LEDGER Solana STAKING: HOW TO DO IT STEP BY STEP
If you want to do Solana Staking in your Ledger keep reading. In this post we will explain the advantages and how to do it step by step to maximize your investment.
HOW TO STAKE on Solana WITH LEDGER
To make Solana Staking with the funds that we save in our Ledger we havetwooptions:
- Staking in the Ledger Validator
- Staking in another Validator
If you have doubts about which option is better, take a look at Solana Staking's Best Validators.
In summary, the Ledger validator is in the top 15 and has a 7% commission. In option 2, where we can choose a validator for the tutorial, we will use Melea, which is in the top 19 and has 0% commission (the process is the same as with any other validator).
Let's go straight to the step-by-step tutorial on how to make Solana Staking with Ledger.
Solana STAKING STEP-BY-STEP WITH LEDGER
Install the "Ledger Live" App on your PC.
2. Login with your Ledger device
3. Create your Solana account in Ledger ("accounts" section in the left menu and "add account").
4. Send SOL to your Ledger (click on the "Receive" button, copy the address and paste it into the Exchange from which you send the SOL).
5. Participate with Ledger (click on the "Participate" button from your Ledger SOL account).
6. Selectyourvalidator (we can select the validator "Ledger by Figment" or click on show all and select another validator).
7. ConfirmStaking.
Once the Stake of our SOL has been confirmed, we can relax. We will be generatingreturns on each "epoch" (2-3 days) that will be automaticallyreinvested to get our APY with compoundinterest.
HOW MUCH CAN I EARN WITH LEDGER Solana STAKING?
We will obtain The estimated APY by Staking on Solana with Ledger at 7%.
In other words, we will obtain a return of 7% of the invested amount after approximately one year.
Of course, we canwithdraw the investedfundswheneverwe wish without losing the return already generated.
PROS AND CONS STAKING Solana WITH LEDGER
Staking Solana with Ledger has even more benefits than doing it without. Decide if it is worth it for you:
✅ Solana STAKING LEDGER BENEFITS
We generate returns
Automatic compound interest
We support network operation
Ledger fund security
❌ CONS LEDGER STAKING Solana
There are associated risks
We will lose liquidity*.
Risks per chosen validator
Losses if Solana depreciates
CONCLUSION
If we have Solana funds saved in our Ledger, Staking is an ideal way to generate passive earnings. Take advantage of it and generate as much APY as you can!
Thank you for reading us, remember to subscribe to our Newsletter to receive valuable content about NFT and Crypto weekly.
Create your own Staking site!
Sign up to receive all the tips you need to launch your own staking website.
CEO & Co-Founder Smithii. Building on Solana since 2021 and passionate to share my experience on Solana projects. Founder of Lince and RECC, bringing Real World Assets to Solana.
2 comments on "Ledger Solana Staking: How to do it step by step".