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Staking Sol with Ledger Live: Simplified Step by Step

staking sol with ledger live simplified step by step

Hey there If you’re a SOL holder and want to make the most out of your tokens staking them can be a fantastic option . The good news is that you can now stake your SOL directly through the Ledger Live app thanks to the awesome partnership between Ledger and Figment . In this article we’ll take you through the step by step process of staking SOL using Ledger Live , so sit back , relax and let’s get started.

First things first make sure you have the latest version of Ledger Live downloaded from their official website . You’ll need version 2.42 or above to make the magic happen . Also don’t forget to have your Solana account set up and ready to go . Once that’s done click on the “Receive” button to generate a Solana deposit address . It’s super important to double check that the address displayed in Ledger Live matches the one on your Ledger Nano hardware wallet . Once you’re confident about the match go ahead and approve the process on both your Ledger Live app and your trusty Nano device . Now it’s time to fund your Solana account by transferring some SOL tokens to this address . The cool thing is you only need around 0.02 SOL to kickstart your staking journey . After the transaction goes through you’ll see your SOL balance showing up in Ledger Live . This means your account is now funded and ready for some delegation action .

staking sol with ledger live simplified step by step 2

Now let’s dive into the exciting world of staking . Find that “Stake” button at the top of your Ledger Live interface and give it a satisfying click . Take a moment to read the information on the screen ensuring you grasp the essence of what’s going on . Once you’re done hit that “Continue” button to move forward . A pop up window will greet you asking you to choose “Ledger by Figment” as your staking option . Go ahead and click “Continue” once more to proceed like a pro .

Now take a look at the percentages displayed before your eyes . These represent the commissions charged by validators for operating the staking feature . Guess what Ledger takes a smaller cut compared to most validators making it an appealing choice for all you stakers out there . And if you’re curious about the Annual Percentage Yield (APY) for staking SOL well that depends on a bunch of factors like uptime and block production speed . But don’t worry you can easily find this info on a block explorer like Solana Beach .

Time to choose the amount of SOL you want to delegate . Don’t forget to leave at least 0 .01 SOL in your account to cover any future transaction fees . Once you’ve entered your desired amount hit that glorious “Continue” button to initiate the staking transaction .

But wait we’re not done yet. Before you go any further take a moment to review the transaction details both in Ledger Live and on your trusty Ledger Nano device . Make sure everything looks good to go . If it does it’s time to give that final approval . Simply tap those buttons on your Nano device like a champion and voila. Your SOL delegation is now officially initiated .

Now here’s the thing . Your delegation won’t immediately jump into action . It will be in the “activating” stage for about 2 3 days . Why , well it takes one full epoch for your delegation to become active . But hey don’t worry. Once you see

that magical “active” status in the Delegations section of Ledger Live it means your SOL has been successfully staked by Figment the Staking Provider . Now you can sit back , relax and start enjoying those sweet rewards rolling in .

Oh and by the way your staking rewards will accumulate in your delegated balance . When you’re ready to undelegate or access your rewards we’ve got you covered . Just follow the link below to our support article where we walk you through those simple steps .

In the meantime kick back enjoy the benefits of staking your SOL tokens and watch your holdings grow while you take it easy with Ledger by Figment . With Ledger Live’s user friendly interface and the secure staking capabilities of the Solana blockchain you can actively participate in the Solana network and boost your crypto journey .

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