Using Ledger Live with MakerDAO: Secure DAI Management (2024 Guide) - trittinlair/Ledger-Live-Tips-2000 GitHub Wiki

MakerDAO is the decentralized protocol behind DAI, the leading decentralized stablecoin. By connecting your Ledger hardware wallet to MakerDAO, you can securely: ✅ Generate DAI by depositing collateral ✅ Manage vaults (CDPs) ✅ Vote on governance (MKR holders)

This guide covers three secure methods to use MakerDAO with Ledger Live while maintaining full self-custody.

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

🔐 Why Use MakerDAO with Ledger Live?

  • Non-custodial DAI minting – Your crypto stays in your wallet
  • Institutional-grade security – All transactions verified on-device
  • Governance participation – Vote using MKR tokens
  • Transparent borrowing – Clear liquidation risks

⚠️ Note: Ledger Live doesn’t natively support MakerDAO – you’ll need these connection methods.

📌 Method 1: WalletConnect (Mobile & Desktop)

Steps:

  1. Open Ledger Live Mobile → Connect Ledger via Bluetooth
  2. Go to oasis.app (Maker’s official portal)
  3. Click “Connect Wallet” → Choose “WalletConnect”
  4. Scan QR code with Ledger Live Mobile
  5. Select Ethereum account → Approve connection
  6. Manage vaults – Every transaction requires Ledger confirmation

✅ Best for: Quick mobile access with hardware security

💻 Method 2: MetaMask + Ledger (Desktop)

Steps:

  1. Install MetaMask (metamask.io)
  2. Connect Ledger:
    • MetaMask → “Connect Hardware Wallet” → Ledger
  3. Visit oasis.app → Connect MetaMask
  4. Confirm all actions on your Ledger device

✅ Best for: Power users managing multiple DeFi protocols

🔧 Method 3: Ledger Live + Discover Tab

While MakerDAO isn’t fully integrated:

  1. Enable WalletConnect in:
    • Settings → Experimental Features (Desktop)
    • Settings → Developer Settings (Mobile)
  2. Use Method 1 above

⚡ How to Use MakerDAO Features

1. Creating a Vault (Collateralized Debt Position)

  1. Connect wallet (via above methods)
  2. Click “Borrow” → Choose collateral type (ETH, WBTC, etc.)
  3. Deposit collateral → Set debt ceiling
  4. Generate DAI → Confirm on Ledger

📊 Collateralization Ratios:

  • ETH: 150% minimum (safer at 200%+)
  • WBTC: 150% minimum

2. Repaying Debt & Withdrawing Collateral

  1. Pay back DAI (+ stability fee)
  2. Withdraw excess collateral
  3. Always monitor liquidation price at defisaver.com

3. Participating in Governance (MKR Holders)

  1. Delegate voting power via vote.makerdao.com
  2. Cast votes – Confirm on Ledger

🚨 Critical Security Practices

✔ Bookmark oasis.app – Avoid phishing sites ✔ Never lower collateral below 150% – Risk liquidation ✔ Verify all contract calls on Ledger display ✔ Use hardware wallet-compatible RPCs (Alchemy/Infura)

💡 Advanced Strategies

  • Leverage boost/repay with DeFi Saver
  • Earn yield on DAI via Yearn Finance
  • Hedge risk with MakerDAO insurance (MIPs)

🔧 Troubleshooting

Issue Solution
“Transaction failed” Increase gas limit
Ledger not detected Update firmware & USB reconnect
Wrong DAI balance Clear Ledger Live cache

🚀 Final Thoughts

While MakerDAO isn’t natively in Ledger Live, connecting via WalletConnect or MetaMask enables: ✔ Secure DAI generation ✔ Transparent collateral management ✔ True decentralized governance

Your keys, your collateral, your stablecoins. Start with a small test vault today!

Questions? Ask below! 🔐