In a previous post, I talked about staking Solana using online wallets, but here I'll explain how to stake using a Ledger wallet. Staking using a hardware wallet offers the main advantage of enhanced security. Hardware wallets are designed to keep your private keys offline and far away from potential hacks and attacks. This is especially true when comparing to exchanges as typically you don't get to control your private keys on exchanges, therefore risk losing your assets if the exchange decides to run off or they become bankrupt. It should be noted that the main downside to staking using your Ledger wallet is that you will have to repeat the steps below in order to re-stake your staking rewards. If you use an online wallet such as Phantom, your stake is automatically compounded, however, this isn't the case with staking with the Ledger wallet so take this into consideration i
Let's get straight into it. In this guide, we'll walk you through how to stake Solana using the Ledger Nano wallet.
Step 1: Set up your Ledger Nano wallet
If you don't have a Ledger Nano wallet already, you'll need to purchase one and set it up first. Follow the instructions that come with your device to set up your wallet and install the Solana app.
Step 2: Transfer SOL to your Ledger Nano wallet
Next, you'll need to transfer SOL to your Ledger Nano wallet. You can do this by sending SOL from an exchange or another wallet to your Ledger Nano address, or by purchasing SOL directly in the Ledger live app.
Step 3: Stake your SOL
Once you've sent your SOL to your Ledger Nano, open the Ledger live app and navigate to your SOL account. Follow these steps to stake your SOL:
- Click the "Stake" button and choose the validator you wish to delegate
- Enter the amount of SOL you want to stake.
- Click "Continue" and approve the transaction on your Ledger wallet.
Congratulations, you've successfully staked SOL with your Ledger Nano wallet!
Your staking rewards will now be airdropped directly into your Ledger wallet twice per week (every epoch).