We can barely contain our excitement about this brand new feature available through Ledger Live.
If you’re an Ethereum (ETH) holder this is incredible news. You can now stake ETH within the safety of your Ledger hardware wallet through the LIDO app.
How can I stake Ethereum?
With Ethereum transitioning from Proof of Work to Proof of Stake, the network needs an involved staking community to validate transactions. ETH staking on the Ethereum network can be inaccessible for many due to the minimum number of ETH required to participate being set at 32 ETH. However, staking through LIDO allows participants with any number of ETH to participate in network validation.
What is the ETH staking reward?
Staking rewards vary depending on the total staked ETH on the network. Click here to see current reward rate.
How do I use LIDO on my Ledger hardware wallet?
- Update your Ledger Nano S Plus or Nano X hardware wallet software.
- If you haven’t done so already, install the ETH app in your account and transfer your ETH to the wallet
- Go to the ‘Discover’ tab on Ledger Live and select LIDO
- With your Ethereum app connected, you should be able to see how much ETH is owned through the LIDO app. Select how much you want to stake and submit. You will be asked to confirm the transaction fee, stETH balance and Annual Percentage Rate (APR)
- You will now be asked to verify the transaction on your Ledger hardware wallet
- Once confirmed you will be able to see the balance of stETH on your app (the amount of staked ETH). This balance will be updated daily to reflect your staking rewards.
Note, Ledger provides a secure gateway to access these functions and does not manage LIDO. The staking is made available through LIDO Finance, which is a separate entity to Ledger. Any queries regarding your staked coins should be directed to LIDO.
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