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, and continuing support with Osmosis $OSMO.
- 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, Osmosis, Bitcoin, Ethereum, and more than 30+ coins, as well as hundreds of tokens.
What is Osmosis?
Osmosis is an Automated Market Maker (“AMM”) hub built on the Cosmos SDK and its utility is mainly based on semi-sovereign liquidity pools. Projects found in the Osmosis Zone receive the benefit of high liquidity and provide a diverse range of reward-generating strategies for a wide range of tokens through a single service. Osmosis provides this through native IBC functionality, and through this users have access to any Cosmos SDK network that has also adopted IBC.
This range of utility allows Osmosis to provide liquidity services, exchange functionality, and a host of other services for holders of any of the 53 tokens currently supported on the main interface (though many more are available on the Osmosis Frontier). On-chain governance also ensures that there is minimal disconnect between users and the direction of the network. In effect, Osmosis users have full control of their destinies in the Cosmos ecosystem.
Learn more about Osmosis in our recent “State of Osmosis” article here.
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 Protocol Staking? Why Stake?
Protocol 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 Protocol 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
- 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.
- Multiple currencies supported. Ledger hardware wallets allow you to securely stake up to 7 coins simultaneously.
