How to Stake Cardano On Ledger Nano Wallet
Staking your Cardano (ADA) is considered one of the profitable ways to add value to your investment passively. You can either be a validator or allow a stake pool to run the staking process on your behalf.
Note that not all soft wallets are ideal for staking. There are however a few that are compatible and built for this purpose.
We have a detailed post on the best Cardano wallets for safe storage and staking.
• Cardano confirmed Daedalus as the first wallet to support stake delegation allowing users of Daedalus to earn rewards through their ADA holdings.
• If you have a large amount of Cardano tokens, creating a private staking pool will grant you premium access to rewards without sharing them with anyone else.
• The pool operators charge a running cost which they usually deduct from the reward gotten from ADA or charge as a profit margin for providing the staking service.
It is best to protect your digital assets and stake them with hardware wallet devices because they provided better security due to their offline status. The renowned Ledger hardware devices are one of such hardware wallets.
Ledger Nano products provide high-level security via a secured chip and proprietary system that gives users complete control over their private keys.
Concerning staking with Ledger, this article will guide you through how to receive, send and stake your ADA.
Note: For illustrations, I will be using the Yoroi wallet and Ledger Nano X.
AdaLite is another wallet to use together with Ledger Nano S or X for managing ADA transactions. You can visit the Ledger store to get one.
The Benefits of Staking with Ledger
• It is secure and hack-resistant.
• It is compatible with Bitcoin and other cryptocurrencies
• It is very easy to navigate owing to its LED display.
Staking Cardano (ADA) with Ledger
To stake or manage your Cardano coin on a Ledger device, you need to download and install the Cardano App on the Ledger hardware.
Ledger Live does not support ADA naturally; this is why the Cardano App was designed by the Cardano community to manage ADA with AdaLite or Yoroi on the Ledger Live.
The hardware device secures your private keys which are very crucial in validating a transaction.
Because it prevents any computer software from accessing your private keys as it requires the usage of a private pin solely known by the user to interact with it.
To successfully transact Cardano coin, ADA, on your Ledger device, you need to follow all instructions.
1. set up a Ledger Nano S/X
2. Install an updated version of Firmware.
3. Install Yoroi Chrome Extension.
Ensure your computer is connected to the internet throughout the process.
Your ledger must be linked to your PC for the whole process.
Select a Wallet Option
The first step is selecting a wallet. Daedalus is suitable for a full node and can run a complete blockchain.
However, for convenience, Yoroi or Adalite is your best shot.
Yoroi is a Browser extension that enables you to operate your hardware wallet. Yoroi is a light wallet of ADA, it is created by Emurgo. It is compatible with the Ledger hardware wallet.
You can download it here
Note: if you have registered an account with Yoroi before, you still need to create a new profile, after which you can transfer your Cardano assets from the former account to the new one connected with Ledger.
1. Install the browser extension and choose your preferred language.
3. Click on the “Simple” option.
4. Enable Cardano Payment URLs.
Press the ‘Connect to Hardware wallet’ tab, select your currency as Cardano, and then choose your wallet.
Now you should be here:
1. Select an Era wallet
2. Choose “Shelley-era wallet”. Press NEXT followed by CONNECT:
Connect To a Ledger Hardware Wallet
1. The next step is to select your hardware device (Ledger Nano X for this article).
2. Enable your Ledger device to export your public keys, this would allow you to import your wallet to Yoroi (used as an example in this article). Hence, you can now use your hardware wallet to send or receive funds.
Wallet Imported into Yoroi
Click in the Receive menu in Yoroi then generate a new address.
1. An interface with your address would be displayed.
2. Use the Ledger hardware to confirm your ADA address
3. Click both buttons to verify the derivation path and address
4. Click on the “Receive” tab. Your wallet address will be displayed, copy it to your clipboard.
Receive Cardano (ADA) with Yoroi Ledger
Transfer (send) your coins from an exchange
Click on the exchange tab, paste your wallet address and withdraw into it. Ensure that you have copied and pasted the right address because once a transaction is done it cannot be reversed. So, if your address is wrong, you will lose your ADA permanently. Hence, check like 10 to 20 times before verifying a transaction.
How to Withdraw Cardano (ADA) on Ledger
This is a withdrawal from crypto.com. You can check your transaction fees once it is available in the Transaction tab on your wallet.
Choosing a Stake Pool.
You can start staking on Cardano once you have received your Cardano coin. However, the first step toward staking is to select your preferred stake pool from the list of pools provided on https://adapools.org.
