Our previous blog post equipped you with fundamental knowledge for staking Solana, addressing the needs of both existing SOL token holders and those contemplating staking to enhance network security and reap rewards. Today, we present a step-by-step guide on staking Solana using a Ledger – a hardware wallet, a prudent choice for those seeking an alternative or preferring this particular option.
Let’s start by addressing the question of why you should consider staking Solana using a Ledger wallet.
Why Opt for Ledger Wallet for Solana Staking?
Staking SOL with Ledger enables you to effortlessly earn rewards while contributing to network security. By utilizing Ledger Live, you can securely delegate your Solana tokens to a validator node, particularly Ledger by Figment. This choice offers competitive rewards, a reliable validator, and most importantly, you retain full ownership of your coins.
Security and Ownership
When you stake with Ledger, you maintain complete custody of your assets, a notable distinction from crypto exchanges. This ensures that you remain in total control of your holdings.
Everything in one place
Ledger is the gateway to buy crypto securely, and so much more: exchange, sell, grow… all in one app!
Selecting the Ledger by Figment validator can yield rewards of up to 5%, thanks to low commission fees, making it a financially sound choice for stakers.
Rest assured that your coins are delegated to a trusted validator, as Ledger employs cutting-edge technology to ensure the security and reliability of its services.
How Does Ledger Work?
To utilize Ledger for Solana staking, you need two essential components – a hardware wallet and a dedicated app installed on your phone.
A Hardware Wallet
Ledger offers the best security for your crypto and NFTs, ensuring the safety of your assets. You can acquire your hardware device here.
This app facilitates the management of your crypto and provides access to key services, such as buying, swapping, or growing your assets, all securely through your hardware wallet.
Step-by-Step Guide to Staking with Ledger
- Buy a Ledger Hardware Wallet: Ledger hardware wallets provide a secure storage solution for your assets. Purchase your device.
- Download Ledger Live: This comprehensive app is your gateway to securely buy, manage, stake, and grow your assets. Download Ledger Live.
- Set Up Your Device: Follow the setup steps and create a Solana account. Get started with Ledger.
- Buy Crypto or Transfer Funds: Use Ledger Live to buy Solana directly with their partners or transfer SOL from an exchange to your hardware wallet. Buy crypto.
- Start Staking: Click the Earn rewards button on your Solana account, choose the Ledger validator (01node) from the list, select the amount, and confirm. Stake Solana now.
In summary, staking Solana with Ledger offers a secure and user-friendly approach to contribute to network security and earn rewards. With Ledger’s emphasis on ownership, competitive returns, and trusted services, it stands as a reliable choice for those seeking a seamless and rewarding staking experience.