WalletConnect Integrated With Ledger Live: Stage Set for DeFi

02/10/2021 | Blog posts

Wallet connect

Ledger is excited to announce that WalletConnect, an open-source protocol used to securely connect mobile wallets to decentralized applications (dApps) has now been integrated within the Ledger Live mobile app. 

You will now be able to use WalletConnect to connect the Ledger Live to a wide range of both desktop and mobile dApps, including a host of exchanges, tools, and decentralized finance (DeFi) protocols, unlocking an entirely new spectrum of possibilities for your portfolio.

Benefits For Ledger Users

If you have ever used a dApp, then you may be aware of the difficulties that can come with attempting to access one using the funds stored in your cryptocurrency wallet

Doing so would often require you to install one of various browser extensions to interface with these dApps, or even move your funds into an entirely new wallet with a built-in dApp explorer—not ideal by any means. 

This was doubly problematic for mobile users, who were frequently left unable to securely access popular dApps due to a lack of mobile compatibility or mobile-specific browser extensions, or were restricted to apps with native Ledger support.

Thanks to WalletConnect, Ledger Live mobile users can use their Ledger device to manage transactions when interacting with the rapidly expanding dApp ecosystem without relying on external gateways and browser-based Ethereum wallets—such as Metamask and MyEtherWallet. 

As a result, you will now be able to connect with a range of Ethereum dApps. These include a variety of games, tools, social platforms, exchanges, and more!

Making DeFi More Secure

As an industry that grew by more than 2,000% in 2020 alone, DeFi has quickly grown to be one of the most popular use-cases for cryptocurrencies, and as per data from Dune Analytics, close to a million crypto users have now interacted with a DeFi dApps at least once. 

With the addition of WalletConnect support to Ledger Live, mobile and desktop wallet users will now have improved access to the expansive DeFi ecosystem—while still benefiting from the uncompromising security of their Ledger hardware wallet. 

Some of the most prominent of these DeFi platforms include:

Until now, these DeFi apps were largely reserved for desktop users, while mobile users were either left wanting, or were forced to install potentially risky browser extensions and apps to begin interacting with DeFi. 

With the new update, you can interact with any DeFi dApp with WalletConnect support directly from your mobile device, by simply scanning the QR code offered by the dApp using your device camera. Whereas for mobile dApps, you need to click on Ledger Live’s logo on the WalletConnect menu.

Any subsequent transactions will then be signed by your Ledger device securely within Ledger Live. It’s as simple as that.
This complements the range of DeFi features already available within Ledger Live, including integration with Compound’s lending protocol—giving you the option to easily earn interest on your stablecoins balances.

Use it with Ledger Live 

To begin taking advantage of the new WalletConnect experience, you will need to download the latest version of the Ledger Live client available here for desktop and mobile . If you’ve already got the app installed, then be sure to update to the latest version. 

If you need any help getting started with WalletConnect, see our short guide, here.