We are excited to announce that Cardano ($ADA) Staking is now available on Ledger Live
- Following our Ledger launches with Solana ($SOL), Osmosis ($OSMO), Celo ($CELO), MultiversX ($EGLD), and NEAR ($NEAR), we are excited to now add protocol staking support for Cardano ($ADA).
- Staking through Ledger brings many benefits including ease of use, self-custody, and security. Protocol staking with Ledger by Figment nodes allows you to further participate in blockchain ecosystems, governance (via the Cardano network), and earn optimized rewards benefiting from Figment’s Safety Over Liveness mantra.
Cardano Overview ($ADA)
Cardano is a Layer 1 Proof-of-Stake blockchain for decentralized applications and verifiable smart contracts that aims to solve the three crucial issues in the blockchain space: Scalability, Interoperability, and Sustainability. Cardano combines pioneering technologies to provide security and sustainability to decentralized applications, systems, and societies. The network has a research-driven approach to its development and any protocol changes or enhancements go through a peer-review process of scientists and programmers, providing an academic quality to its development.
Cardano is currently the 3rd largest Proof-of-Stake network by Market Capitalization valued at $9B. ADA is the native token of Cardano and it can be staked to earn rewards or used for a variety of applications built on the Cardano network. There is no unbonding period or slashing involved while staking ADA. Learn more about the protocol in our “Cardano: First Look” and “Tokenomics” articles.
Proof-of-Stake (PoS) networks are rapidly becoming the dominant form of blockchains in use today. Compared to traditional Proof-of-Work (PoW) networks such as Bitcoin, PoS networks use significantly less energy and computational power to secure the network, while offering digital asset holders the ability to participate in the network.
Staking tokens helps decentralize, secure, and maintain the health of blockchain networks. As a reward for participating in the network, stakers receive a steady stream of rewards, independent of underlying token prices. It also creates aligned economic incentives between the protocol, delegators, and validators, ensuring that only legitimate data and transactions are added to the network.
For more information on Staking, check out our new What is Staking video.
Stake Through The Ledger Live App
Staking through the Ledger Live app gives you the ability to earn rewards while your assets remain secured by your Ledger wallet with self-custody.
Staking through your Ledger wallet has several benefits:
- Enterprise validator services: Figment is the leading provider of staking infrastructure, with a focus on optimizing rewards while minimizing risk with our “Safety Over Liveness” approach.
- Convenience and security: By choosing Ledger by Figment validators, your digital assets are staked in a cold storage environment, so you can earn rewards while securely holding your crypto in your Ledger hardware wallet and staking with an institutional provider, Figment.
- Multiple Networks Supported: Ledger hardware wallets allow you to securely store and stake via Ledger by Figment nodes on multiple digital assets directly in Ledger Live.
- Self-custody: Full ownership of your crypto assets secured by your unique seed phrase.
Start staking Cardano on your Ledger today!