How to Stake, Unstake & Farm ATOM, Cosmos with Ledger Wallet - socratesmclemore354/Ledger-Wallet-Articles GitHub Wiki

Staking ATOM with your Ledger wallet allows you to passively earn staking rewards for helping to provide economic security for a public blockchain.

The quantity of rewards you may receive depends on the amount of ATOM you staked. The longer you leave your ATOM tokens staked, the more returns you will receive.

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 article’s tutorial describes how to stake and unstake ATOM with your Ledger Metamask wallet via Shibaswap.

Before you start

  • Update the Ledger device to the latest firmware version.
  • Update the Ledger Live app to the latest version.
  • Make sure that you installed the Cosmos (App) app on your Ledger device.
    • Connect and unlock your Ledger device.
    • Open Ledger Live and go to My Ledger. “If asked, allow access to My Ledger by pressing both buttons on your Ledger device simultaneously.”
    • Navigate to My Ledger, click on the App Catalog, and search for Cosmos. Once located click on it to Install.
    • Wait for the installation process to finish. You have installed the Cosmos app on your Ledger device.
  • If you already have the Cosmos app on your Ledger device, update it to the latest version.

Before beginning this tutorial, make sure that the $ATOM you want to stake is stored in your Ledger Cosmos account. You can buy $ATOM tokens from an exchange and send them to your Ledger wallet.

Staking/delegating ATOM

  • Open the Ledger Live app.
  • Go to Accounts and click on your Cosmos account
  • Click on the Earn Rewards button.  
  • Read the Earn Rewards information and click on Continue.
  • Enter the amount of ATOM to delegate on the box and choose a validator. Once done, review the transaction fees. If everything looks good, click on Continue.
  • Connect your Ledger device to the computer. Open the Cosmos app and unlock your device. Press the right button to review the transaction details. If everything looks well, Approve the transaction.
  • Wait for the Delegation process to be confirmed. Now you’ve successfully staked/delegated your ATOM with Ledger wallet.

Keep in mind that when your stake/delegate your ATOMs with Ledger wallet, they’ll be locked for 21 days and cannot be used until after the ending of a delegation.

Claiming ATOM Staking/delegating rewards

  • When your rewards are available, you can claim them through the Manage list of options, by clicking on the Claim Rewards button.
  • Open your Ledger Live app.
  • Go to your Cosmos account.
  • Scroll down to Delegation(s).
  • Click on Claim Rewards.
  • Click on Manage beside the validator and select Claim Rewards.
  • Keep in mind that claiming your rewards will cost you a fee.
  • You will need to choose between Cash-in and Compound.  When you choose Compound, the reward will be redelegated to the same validator but when you choose Cash-in, the reward is added to your available balance.
  • Connect your Ledger device to the computer. Open the Cosmos app and unlock your device. Press both buttons to Accept and send the transaction if everything looks good.
  • You have successfully claimed your ATOM staking reward with your Ledger wallet.

Redelegate ATOM staking

Note: By redelegating your staked ATOMs to another validator, you won’t be waiting for the 21 days required lock time period when undelegating and delegating assets.

  • Open the Ledger Live app.
  • Go to your Cosmos account.
  • Scroll down to Delegation(s).
  • From the delegation list, click on Manage beside the validator your want to relegate and click on the Redelegate option.
  • Read the Redelegation of assets information.
  • Enter the amount you want to Redelegate and select a new validator, then click on Continue. 
  • Connect your Ledger device to the computer. Open the Cosmos app and unlock your device. Press both buttons to Accept and send the transaction if everything looks good.
  • You’ve successfully redelegated your staked ATOMs.

Undelegate ATOM staking

  • Open the Ledger Live app.
  • Go to your Cosmos account.
  • Scroll down to Delegation(s).
  • From the delegation list, click on Manage beside the validator your want to relegate and click on the Undelegate option.
  • Enter the amount you want to undelegate and click on Continue. Pending rewards will be cashed in automatically and the undelegated amount will be locked for 21 days before being transferred to your available balance.
  • Connect your Ledger device to the computer. Open the Cosmos app and unlock your device. Press both buttons to Accept and send the transaction if everything looks good.
  • You’ve successfully undelegated your staked ATOMs.

Be sure to research the validator you want to delegate your ATOMs to. This is because the Cosmos blockchain can punish validators that don’t do their work appropriately through an event called slashing. This will also lead to them losing part of their ATOMs around 0.01% to 5% — and that means you could lose a part of your ATOMs.