Staking Algorand with Ledger Live
Earn money while holding Algorand (ALGO)
Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network and, in return, holders are rewarded for their contribution.
Algorand (ALGO) aims to solve the three main challenges faced by blockchains today: security, scalability, and decentralization.
In Algorand’s consensus algorithm, called Pure Proof of Stake, the network ties its security to the honesty of the majority. Algorand makes any dishonesty impossible by a minority so any cheating by the majority would be foolish. As long as two-thirds of the majority are honest, the protocol is robust.
You can earn passive income by participating in the Algorand network. All addresses that contain 1 ALGO or more will receive rewards. The current annual yield on Algorand is around 5 to 6%.
Rewards are claimed every time a transaction occurs to or from your account.
You could also do a transaction of 0 ALGO to yourself to claim your rewards.
Estimate your rewards
Earn ALGO with Ledger Live
Algorand has passive rewards system. You don't need any specific action to start earning.
Install the Algorand application on your Ledger hardware wallet.
Create your Algorand account on Ledger Live using the Ledger Live manager.
You need at least 1 ALGO on your account to start earning.
The benefits of staking ALGO
No action to start staking - You only need a minimum balance of 1 ALGO
Compound reward - Once claimed, your rewards are directly added to your global balance
Low risk of forking
Speed of transactions