There you find a list of 1000+ stake pools and their stats:
Start Staking ADA Coins
Once you are done choosing your preferred pool, ensure that your Ledger is still open and running, then click on the Delegation list on the register.
Locate your stake pool and press the Delegate option. You will be charged 0.345212 ADA as a transaction fee. Press Delegate once more to confirm.
Stake Pool giving an approximation of rewards
Delegating ADA to Stakepool.
Go in line with the instructions provided by the Ledger device. You will be required to confirm your staking keys, the transaction, and the charges.
Once you have confirmed it all, your ADA would be delegated successfully.
It takes about 3 epochs before you will receive your first rewards. Each epoch lasts for 5 days.
Your total rewards will be displayed on the device’s Dashboard. Through the epoch charts, you can monitor your performance in staking.
Yoroi shows rewards from Stake Pool.
Frequently Asked Questions (FAQ)
1. When will Cardano be available on Ledger Live?
At the moment, there are no clear indications as to when Cardano will be available on Ledger Live since there are a lot of processes that are undertaken before a coin such as Cardano can be added. I suggest you look out for updates on the latest developments in the future.
2. Is the Binance-Peg Cardano Token (ADA) the same as the Cardano (ADA) coin?
No, these are two different coins as the Binance-Peg Cardano Token is a token that operates within the Binance Smart Chain (BSC) indexed for its value on the Cardano coin.
3. How safe is my asset if I am using a third-party wallet such as Yoroi, Adalite, or Daedalus?
Your assets are pretty much safe just as they would be on Ledger Live as your private keys are always in your Ledger device.
If you want a safe and secure platform to stake and transact your ADA, then you should choose a Ledger Hardware Wallet device.
For more information or perhaps, you encounter any problem while using the ledger and Yoroi for your Cardano,
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How to stake Cardano's ADA with Ledger Hardware Wallet
The Cardano blockchain is one of the OG blockchains that's been around since the early days of crypto. To many, it's one of the most mystifying chains in the crypto space. What it aims to do, ambitious in the early days, seems standard nowadays. yet the loyalty from believers of the chain has not wavered much. From the muted response to the smart contract launch to the most recent Vasil fork upgrade, it is the blockchain that generates the little price speculation within the community.
Comparing its all-time high of $3.00 a year ago, the current price of $0.45 looks to be a real steal. If you have some burning a hole in your crypto wallet, consider staking them on the Cardano blockchain.
3rd highest-staked chain with a 71% staking rate. Image via StakingRewards
In this article, we'll show you how to stake ADA with Ledger cold wallet via the Yoroi wallet extension. There's also another way to stake with Ledger but done through a staking service, which we will cover in a separate article. There are three moving parts involved in this method: the Ledger Live app from Ledger, the connection to the Yoroi wallet, and the actual staking.
Before We Begin Staking Cardano on Ledger
This article assumes the following:
- You already have a Ledger wallet.
- You may have ADA tokens in your Yoroi or Ledger wallet.
- You know how to select a validator to stake on Cardano.
Ledger Live app
The Ledger Live app is the interface for interacting with your Ledger wallet. Download the app from the official website to get started. If you already have the app, check that it's been updated to the latest version for safety. This is because it will have security patches and other upgrades/updates done to it.
Next, connect your wallet to the app and unlock it with your PIN number.
Enter your PIN number to unlock the Ledger wallet. Image via [email protected]
After unlocking the app, connect it to the Manager section of the app and install the Cardano app, if you haven't done so already. Check that the Cardano app appears on the Ledger device just to be safe.
Note: Cardano chews up a lot of space so if you're using something small like the Nano S, you'd need to uninstall pretty much all the apps before you can install it. Uninstalling an app on the Ledger will not affect your crypto assets as you can reinstall them later.
This app takes up a lot of space, be warned! Image via Ledger
Connecting Ledger with Yoroi
Open the Yoroi wallet and go to Add New Wallet. Select "Connect to Hardware Wallet", the Cardano platform, and the Ledger wallet app. Select Standard Wallet to continue.
Choose the right wallet to connect with. Image via Yoroi
Follow the steps to connect with the Ledger wallet. You will be asked to choose between Nano S and Nano X. Ensure that you have connected to the Cardano app on your Ledger. If you have a connection error, check that the "Cardano is ready" message appears on the Ledger device.
Straightforward instructions for the connection. Image via Yoroi
Next, you'll be asked to confirm the export of 2 public keys on Ledger. Once done, enter a name for the wallet on the Yoroi wallet screen and click Save.
