LEDGER SOLANA STAKING: STEP-BY-STEP GUIDE
If you want to stake Solana on your Ledger, stick around. In this post we’ll break down the advantages of doing so and walk you through it step by step so you get the most out of your investment.
HOW TO STAKE SOLANA WITH LEDGER
To stake Solana using the funds stored in your Ledger, you have two options:
- Stake with the Ledger Validator
- Stake with another Validator
Si tienes dudas sobre qué opción es Mejor echa un Vistazo a los Mejores Validadores de Solana Staking.
In short, the Ledger validator sits in the top 15 and charges a 7% commission. For option 2, where you can pick your own validator, this tutorial will use Melea, which sits in the top 19 and charges 0% commission (the process is the same with any other validator).
Let’s jump straight into the step-by-step tutorial on how to stake Solana with Ledger.
STAKING SOLANA WITH LEDGER STEP BY STEP
1. Install the App “Ledger Live” on your PC.
2. Log in with your Ledger device
3. Create your Solana account on Ledger (go to the “accounts” section on the left-hand menu and click add account).
4. Send SOL to your Ledger (click the “Receive” button, copy the address, and paste it into the exchange you’re sending your SOL from).
5. Stake with Ledger (click the “Earn rewards” button from your SOL account on Ledger).
6. Pick your validator (you can select the “Ledger by Figment” validator or click show all and choose a different one).
7. Confirm Staking.
Once your SOL stake is confirmed, you can sit back and relax. You’ll be earning rewards every “epoch” (2-3 days), which will be auto-reinvested to hit your APY with compound interest.
HOW MUCH YOU EARN WITH LEDGER SOLANA STAKING
The estimated APY for staking Solana with Ledger is 7%.
In other words, after roughly a year you’ll have earned a 7% return on what you put in.
And of course, you can pull your funds out whenever you want without losing the rewards already earned.
PROS AND CONS OF STAKING SOLANA WITH LEDGER
Staking Solana with Ledger comes with even more upside than doing it without one. Decide whether it’s worth it for you:
✅ BENEFITS OF LEDGER SOLANA STAKING
Earn passive rewards
Automatic compound interest
Help secure the network
Funds stay safe on Ledger
❌ DOWNSIDES OF LEDGER SOLANA STAKING
There are associated risks
You lose liquidity*
Risk tied to the chosen validator
Losses if Solana drops in price
CONCLUSION
If you’ve got Solana sitting in your Ledger, staking is a perfect way to generate passive income. Take advantage of it and squeeze out the highest APY you can!
Thanks for reading. Don’t forget to subscribe to our Newsletter to get valuable content on NFT and Crypto.
Launch Your Own Staking Site!
Sign up to get all the tips you need to launch your own staking site.
CEO & Co-Founder Smithii. Building on Solana since 2021 and passionate to share my experience on Solana projects. I also Founded Lince after years investing in DeFi.
