When you stake with Figment using your Ledger device, you get the best of both worlds – Figment’s enterprise-grade staking infrastructure and proven track record, combined with Ledger’s uncompromising security. You maintain full self-custody, while your staked assets earn rewards powered by the same infrastructure trusted by major institutions and platforms.
Learn more about Solana staking details & how to stake SOL on your Ledger device in the article below.
Introduction to Solana
Solana is a permissionless, decentralized, and secure smart contract blockchain platform proposing to solve the scalability problem.
Solana has created a user-friendly platform experience which has a diverse application ecosystem and high transaction activity in the realms of meme coins, DeFi and NFTs.
SOL token holders can stake their assets to help secure the network and earn rewards. Validators process transactions and maintain the network, while token holders can either run their own validator or delegate their SOL to existing validators to participate in staking.
What to Know About Solana Before Staking:
SOL Token
The SOL token serves four core functions in the Solana ecosystem:
- Staking: Users can stake SOL to validators to help secure the network and earn rewards.
- Transaction Fees: SOL is used to pay for all transactions and smart contract interactions on the network. A portion of these fees is burned, making SOL deflationary over time.
- Network Security: Through staking and governance participation, SOL holders play a vital role in securing and maintaining the network. The more SOL staked, the more secure and decentralized the network becomes.
- Governance: SOL tokens grant holders voting power in network governance decisions, allowing them to participate in protocol updates and parameter changes.
These functions create a circular economy where SOL’s utility drives network security, while network activity generates value for token holders through staking rewards and fee burning.
Key SOL Staking Considerations
Before staking SOL, it is important to understand a few key staking considerations:
- Very low minimum stake requirement (Start with as little as $5 of SOL)
- Unbonding period: 2-6 days
- Rewards distributed at the end of each epoch (1 epoch = ~2.5 days)
- Rewards automatically compound to your active stake
- No slashing
Choosing a Validator to Stake Solana
Choosing the right validator for staking SOL tokens is a critical decision for anyone seeking to optimize their rewards while minimizing risks. The role of a validator is pivotal in maintaining the network’s integrity and ensuring consistent rewards. This is where Figment stands out as a leading Staking-as-a-Service (StaaS) provider. With our robust and transparent infrastructure, we optimize for safety, uptime and efficient network participation, all of which are crucial for maximizing staking rewards while minimizing risks.
When you stake through Ledger Live using Figment, you get the best of both worlds – Figment’s enterprise-grade infrastructure and industry-leading validator performance, combined with the uncompromising security of your Ledger hardware wallet. This means you benefit from the convenience and security of your Ledger device while still benefiting from Figment’s proven track record & consistent reward.
Step-by-step guide: How to Stake SOL on Ledger Live
More About SOL Staking With Ledger
For those who choose Ledger for staking SOL, here are some common FAQs to help you get started:
Is there a minimum amount of SOL to stake?
While there is no minimum requirement from the Solana network, it’s recommended to keep at least 0.01 SOL unstaked to cover transaction fees. You can stake any amount above this.
When do I get SOL rewards?
SOL staking rewards are distributed at the end of each epoch (approximately every 2-3 days). These rewards automatically compound unless withdrawn, accruing directly to your delegated balance.
How are SOL rewards calculated?
SOL staking rewards are calculated based on several factors, including the amount of SOL staked, the total amount of SOL staked on the network, and network conditions. Rewards are designed to compensate validators and stakers for their contribution to network security and operation.
Is there risk to staking SOL through Ledger?
While staking SOL through Ledger is secure due to the hardware wallet’s protection, there are some considerations:
- Warm-up period of ~2-3 days when starting to stake
- Unbonding period of ~2-6 days when unstaking
Ledger’s security helps protect against private key compromise and unauthorized transactions.
How do I unstake SOL through Ledger?
On the “Earn” dashboard where you manage your SOL stake, there is an option to “Deactivate” the stake. When you start the unstaking process, keep in mind there is a unbonding period of 2-3 days.
If any additional support is needed around Ledger devices, visit Ledger support.
Stake SOL with Ledger
If you choose to stake Figment on your Ledger wallet, you get the best of both worlds: Ledger’s industry-leading security and Figment’s proven validation expertise. You keep full control of your SOL while earning rewards and supporting the Solana network.
Staking is simple through the Ledger Live app, where you can easily manage your staked SOL and track your rewards. The partnership between Ledger and Figment means you’re working with two trusted names in the industry to put your SOL to work.
As one of the largest non-custodial staking providers on Solana, Figment brings extensive experience to the table. We provide staking services to over 500+ institutional clients, including major players like asset managers, exchanges, wallets, foundations, and custodians. On Solana, Figment is one of the largest non-custodial staking providers of staked SOL. Interested in seeing what you can earn by staking SOL? Check out our staking rewards calculator.
Ready to start staking SOL on your Ledger Live device? Start staking using your Ledger Live device today.
