I sent the following to the
https://t.me/CardanoUK Telegram channel, but wanted to share here too:
For those of you who use Ledger to store your ada…
Ledger Nano was supported via Bluetooth for Yoroi Mobile app and cable for Yoroi browser extension and mobile app.
As you know, recently all the code needed to be upgraded by all wallets to support Cardanos transition to the Shelley era. - This is why you may have noticed many wallets and the ada part of exchanges have been temporarily in maintenance.
EMURGO updated the Yoroi wallets, however, certain parts of Ledger capability isn’t yet available again.
When the hardfork happens on 29th July, there will be a short period (unknown amount of time) where Ledger will quite possibly stop working with ada. This is while Ledger upgrade their code.
This means there will quite possibly be a period where you can not send ada out of your wallet, or stake. (Your ada will remain safe)
I use ledger, which I know thousands of others do, so I spoke with IOHK (Charles Specifically) who told me:
‘They are working overtime to help get the firmware update done. It should be done in the first half of August’
He did go onto say that staking starts on August 18th, so hopefully no one will miss out.
(I thought Staking would start earlier than August 18th and first rewards from staking were August 18th. I guess there is not an exact starting time for staking as it all depends on how quickly operators setup and start their pools, then for those pools to be accepted by the protocol so people can see them via wallets to delegate… So on that, although there will be a lot happening in August, don’t expect everything to suddenly be running straight away in early August, allow for that transition and a setup / settle in period through August. Remember this is a huge upgrade to Cardano and not just an on / off switch)
Regards to Ledger support, unfortunately these are some of the downsides when it comes to major upgrades.
I can’t say what’s best in regards to what you do with your ada or where to store it, however, consideration could be given:
If you do not have your ada on a hardware wallet yet, possibly consider holding off until mid August when Ledger regains full support of ada again.
Before 29th July, move your ada off a ledger and into Yoroi or Daedalus for the short term. Especially if you are planning on sending ada between August 1st and Mid to Late August.
Personally, I am leaving my ada on the Ledger. For me, it’s not worth moving it. I am not planning on sending any ada anywhere in the near or foreseeable future and staking is a permanent long term feature of Cardano, if I can’t stake immediately, that is not a big deal for me… I understand and expect the transition to shelley to take some time.
If you do want to stake straight away, as long as your ada is in Daedalus or within a wallet that has 15 seed words, there will be a way. But either way, no one will miss out on much if anything.