Staking Crypto in Ledger Live: A Beginner’s Guide - aidanonycz/Ledger-Article-Guides-09 GitHub Wiki

Staking cryptocurrency in Ledger Live is an excellent way for beginners to earn passive income while keeping their assets secure in a Ledger hardware wallet. 

Please download the last update of Ledger Live Application:

1.Ledger Live for Windows 10/11

2.Ledger Live for MAC

3.Ledger Live for Android

This guide will walk you through the basics of staking, how to stake in Ledger Live, and what you need to know to get started. Whether you’re new to crypto or just new to staking, I’ll keep it simple, practical, and focused on Ledger Live’s features.

What Is Staking?

Staking is like putting your crypto to work. In proof-of-stake (PoS) blockchains, you lock up (or “stake”) your coins to help secure the network—think of it as voting power for validators who process transactions. In return, you earn rewards, usually paid in the same cryptocurrency you staked. Ledger Live lets you stake directly while keeping your private keys safe offline.

  • Rewards: Typically 3-15% annually (varies by coin).
  • Risks: Price drops, lock-up periods, or validator issues (more on this later).
  • Why Ledger Live?: Combines ease of use with top-tier security—your funds never leave your control.

Step-by-Step: How to Stake in Ledger Live

Ledger Live supports staking for a handful of popular PoS coins like Ethereum (ETH), Solana (SOL), Polkadot (DOT), Cosmos (ATOM), and Tezos (XTZ). Here’s how to get started:

1. Set Up Your Ledger Device

  • What You Need: A Ledger hardware wallet (e.g., Nano S, Nano X) and the Ledger Live app (download from ledger.com).
  • Steps:
    1. Connect your Ledger to your computer (USB) or phone (Bluetooth for Nano X).
    2. Unlock it with your PIN.
    3. Install the latest firmware via Ledger Live’s “Manager” tab if prompted.

2. Add Your Crypto Account

  • Before staking, you need an account in Ledger Live for the coin you want to stake.
  • Steps:
    1. Open Ledger Live (desktop or mobile).
    2. Go to “Accounts” (sidebar on desktop, “Wallet” on mobile).
    3. Click “Add Account” or the “+” icon.
    4. Select your cryptocurrency (e.g., “Solana,” “Ethereum”) and click “Continue.”
    5. Install the coin’s app on your Ledger via “Manager” if it’s not already there (e.g., “Solana” app).
    6. Sync with your Ledger device (approve on the device screen) to create the account.
    7. Name it (e.g., “SOL – Staking”) and add it to your portfolio.

3. Fund Your Account

  • You need some crypto to stake!
  • Steps:
    1. In “Accounts,” select your new account.
    2. Click “Receive.”
    3. Copy the public address shown (verify it matches on your Ledger device for safety).
    4. Send the crypto (e.g., SOL, ETH) from an exchange or another wallet to this address.
    5. Wait for the transaction to confirm—your balance will update in Ledger Live.

4. Start Staking

  • Now, let’s stake your coins.
  • Steps:
    1. Go to the “Earn” tab (sidebar on desktop, bottom menu on mobile).
    2. Find your cryptocurrency in the list (e.g., “Solana,” “Ethereum via Lido”).
    3. Click “Stake” or “Start Staking” next to it.
    4. Enter the amount you want to stake (minimums vary—e.g., 0.01 SOL, 1 ETH).
    5. Review the validator or service:
      • Ledger Live picks trusted validators (e.g., Figment for DOT) or services (e.g., Lido for ETH).
      • You can’t always choose specifics, but they’re vetted for reliability.
    6. Click “Continue” and connect/unlock your Ledger device.
    7. Approve the staking transaction on your Ledger (review details, press both buttons).
    8. Wait for confirmation—your coins are now staked!

5. Monitor and Claim Rewards

  • Where to Look: Rewards appear in your account under “Accounts” or “Earn.”
  • How It Works:
    • Auto-Credited: SOL, DOT, and ETH (via Lido) rewards show up automatically (e.g., SOL every 2-3 days, ETH as stETH daily).
    • Manual Claim: ATOM requires clicking “Claim Rewards” in “Earn” and approving with your Ledger.
  • Tip: Refresh your account (sync icon) to see updates.

6. Unstake (When Ready)

  • Steps:
    1. In “Earn,” select your staked asset.
    2. Click “Unstake” or “Withdraw.”
    3. Enter the amount and approve on your Ledger.
    4. Wait out the lock-up period (if any—e.g., 2 days for SOL, 28 days for DOT).
  • Note: ETH via Lido offers instant liquidity via stETH swaps, but native unstaking takes longer.

Best Beginner Coins to Stake

Here are beginner-friendly options in Ledger Live:

  • Solana (SOL):
    • APY: ~5-7%.
    • Lock-Up: 2-3 days.
    • Why: Easy, decent rewards, short wait to unstake.
  • Ethereum (ETH) via Lido:
    • APY: ~3-5%.
    • Lock-Up: None with stETH (flexible).
    • Why: Biggest name, secure, beginner-friendly with Lido.
  • Tezos (XTZ):
    • APY: ~4-6%.
    • Lock-Up: None.
    • Why: No waiting, simple rewards every 3 days.

Risks to Know

  • Price Drops: If your coin’s value falls (e.g., SOL from $100 to $80), losses might outpace rewards.
  • Lock-Ups: Some coins tie up funds (e.g., 21 days for ATOM)—you can’t sell during this time.
  • Validator Issues: A bad validator could lose some of your stake (slashing), but Ledger’s partners minimize this risk.
  • Taxes: Rewards are income in the U.S.—track their value when received (Ledger Live doesn’t do this for you).

Rewards to Expect

  • Example: Stake 10 SOL at 6% APY = 0.6 SOL/year (~$60 at $100/SOL).
  • Growth: Restake rewards to compound (e.g., stake 10.6 SOL next year).
  • Payoff: Small but steady—great for hodlers.

Beginner Tips

  • Start Small: Test with a low amount (e.g., 1 SOL, 0.1 ETH) to learn the ropes.
  • Check “Earn” Tab: It lists supported coins and current APYs—start there.
  • Keep Records: Note reward dates and values for taxes (export via Settings > Accounts > Export Operation History).
  • Stay Secure: Never share your 24-word seed phrase—Ledger Live and your device keep you safe.

Why Ledger Live?

  • Security: Your private keys stay offline, unlike exchanges.
  • Simplicity: One app to stake, track, and manage.
  • Control: You own your crypto, not a third party.

Next Steps

  1. Pick a coin (e.g., SOL for balance, ETH for stability).
  2. Follow the steps above—takes 10-15 minutes.
  3. Watch your rewards roll in!

Staking in Ledger Live is perfect for beginners: it’s safe, user-friendly, and hands-off after setup.