Blog posts, Product | 08/22/2023
Stake Your Cardano (ADA) & Earn Rewards Through Ledger Live
| Things to know: |
– You can now securely stake your Cardano (ADA) tokens through your Ledger Live Desktop app. – Cardano is a popular Layer 1 Proof-of-Stake blockchain offering improved transaction speed, scalability, and a growing ecosystem of DApps. – Ledger Live enables you to manage your digital assets with the security of your Ledger Nano Hardware Wallet. |
As you might know, you can already manage your Cardano (ADA) coins and the protocol’s 100 native tokens through your Ledger Live app.
We’re glad to announce that we’re reaching a new milestone in supporting the Cardano ecosystem, as you can now stake your ADA coins and collect your rewards through your Ledger Live Desktop app without leaving our secure ecosystem.
Cardano staking is only available for your desktop app (for now) but a mobile version will be available soon.
ADA staking works with the Ledger by Figment validator, one of the biggest service providers for staking. This partnership brings security and simplicity to your staking opportunities in ADA, SOL, CELO, and many more coins.
Find more information here.
How to stake your ADA through Ledger?
Staking your ADA through Ledger is as simple as pie. Just follow these simple steps:
- Connect your Ledger device to a computer, open Ledger Live, and navigate to Accounts.
- Select your Cardano account and click “Stake.”
- Enter the amount of ADA you want to delegate, then click Continue. Select Ledger by Figment as a validator and click “Continue” again. (You can also select a different validator)
- Open the Cardano app on your Ledger device, review transaction details again, and press both buttons to confirm.
And it’s done! You’ll see a message stating that you’ve successfully staked your ADA tokens. You can find more information about delegating and undelegating your ADA tokens here.
We also recently announced the upcoming ‘Earn’ section in Ledger Live, where you will be able to monitor your rewards, grow your assets, and discover new opportunities, all within the comfort of your Ledger Live app. More information on this announcement here, and you can learn how to use this feature with this Ledger Support article.
Cardano: a popular proof-of-stake Blockchain
Cardano was created in 2015 by Charles Hoskinson, one of the Ethereum co-founders. This protocol is a proof-of-stake public blockchain and one of the world’s biggest cryptocurrencies by market cap.
The platform says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. It aims to “redistribute power from unaccountable structures to the margins to individuals.” Cardano is often dubbed an “Ethereum-killer” as it tries to improve this protocol by solving the scalability problems encountered by the network.
The ADA coin is the coin that powers the Cardano network. It was launched with an ICO (Initial Coin Offering) that generated more than $62 million. People use ADA coins to pay transaction fees. ADA holders are also entitled to have a say on project developments, vote, debate, support and engage in the decision-making process.
You can read our Ledger Academy article to learn more about Cardano.
Stake Securely Through The Ledger Ecosystem
Crypto staking allows you to earn rewards when holding your digital assets passively. Staking through Ledger Live brings multiple benefits:
- Highly Secure: Grow your assets while securely holding them with your Ledger device.
- Supports multiple currencies: Ledger Live lets you securely stake many coins, including ETH, SOL, ATOM, and DOT.
- All in one place: With our partners, you can buy, swap, and stake through Ledger Live. All your crypto needs in one app.
Keep up-to-date with our latest announcements and thought leadership insights with our blog.