I want to stake while using ledger nano s plus.
I did this always in a very comfortable way on binance, but despite im from germany and not the US i dont feel comfortable letting my coins there.
Is a tutorial or something available how to stake with ledger?
You can just grab another wallet app, such as Nami, then connect your hardware wallet and choose the pool of your choice!
The power is all in your hands. Well done for getting away from Binance!
Did you already move your funds from Binance to a wallet/account associated with the Ledger? Through Ledger Live?
Ledger Live does not have Cardano staking available up to now. But as @jeremyisme already said, you can pair the Ledger with a lot of the other wallet apps and they will just control exactly the same wallet.
See https://developers.cardano.org/showcase/?tags=wallet or https://cardano-community.github.io/support-faq/Wallets/list/ for overviews of wallet apps. You can test several of them to see which suits you best.
If you did not already move your funds from Binance to your Ledger wallet, all of them have an option to show you a receive address, which can be used to withdraw ADA from Binance.
Most of the wallet apps give you lists of pools to choose from. Nami is one of the few exceptions that only give you the option to delegate to their own pool. (It is nevertheless possible to either search an arbitrary pool on https://pool.pm/ – with the same browser that has Nami installed – and use the “Join” button at the top right to ask Nami to delegate to that pool through the dApp connector also used by DEXes, DeFi applications, etc. Or you could temporarily use another wallet app, delegate to a pool there, and then return to Nami – if you really like it more.)
To decide which stake pool to delegate to, most wallet apps give you some parameters and statistics for them. Or you can look at tables at https://cardanoscan.io/pools, https://pooltool.io/pools, https://adastat.net/pools, or other explorers. What these parameters mean and how to use them to decide is, for example, explained in https://cardano-community.github.io/support-faq/select-pool-to-delegate/ or https://iohk.zendesk.com/hc/en-us/articles/900002174303-How-to-choose-a-stake-pool.
But maybe you already know one or several stake pool operators that you like and want to support.
Finally, staking on Cardano is “liquid”. You always delegate a whole account, but the ADA do not leave your wallet. You just pay a small transaction fee for the management transaction (plus 2 ADA deposit on the first delegation, but not when changing delegations later, and it’s a deposit, you get it back when you deregister). If you add ADA to your account or remove ADA from it, that automatically changes your stake and your rewards will get higher or lower accordingly in the future. Rewards also automatically aggregate and contribute to the stake (without withdrawing/claiming them).
All changes have a delay of 15 to 20 days. So, it will take 15 to 20 days before the first rewards arrive, but then they will come every five days (if you chose a pool that has enough stake to produce blocks in every epoch, no blocks, no rewards).
These 15 to 20 days are because every epoch, every five days, the delegations and the stake sizes are recorded in a snapshot. That snapshot is used in the next epoch – from 5 to 10 days after the snapshot – to determine which pools are assigned how many blocks to be produced. After the end of that producing epoch, it takes another epoch for calculation, until the rewards are paid out 15 days after the snapshot relevant for them. Since the action influencing the rewards – your very first delegation, a redelegation to another pool, moving funds into or out of the account – might be at any time from immediately after the previous snapshot to immediately before the next snapshots, this adds another 0 to 5 days, leading to the 15 to 20 days altogether.
First of all thank you.
The tokens are still on binance they still not unlocked.
So first i have to move them to ledger live and from there connect to ada lite or nami and start stacking?
I prefer open source wallets but the daedalus is slowing my computer down and ablut the yiomi wallet heard terrible things like stolen funds.
For the pool i dont care much i just need a safe one with good return. The best possible return now is about 5%?
You don’t necessarily have to use Ledger Live in between. You can directly start with one of the other wallet apps. As said, they all manage the same wallet. Ledger Live is just another wallet app.
Yep, where Adalite and Nami are the ones with the most restricted interfaces for selecting the stake pool. As described in the previous post, Nami doesn’t let you choose another pool than their own in the wallet app itself at all. And Adalite preselects one of their own pools and you’d need to copy a pool ID from some other website to select another pool.
Yep, the resource usage in most cases makes Daedalus not a recommendation. It also has a quite restricted user interface without much development in the previous months. And – as it is not browser-based – it cannot be used to connect to dApps.
I’ve never heard about massive security problems and stolen funds with Yoroi. But it’s really not a great wallet.
Eternl, Typhon, or Flint are classes better than Yoroi, Nami, Adalite, or Daedalus in my opinion. Sure, they are not open source, but especially when using a hardware wallet it’s not that relevant.
Lace, the new browser-based wallet app by IOG, could be an alternative. It’s still very much in development and missing a lot of features more advanced users definitely want to have, but it’s open source as of a few days ago. And if you just come from Binance, you won’t miss much.
Since the pool does not have any access to your ADA, the only risk is is that the pool is badly operated and you get less rewards than possible.
A usual return is between 3% and 4% at the moment. Some pools get more in some of the rankings, but that’s mostly short-term luck. In the long run, it will probably become even less, since the subsidy from the reserve gets lower over time.
Good thorough reply from HeptaSean. I misunderstood your original post, as I thought you had already taken your $ada off Binance. But given you haven’t yet, as HeptaSean says, you need to transfer it off. Get your ledger connected to the wallet you want to use then get your receiving address and transfer away!
Ledger Live will give you a good interface to manage your ledger device, i.e. making sure you have the Cardano app on your ledger, after that, choose a wallet then choose a pool.
