Figment staking is now accessible in Ledger Live, allowing you to stake ETH with industry leading security and convenience. This collaboration allows Ledger users to stake ETH directly from the Ledger Live interface.
In addition to the state of art security of Ledger wallet, the Figment app provides users with:
- Instant Rewards: All rewards are sent to your wallet immediately. No need to claim them. No hidden fees.
- Non-custodial staking: Your validator’s withdrawal address is always set to your wallet. You maintain control of your digital assets at all times.
- No pooling: You get your own dedicated smart contract. Your ETH is never pooled with other users in a smart contract.
In this guide we will show you step-by-step how to stake ETH using the Figment app
Step-by-Step Guide: How to Stake ETH Through Ledger Live
Step 1: Select the amount of ETH
Navigate to the “Discover” tab in the Ledger Live sidebar and click on the Figment app. You can only stake in increments of 32 ETH and you will need some additional ETH for the staking transaction gas fees.
Make sure your connected Ledger account has enough ETH. You can change your account at the top right of the screen.
Select the amount of ETH you would like to stake. Review and agree to the Terms of Use, and click “Continue.”
Step 2: Verify the ownership of your wallet
We first need to verify that you own the connected wallet. To do that you will need to sign a message with your Ledger device (you will only need to do this once).
Step 3: Create validators
The withdrawal address is where your rewards will go. It should be the same as your connected wallet. Click “Continue.”
Wait a few moments while your validators are created. Once they are ready, a screen will appear for you to sign the staking transaction.
Step 4: Sign the staking transaction
Go through Ledger’s signing flow. You will need your Nano device connected for this.
Once you have signed the staking transaction we will broadcast it to the Ethereum network. A few moments after this, you will see a success screen!
Step 5: Track your validators activation
At this point, your staking transaction has been broadcasted to the Ethereum network. It can take a few days for the validators to become active and earn rewards. We provide an ETA in the Activity table below.
Step 6: Track your rewards
Once your validators are active and earning rewards, go to the Rewards tabs to check your staked balance and your rewards (daily and total)
The Benefits of Staking ETH
Staking Ethereum offers advantages, ranging from financial incentives to enhanced network security. By locking in ETH to support the network’s operations, stakers contribute to the overall stability and reliability of the Ethereum blockchain. This participation is crucial in maintaining the blockchain’s integrity and efficiency.
Earn ETH Staking Rewards
One of the benefits of ETH staking is earning of staking rewards. Participants earn rewards for their contributions to network security and operations with newly minted ETH tokens. These rewards are proportional to the amount staked and the duration of staking.
Sustainability Considerations
The shift to a Proof-of-Stake (PoS) model with ETH staking also aligns with broader sustainability goals. Unlike the energy-intensive Proof-of-Work (PoW) model, PoS significantly reduces the blockchain’s energy consumption and carbon footprint. This eco-friendly approach not only makes Ethereum more sustainable but also appeals to environmentally conscious investors and users.
Collaboration with Figment
Figment supports and improves Ledger wallets by offering reliable and secure staking services. This partnership ensures that users staking ETH on Ledger benefit from Figment’s expertise in blockchain technology and infrastructure, further boosting the security and efficiency of their staking activities.
More About ETH Staking With Ledger
For those who choose Ledger for staking ETH, here are some common FAQs to help you get started:
Is there a minimum amount of ETH to stake?
32 ETH is the minimum amount of ETH that it takes to start staking with 1 validator.
When do I get ETH rewards?
ETH rewards from staking are typically distributed periodically. The frequency can depend on the Ethereum protocol or the staking service you are using through Ledger. These rewards are usually credited directly to your account.
How are ETH rewards calculated?
ETH staking rewards are calculated based on several factors, including the amount of ETH staked, the total amount of ETH staked on the network, and network conditions. Rewards are designed to compensate validators for their contribution to network security and operation.
Is there risk to staking ETH through Ledger?
While staking ETH through Ledger is secure due to the hardware wallet’s robust security features, there are inherent risks in staking, like slashing (penalties for validator misbehavior) or the volatility of cryptocurrency markets. However, Ledger’s security minimizes the risk of loss due to hacks or key mismanagement.
Start Staking ETH Through Ledger with Figment
Staking ETH with Figment through Ledger can combine the benefits of earning staking rewards with the security of a hardware wallet. Whether you’re an experienced user or new to the world of cryptocurrency, Ledger offers a user-friendly and secure way to participate in Ethereum staking. By understanding the process, rewards, and risks involved, you can make an informed decision and start benefiting from the world of crypto staking today.
The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, tax or investment advice. Figment undertakes no obligation to update the information herein.
