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Blog posts, Product | 05/09/2022

Stake Your Solana (SOL) With Complete Confidence Using Ledger Validator

Things to know:

Let’s face it: the staking process is both complicated and misunderstood. And that’s a shame, because crypto staking is an easy way to passively grow your digital assets while helping to secure a blockchain network.  

We have just partnered with Figment – one of the world’s largest blockchain services providers – to bring you a seamless and secure way to stake your coins through Ledger Live*. 

– To start with, you can already stake your Solana (SOL) coins on the “Ledger by Figment” node. Other world-leading blockchains will follow, so stay tuned!

Staking through the Ledger ecosystem brings key benefits, including ease of use, self-custody, security and slashing coverage. So take the staking leap and grow your digital assets through Ledger’s top-notch security.

What is Staking?

Crypto staking is an easy way to passively grow your crypto assets. This investment technique involves committing your digital assets to support a blockchain network and validate its transactions. 

To put it simply, Proof-of-Stake (PoS) blockchains require you to stake (delegate) your crypto and to reward you for doing so… Sounds cool, right? 

Read our Ledger Academy article and learn everything about staking.

Stake Your SOL Tokens With Ledger. Securely.

We have just partnered with Figment to bring you a seamless and secure way to generate staking returns** through Ledger. 

Figment provides nodes, staking infrastructure and developer tools, making it simpler for token holders, developers and other network participants to use and build blockchains. 

Thanks to this new partnership, we are now providing you the opportunity to stake your Solana (SOL) coins on the “Ledger by Figment” node. For now, Solana is the first blockchain available for staking using Ledger validator.

“The partnership between Figment and Ledger draws upon our historical strengths, while kicking off the next stage of our evolution as a blockchain infrastructure and service provider. This presents a unique opportunity for retail investors to use the powerful security features of Ledger to easily access Proof of Stake yield and help secure the network.” said Andrew Cronk, Co-Founder and CPO at Figment.

The steps are to follow are easy:

Select “Earn Rewards” at the top of the Solana asset page in your Ledger Live account section:

Select “Ledger by Figment” Validator:

Choose the amount of SOL you want to delegate to the Ledger by Figment staking validator:

Confirm the details of your staking transaction on your Ledger hardware wallet:

Ledger Live will then display a confirmation of the successful staking transaction. Select “View details”:

You can now view the details of your staking transaction in your Ledger Live account.

Why Stake Through The Ledger Ecosystem?

As you may know, different staking techniques are possible.

On the one hand, custodial staking solutions – when third-parties own your private keys – enable passive income streams and competitive rewards. But they also have an important drawback which is that you don’t own your private keys and full ownership of your coins. Remember: not your keys, not your coins. 

Besides, whenever you stake your assets through a software wallet, your display screen is connected to the internet and vulnerable to hacking. You are not 100% sure that what you see on your computer/smartphone screen is what you sign. In contrast, staking through your hardware wallet eliminates the risks since its offline feature makes it impenetrable to hackers and avoids blind signing.

Staking through Ledger has clear benefits:

  • A validator you know and trust. No need to spend hours looking and comparing validators online. Ledger is your all-in-one staking solution.
  • Security & ownership. By choosing Ledger validators, your coins are staked in the world’s most secure environment. You can gain rewards while securely holding your crypto in your Ledger hardware wallet. You secure the network while still controlling your private keys. 
  • Slashing coverage on Ledger by Figment. Our infrastructure is covered against slashing risk giving you peace of mind. That means you will never lose your funds.

For Fabrice Dautriat, Head of Developer Ecosystem at Ledger, « Staking might seem both complex and time consuming. Our partnership with Figment answers this hurdle as it brings convenience, security and ownership at the heart of your experience. And Solana, one of the world’s most popular blockchain, is now available for staking through Ledger! »

Ledger Live: Your All-In-One Staking App

At Ledger, we aim to become your gateway to the Web3 galaxy by allowing you to easily and securely manage your digital assets. 

Ledger Live is the one-stop-shop for all your crypto needs where you can buy, swap, sell, stake and grow your digital assets from the safety of your hardware wallet. Staking your digital assets has never been easier and more secure. So take the staking leap with us.

*Swap, 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.

**Rewards are not guaranteed. Ledger provides no advice or recommendations on use of staking services.

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