Lido available in Ledger Live: bringing Ethereum staking within your reach.

08/13/2021 | Blog posts

Lido is now available in Ledger Live to bring Ethereum staking within your reach.

You expected it, we did it. After making it possible to stake Polkadot, Tezos, Algorand, Cosmos and Tron, we just added our new partner Lido – a liquid staking service for Ethereum 2.0 – into Ledger Live*. 

You can find Lido in Ledger Live Apps Catalog (in the Discover Section). Essentially, we form a gateway to this service, we do not manage it but rather provide you with a secure way to access it. 

The staking service is operated by Lido. If you encounter any transaction related issues, please reach out to Lido.

Secure the Ethereum network with Lido through Ledger Live

You can now generate passive income with your ETH thanks to our new partnership with Lido, now available on Ledger Live. 

No need to hold and wait for the price to rise. Stake it!

But what does “staking” mean, exactly? It’s pretty simple. Crypto isn’t only about buying and selling digital assets. It’s also about generating passive income while helping secure the network.

Making Ethereum staking more liquid with Lido

As appealing as it may seem, Ethereum staking is quite illiquid. Validators are required to stake 32 ETH and to keep them locked until transfers and smart contracts are implemented on Ethereum 2.0. 

Let’s face it: it’s not an easily affordable amount of crypto… But there’s no need to worry, because Lido enables what is called “Liquid Staking”. 

By staking ETH with Lido, you don’t need to own 32 ETH to become a network validator. Lido allows users to participate in the network with any amount of ETH, without the need to maintain complex infrastructure whilst preserving the liquidity of your ETH. For each Ether you’ll stake through LIDO you’ll receive stETH in exchange. 

As Iqbal V. Gandham, VP Payments & Transactions at Ledger, puts it: “Up until now there has not been a super simple method to stake ether. You either needed to send your ether to a custodial platform, which stakes it on your behalf, or you had to run an infrastructure yourself and stake a minimum of 32ETH. As of this week, users can simply plug-in their Ledger device and stake via our partner Lido”. 

These stETH tokens can be exchanged, sent, or sold using services such as Paraswap.

Ethereum Staking Rewards and Fees: what you should know

Concerning staking rewards, the percentage return on staked ETH depends on the total staked ETH in the network. An increase in the total amount of staked ETH leads to a decrease in APR. If the total amount of ETH staked is low, then the reward rate will consequently be higher, with a maximum annual reward rate of 18.10%. You can click here to track the current Ethereum staking rate. 

Regarding fees, Lido applies a 10% fee on a user’s staking rewards. This fee is split between node operators, the DAO, and an insurance fund. This fee can be changed by the DAO pending a successful vote.

Why Stake ETH with Lido through Ledger?

Staking your ETH through Ledger Live enables you to validate Ethereum transactions and be rewarded for doing so within the security of your Nano Hardware Wallet

More precisely, three key reasons explain why you should stake your ETH through Ledger Live: 

1- Go on the Ledger Live app. 

Make sure you installed the Ethereum Nano app on your device (if not go in the Manager section) and created an Ethereum account. If you don’t have ETH yet you can buy some directly in the buy tab in Ledger Live.

2- Go to the “Discover” tab in Ledger Live and select Lido.

This tab will show you our new Catalog section in Ledger Live gathering all apps currently and soon to be supported. Essentially, we form a gateway to those different services, we do not manage them but rather provide you with a secure way to access them. 

With your Ethereum account connected, you should be able to view your ETH balance directly within your Lido interface. 

3- Enter the amount of ETH you want to stake.  

After entering the amount you want to stake, just press the Submit button. Note that you will be able to view your Transaction Fee, stETH Balance and Annual Percentage Rate prior to confirmation.

4- Confirm the transaction.

You can now verify your transaction details on your Nano hardware wallet using the LIDO app. Once confirmed, your wallet now contains the amount of ETH you staked – stETH – visible in your wallet. Your stETH balance is updated daily to reflect staking rewards.

Conclusion:

At Ledger, we unlock the crypto world by adding more and more coins, tokens, NFTs and DApps into the Ledger Live app. Adding Lido’s services is consequently a new milestone, and a step closer to becoming your gateway to the Web3 galaxy. 

Lido’s presence in Ledger Live will definitely make your crypto life easier, and safer. 

*Disclaimer: Exchange, lend, and other crypto transaction services are provided by third-party partners. Ledger provides no advice or recommendations on use of these third-party services.