I love my Ledger Nano X for the fact that I am the only one who has ever seen the private keys. Because they've never been inputted into a computer or shown on a screen, this provides me with a ton of peace of mind and security.
Unfortunately, not every cryptocurrency is supported on Ledger and their software Ledger Live.
Cardano ADA is one of those which is kind of in the middle. You can use your Ledger private keys, but you must use an external wallet such as AdaLite or Yoroi to fully access, send, receive, and stake your ADA.
Today we'll be showing you how to stake your ADA on your Ledger using AdaLite.
To start, we'll need to navigate to the 'Manager' section in Ledger Live and install the Cardano ADA app.
Once the Cardano app is installed in Ledger Live, we'll then navigate to adalite.io
Make sure it's adalite.io, as there are imposter sites out there that are set up to phish and steal your private keys.
Now let's open up our physical Ledger Hardware Wallet and select the Cardano ADA app, then click both buttons on the Ledger to open the app.
Next, on AdaLite, select Hardware Wallet in the middle tab, and then select 'Unlock with Ledger'
On your Ledger, you'll be asked to export the public key, and tap both buttons to confirm.
Now we're in! Inside of AdaLite, we can see that we have two options, Sending and Staking.
Underneath the Sending tab, we can find our transaction history, our receiving addresses, and we also have the ability to Send ADA out of our wallet.
Let's click the 'Staking' tab.
Here we can see our Available balance, our Staking balance, Staking history, our Current Delegation, as well as the option to Delegate Stake.
I'm delegating my stake to the AdaLite Stake Pool, but if you have a stake pool you'd like to use, simply input it in here and click 'Delegate'.
You'll then see your delegation come up under 'Current delegation', and you're now set with everything you need to receive ADA staking rewards!
Staking rewards are paid out every 5 days at the end of each epoch on the Cardano blockchain, and your staking rewards will automatically compound here in AdaLite.
Congrats, that's it. You did it, and are now officially staking your ADA!
Thanks for reading, and I hope this post inspires you on your crypto journey!