Staking is a great way to earn passive income. Now, if you can also do this on a Ledger. It’s about the safest way to stake.
Today we’re looking at how to stake Solana on a Ledger. So, let’s dive in.
Staking via a hardware wallet is the most secure way to grow your crypto! Solana is the latest coin that can be staked with Ledger, with more coins to come – stay tuned! 🔐
— Ledger (@Ledger) May 9, 2022
What Is Ledger?
Ledger is a French company that builds hardware (or cold) wallets. A hardware wallet is the safest way to keep your digital assets. It’s also referred to as a cold wallet. That’s because the wallet doesn’t connect to the internet. They are non-custodial wallets, so you have full control over them.
Their flagship product is the Ledger Nano X. Their Ledger Nano S has now been replaced by the Ledger Nano S Plus. If you want to order a Ledger product, it’s best to order direct at the source. Their French HQ ships all over the world. This gives you the peace of mind that you will get an original product. To clarify, you don’t want anybody to tamper with your device. The video below shows you what the Ledger Nano X is all about.
Why Stake Solana?
The Solana blockchain is fast and transaction costs are low. They already have a big ecosystem on their blockchain. DeFi dApps, NFTs, and Web3 apps are all over their chain. After Ethereum, they are the second most popular blockchain for NFTs. Just a week ago, we had a dedicated YouTube video on Solana. It has lots of interesting information about this L1 blockchain for you.
So, be aware that Solana has a short bonding or unbonding period. When you delegate your SOL tokens, they only start earning rewards at the start of the next epoch. An epoch is a set time frame when a chain grows an “X” number of blocks. With Solana, this is usually 2-3 days. In other words, unbonding also takes 2-3 days before you can access your coins again.
An interesting aspect of staking Solana is that there’s no slashing. In contrast, most other blockchains do have this feature. It means that when a node doesn’t fulfill its job correctly, it can lose part or all of its stake as punishment. If you are a delegator, and your validator or node gets slashed, you receive the same treatment.
Once you decide to stake your SOL, you also help to secure the network. Currently, the staking ratio for SOL is 76.66%. This is a high number, and that’s a good sign. The staking rewards for SOL are around 5.59% as a delegator. For a validator, it’s around 6.19%. You can use the staking rewards calculator, shown below with its link, to see how much you can make. However, keep in mind that you need to pay a commission to your validator. See the picture below.
Source: Staking Rewards
How to Stake Solana on Ledger
To stake Solana on Ledger is a straightforward and easy to set up feature. Here are five easy steps to stake Solana on a Ledger.
- You will need to buy a Ledger.
- Download Ledger Live. This is their desktop app for storing, buying, staking, etc. It’s also available as a mobile app. So, make sure that you have the latest version installed.
- Once you have your Ledger hardware wallet, you have to set it up. Here’s an extended video on how to set up a Nano X. Make sure that you install the Solana app.
- Now you need to fund your Solana account. You can buy direct on Ledger or send SOL from an exchange.
- In your Solana account, click the “Earn rewards” button. The list shows you only one validator, Figment. Click on it. Enter the amount you want to stake, click confirm, and you’re done.
- Once a new epoch starts, you start to earn rewards. This can take up to 2-3 days.
One thing we like to point out is that Ledger only works with one validator, Figment. They are trustworthy, but it is a limited choice. Below is a short video that repeats the steps of how to stake Solana.
To sum up, staking is an easy way to earn a passive income. By staking Solana, you take part in a low-risk staking feature. When staking SOL on a Ledger, you’re about as safe as you can get with staking.
The current price of SOL is $34.25, which is 1.9% up over the last 24 hours. Over the last 30 days, SOL is up 6.5%. However, over the last year, the token is down by 79.6%. The market cap is $12 billion. The total supply of SOL tokens is 508 million, out of which 335 million circulate.
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