THE AMOUNT OF ETH YOU WANT TO STAKE
After entering the amount you want to stake, just press the Submit button. Note that you will be able to view your Transaction Fee, stETH Balance and Annual Percentage Rate prior to confirmation.
4. CONFIRM THE TRANSACTION
You can now verify your transaction details on your Nano hardware wallet using the LIDO app. Once confirmed, your wallet now contains the amount of ETH you staked – stETH – visible in your wallet. Your stETH balance is updated daily to reflect staking rewards.
Need further assistance? You can book in a 1:1 consultation with us here.