You’ll need to explore the pools available, and cexplorer.io is a good site to do that, so is pool.pm You can explore the % fees the pools take, their historial ROA, current stake, etc.
How can i directly start with the apps without ledger live?
Sending the tokens to etern for example and then connect to the ledger?
Which seedphrase is in use then from etern or the ledger?
I never used a hardware wallet despite in crypto since 2015.
No, definitely the other way round!
You choose “Pair a hardware wallet” in Eternl. (Yes, as @jeremyisme said, the Cardano app has to be installed on the Ledger. For that, you’d still need Ledger Live, but not for managing the wallet itself.)
Then, Eternl shows you an empty wallet. In the “Receive” tab you see a receive address. That’s the one where Binance shall send your ADA. If you are unsure, maybe try with a small amount first (drawback: additional fees).
If you only use the “Pair a hardware wallet” option, Eternl will not generate or ask for a seed phrase. The Ledger completely replaces it. So, the seed phrase of the Ledger is used.
You should definitely know it in case it gets broken. And it should only ever be given to the hardware device, not to any software on a computer or mobile.
Yes, very important. As HeptaSean said, no need (and do not) enter your Ledger seedphrase into any other wallets. The whole point of the HW wallet is to avoid the need for this.
Keep your seedphrase safe!
Thank you very much everyone.
The ledger nano s plus is ordered, binance will release my ADA in few days.
I will continue here when e everything is ready.
I need the ledger live also to store my other tokens such as Agix and ETH. Only BNB will stay on binance, but only ADA i intend to stakes.
The ledger is set and i did install the ledger live apps for ETH and BTC and added a wallet for them, for ADA i only installed the app but didn’t add a wallet because i will continue to open the wallet with Eternl, is this this the right path?
Yes, but you have to install the app for Cardano through Ledger Live.
You then can also add the wallet/accounts on Ledger Live. It doesn’t really make a difference. All wallet apps that you pair them with see and control the same wallet/accounts on the blockchain. (With Ledger Live, you won’t be able to stake and see rewards at the moment, though. But it can’t break anything.)
You can run both the ledger live wallet and pair it with any other wallet. As HeptaSean says, you can’t do much on ledger live, but it won’t break it. I use Daedalus, but it is a very heavy app.
Hi, I initially used a Ledger Wallet and Daedelus Mainnet for staking. After about 1 year, I had to perform a software update, which then made the RAM on my PC inadequate for the application. I was running 8gb ram. Added as much as the pc would allow, brinnging it up to 12 gb.
This allowed me to (over the course of several days) finally sync with the blockchain, and my Ledger Live and wallet. I have recently decided to move off the Ledger wallet, due to changes in their seed phrase policy.
I have been trying to sync Daedelus for 3 days and nights. It is now 99.51% synced, and still slowly progressing. The one time I was able to sync I received a pretty nice infusion of ADA. That was in April 2022.
Yesterday I moved the majority of my ADA to the new Tangem wallet. When (if) the Daedelus program ever completes, as I hope it will, I intend to move the assets to the Tangem.
My question is, should I unstake the ADA , or will it follow my move to the new address?
Thank you in advance… I am at a loss.
If you move your ADA to a new wallet (i.e. a new staking address), which it sounds like you are doing if you are taking it off your ledger, then you’ll need to stake that new wallet with a pool again.
But yes, Daedalus takes a long time, I tend to let it sync every week or two so I have it reasonably up to date if I need it to do anything.
You don’t have to use Daedalus. You can use the same wallet with a light wallet app – Eternl, Typhon, Yoroi, … https://developers.cardano.org/showcase/?tags=wallet – by just pairing them with the same hardware wallet (or importing the same seed phrase to them). You could also use Nami or Lace, but that would require some extra steps, since they use the wallet slightly differently (just seeing the first address instead of using new addresses for every transaction).
When using a Ledger or other hardware wallet the security differences between Daedalus and the other wallet apps are minimal. (But even for seed phrases they are not as big as widely believed and have very little to do with Daedalus being a full node wallet and eating up hundreds of GiB and taking days to sync.)
In order to undelegate and get the 2 ADA deposit back, you would have to import in another wallet app, anyway, since Daedalus hasn’t implemented that functionality for years: https://github.com/input-output-hk/daedalus/issues/2367
I would not move to Tangem wallet. While this RFID idea might be interesting, it is totally incompatible with every other wallet app on Cardano. You are 100% dependent on Tangem. Additionally, staking Cardano is not available on Tangem: https://www.reddit.com/r/Tangem/comments/144x4tx/cardano_staking/
That’s what I thought. How do I do that? Without using daedalus! I have asked Tangem. No reply. Are there other options? Tangem referred me to a link, defilama, but I can’t figure out where to go…
It seems, also for other cryptocurrencies, they have not implemented staking themselves, but just a dApp connector, so that you can stake using a third-party dApp (e.g., DefiLlama).
But that won’t work for Cardano. The dApp connector works differently than WalletConnect (there are some initiatives to implement it, but they are really just plans, up to now). So, Cardano staking won’t work that way.
Some good points raised by HeptaSean.
It may pay to do some more research on other wallets before you move it all off your ledger. It can be a case of the devil you know…
Yes, I am beginning to share this sentiment. At the bleeding edge, it seems…