More Staking: Ledger Live now supports Polkadot!
Yes, you heard it here first, Ledger users can now securely manage, transact and stake Polkadot (DOT) directly in Ledger Live while keeping their assets safe with Ledger’s hardware wallet.
Interoperability is a long-standing challenge in the blockchain industry. Most public blockchains like Ethereum and Bitcoin cannot communicate with one another. Polkadot was designed to resolve this issue, in addition to several other major challenges by providing something of a layer-0 blockchain that can connect all others.
The DOT token sits at the heart of Polkadot, and is used for governance, bonding, and of course, staking.
A new option to grow your assets on Ledger Live – Staking DOT
You asked for it and we delivered! Polkadot and its DOT token are integrated in the Ledger Live application. You can now secure, send, receive, hodl and stake your DOT directly with Ledger. All in one place.
Polkadot (DOT) becomes the fifth staking token available directly in Ledger Live in addition to Tezos (XTZ), TRON (TRX), COSMOS (ATOM) and Algorand (ALGO). Thus, this new integration gives you an extra option to grow your assets in Ledger Live.
You can stake your DOT and earn rewards by participating in the Polkadot network directly in Ledger Live. Staking DOT has never been easier – you can now do it in one single app without the hassle of using several wallets. Just follow these 3 simple steps and let your crypto grow!
While staking DOT is currently available through several major exchanges and wallets, they do not provide the same level of security and optionality as Ledger hardware wallets.With Ledger Live, users can stake their DOT through a single app while keeping their assets safe with Ledger’s hardware without compromising ownership and control of their private keys.
Moreover, Ledger offers users more control over staking: unlike exchanges where users are giving up their rights to choose who to nominate, by using Ledger Live you are able to select from a wide list of validators based on your own preferences.
More about Polkadot
Polkadot aims to enable a new decentralized web by allowing blockchains of all kinds to securely interoperate, exchanging information and transactions in a scalable, trustless way.
Working towards that goal, Polkadot uses a Nominated Proof-of-Stake (NPoS) protocol to secure its network. DOT holders who want to stake their assets can do so as a validator, which requires running a node 24/7.
However, if you don’t have such a node or don’t want to worry about it, you can still stake DOT by nominating validators. By doing so, you become a nominator. Please note that nomination only will be available in Ledger Live.
Nominators secure the network by selecting good validators and staking DOT. By validating blocks, validators receive rewards, which are redistributed to their nominators according to the validators’ commission rate.
Watch out, It’s important to carefully select your validators as the rewards you’ll receive will depend on them. If you wish, you can learn more about Polkadot on Ledger Academy.
Stay tuned, 2021 is just getting started, we are looking forward to integrating even more coins in Ledger Live.