Solana Staking is Now Available on Ledger Live

May 9, 2022

Key Highlights:

  • We are thrilled to partner with Ledger, a leading hardware wallet provider. Through this partnership, we are excited to bring staking to the Ledger Live dashboard with ‘Ledger by Figment’ staking nodes, starting with staking support for Solana $SOL
  • Staking through the Ledger ecosystem brings a wide range of benefits including ease of use, self-custody, security, and coverage. Staking also allows users to further participate in blockchain ecosystems, and earn rewards.
  • Ledger has been producing hardware wallets since 2014 and has a wide range of expertise when it comes to blockchain security. Ledger hardware wallets allow users the ability to safely self-custody their assets.
  • The Ledger Live app gives users the ability to safely manage Solana, Bitcoin, Ethereum, and more than 30+ coins, as well as hundreds of tokens.

Why use a Ledger Wallet?

As a user, it is important to use a Ledger hardware wallet to self custody your assets. Self custody means that the owner(s) of digital assets control the private key that enables the transfer of their digital assets. It is very important to keep this private key written down, and stored safely offline. Ledger has a blog post here on the best way to store your private keys.

Keep in mind, If your assets are on an exchange, the exchange controls your assets and gives you permission to move those assets off of the exchange. If the exchange is compromised, your assets can be irrecoverably lost. There are many examples of this happening in the past. If you have substantial assets on an exchange, we strongly suggest self custody your assets on a ledger hardware wallet.

What is Staking? Why Stake?

Staking is a way to earn rewards by securing tokens on a Proof of Stake network.

Tokens can be staked, or locked into a protocol in exchange for the chance to produce a block, which in turn you receive a reward. Locking your tokens is essential for the operation, security, scalability, and decentralization of the protocol. Staking your tokens allows you to earn new issuance (also known as inflation) subsidies, and fees generated from the network.

For more information on Staking, check out Part 1 and Part 2 of our educational video ‘Wat Dat?’ series.

Why Stake Through The Ledger Live App?

Staking through the Ledger Live app gives the user full control over their assets through self custody.

While there are other staking options available, like utilizing third-party custodial solutions, or staking through exchanges, staking through these methods typically means that you don’t truly own and control your digital assets. Sometimes these staking solutions also have drawbacks such as complexity, security flaws, and lockup periods.

In contrast, staking through Ledger has clear benefits:

  • Professional validator services. Figment has the most secure and reliable Web 3 infrastructure built from the ground up to maximize security and minimize risk. Learn more about our infrastructure here. 
  • Convenience and Security. By choosing Ledger validators, your coins are staked in the world’s most secure environment. You can gain rewards while securely holding your crypto in your Ledger hardware wallet. You own your own private keys.
  • Self-custody. Only you have the possession of your cryptocurrencies. Remember: not your keys, not your coins.
  • Competitive rewards rates. You can have a look at more precise data right here.
  • Multiple currencies supported. Ledger hardware wallets allow you to securely stake up to 7 coins simultaneously.

If you are ready to stake SOL to your ledger today, users can follow along this guide. 

About Ledger

Founded in 2014, Ledger is the global platform for digital assets and Web3. Over 15% of the world’s crypto assets are secured through Ledger Nanos. Headquartered in Paris and Vierzon, with offices in London, New-York and Singapore, Ledger has a team of more than 500 professionals developing a variety of products and services to enable individuals and companies to securely buy, store, swap, grow and manage crypto assets – including the Ledger hardware wallets line with more than 4 million units already sold in 180 countries.

Ledger combines a hardware wallet: Nano S or Nano X and the Ledger Live app to offer consumers the easiest way to start their crypto journey while maintaining full control over their digital assets. With its ease of use, Ledger allows a user to begin investing in digital assets and ultimately, achieve financial freedom in a safe and stress-free environment, with additional education provided by its Ledger Academy. In addition to consumer products, Ledger has also developed Ledger Enterprise Solutions, a digital asset custody and security solution for institutional investors and financial players.

About Figment

Figment has leveraged 30+ years of real-world experience operating critical internet infrastructure to build an advanced blockchain infrastructure. We are trusted by more than 150+ institutions, including venture capital firms, asset managers, protocol foundations, family offices, and large-scale cryptocurrency platforms. Our success is measured by generating stable returns on digital assets and by fueling innovation and growth across the Proof of Stake ecosystem. This includes being actively involved in the governance and community of the protocols we support and the longevity of Web 3.


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