Staking Cardano on Ledger with Yoroi
Before we continue staking on Ledger, check that you have tokens in the Ledger wallet for staking. If not, transfer tokens to the wallet using the Send/Receive function on Yoroi. Once the tokens are safely in the wallet, it's time to select a validator.
Choose a validator from the Delegation List. Image via Yoroi
Browse to the wallet and click on Delegation List. A search field appears where you can enter the name or ID of the validator you want to stake with. When it appears in the list below, click the Delegate button.
Find the validator you want to delegate your ADA. Image via Yoroi
It's worth noting that the amount is the all-or-nothing style. All the funds in the wallet will be staked with the selected validator. However, you can unstake at any time when you need the funds or want to transfer them to another validator. Funds can only be delegated to one validator at any given time. Click the Delegate button to continue. Next, you're asked to confirm the transaction on the Ledger device.
Follow the clear instructions outlined. Image via Yoroi
Note that the address path, staking key, and stake pool address differ for each person.
Once everything has been verified, your ADA is now successfully staked! You can confirm this on the dashboard, including when you can start receiving rewards.
Check out when you can start receiving rewards on the dashboard. Image via Yoroi
Staking Cardano on Ledger: Conclusion
Having assets sit idle in a cold wallet can be a bit of a pity. By staking on the network, you are doing your bit to contribute to the health and security of the network. I hope this article gives you the confidence to start putting some tokens to work!
How do I send Cardano (ADA) from Binance to my Ledger Nano S?
So, if you were waiting to move your ADA from an exchange to a more secure device — now’s the time!
Steps to Send ADA from Binance to Ledger Nano S
These steps assume you already have an initialized Ledger Nano S.
- Install and Set Up Ledger Live
Ledger Live is an interface that allows you to manage your Ledger Nano S device settings as well as view your crypto portfolio. We’ll be using the interface to change the device settings and install the Cardano app.
Download Ledger Live here.
Once downloaded, open the Ledger Live application on your desktop. Connect your Ledger Nano S device to your computer, enter your pin, and click the the right button (above the checkmark) on your device when prompted to “Allow ledger manager?”.
2. Update your Firmware (Skip if you are on the latest version of 1.5.5)
If you are on an old version you will not be able to install the Cardano app. If you search ADA in the app catalog, nothing will show up.
Before updating, make sure you have your 24 phrase seed written down and stored somewhere safe.
First, click the update button within the Ledger Live interface.
Follow the guided steps. Verify that the identifier within Ledger Live matches what is shown on the screen of your device. Press the right button to initiate the update. Enter your PIN code.
The last step may take about two minutes to complete (be patient). Once it’s done, you should see an image like the above indicating the update was successful.
If that didn’t work, use this guide as a more comprehensive resource for updating your firmware.
3. Install the Cardano app on your Ledger Nano S
Navigate to the manager section within Ledger Live. Search “ADA” in the App catalog. You should see it available to install now
Cardano is now installed on your Ledger Nano S device.
Since Ledger Live (the interface) does not support Cardano, you must use a different interface to access Cardano on your Ledger Nano S — this is similar to accessing ETH and tokens through mycrypto.com or similar.
Two options currently are Yoroi wallet and AdaLite. We’ll focus on AdaLite.
4. Configuring AdaLite
Visit adalite.io and select the “Hardware Wallet” option.
Then, click Unlock with Ledger.
Navigate to the Cardano app on your Ledger device and click both buttons.
You should now see “Export public key m/….” displayed on the screen of your device. Click both buttons at the same time.
You should then see “Confirm export public key” on your device. Click the right button (above the checkmark) to confirm.
Lastly, you should now see an interface with a zero (0) ADA balance and a section titled “my addresses”.
Under “My Addresses”, copy any address. This will be the address you send *to*.
Go to Binance or whichever wallet you are using and withdraw to this copied address. Double check that the address is correct — make sure to copy and paste (not manually enter) and always, at the very least, check the first and last three characters of the address before sending.
Withdraw from an exchange using your address or send from a Cardano wallet. If desired, paste the TXID into adascan to watch the transaction.
Once the transaction confirms, click the refresh balance icon within the AdaLite interface and your ADA balance will appear.
If that didn’t work, use this guide as a more comprehensive resource for connecting to and configuring AdaLite.
In the future, other interfaces, like Ledger Live, may support viewing your Ledger ADA balance. For now, use AdaLite to interact with your Ledger Nano S. Check back with the official Ledger resources here periodically to see if any new options have been added to “other compatible wallets”.
Как перевести cardano на ledger
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