The Persistence Wallet supports the integration of Ledger Nano S and Nano X with which you can delegate XPRT tokens and receive staking rewards.
Ledger wallets are hardware wallets for the cold storage of cryptocurrencies. This means that coins can be stored without an Internet connection, and this eliminates the possibility of remote wallet hacking. This storage method is considered the most secure, and private keys never leave the device. Thanks to the growth of Ledger integrations with many crypto wallets where staking is available, this type of earning is reaching a new level of security.
Persistence is an actively developing platform that aims to help its users receive funding, and holders get passive income of about 35% per annum from staking. XPRT staking profitability is currently one of the highest among PoS networks. This guide will show you how to connect Ledger Wallet and stake XPRT in the Persistence wallet.
Connecting Ledger to Persistence Wallet
The first step is to install the Ledger Live app through which you can connect to the Persistence wallet. Go to the Ledger Live page and install the app by clicking Download the app.
The Ledger Live app is available on both desktop and mobile iOS and Android devices. Select the device you need and install the application or download it from direct links
In this tutorial, we'll guide you through the process of installing and creating a wallet in Ledger Live using Mac OS as an example. Run the app and click Get started. If you are an active Ledger user and do not need an initial installation, skip to the next section of this guide called Installing Persistence Wallet in Ledger.
Get ready to create a wallet: grab a pen and write down your seed phrase. Before you start, please read the rules for secure storage of mnemonic passwords in the Crypto Security Guide.
When you're ready, click on the button OK, I'm ready!
Initiate the Ledger device. Turn on your hardware wallet and connect it to your computer. Select the Set up as a new device option by switching between them using one of the buttons on the device case, and then press both buttons at the same time. Then click Next step in the Ledger Live app.
Set a PIN. A six-digit PIN will protect your device from unauthorized access.
Press the left or right button to select a digit and press both buttons at the same time to confirm. Do this 6 times and then confirm the PIN to set it. When done, click Next step.
Write down the seed phrase. Get a piece of paper or a special protective device for storing the seed. You can download and print the template to write a mnemonic phrase.
The words will display on the Ledger Nano device. To select the next word, press the right button on the device. Make a written note with the sequence of all the words in the table, and then click Next step.
Confirm that you have correctly written down the seed phrase. Select the correct word on the Ledger device with the left or right button and press both buttons to confirm. Repeat this with the rest of the words.
Done! Connect and unlock your device, and then click Continue to log into Ledger Live
Installing the Cosmos App in Ledger Live
To use the Persistence wallet with Ledger, you need to install the Cosmos application in Ledger Live. First, open Ledger Live, go to the My Ledger tab, and connect and unlock your Ledger device.
Press both buttons on the device when the display shows Allow Ledger manager.
Wait for the device to connect and unlock.
In the Ledger Live directory, find the Cosmos app. To speed up the process, use the search as shown in the screenshot below. Click on the Install button to install the application.
Once the Cosmos application is installed, it appears in the tab Apps Installed.
Find the Cosmos app by pressing the left or right button on the device. To select an application, press both buttons simultaneously.
Cosmos ready will appear on the display.
Now, head over to the Persistence wallet and log in by clicking on the button Sign In → Use Cosmos Ledger.
Click Continue.
First, verify the Persistence address by clicking Verify as shown in the screenshot. Then copy the address and send XPRT tokens to it.
If you do not have XPRT tokens, you can buy them, for example, on Gate.io, AscendEX, KuCoin, Osmosis. Find the full list of exchanges where you can buy XPRT here.
After funding your wallet, proceed to Persistence staking.
How to Stake XPRT
Go to the section Staking located in the top menu of the Persistence wallet.
Select a validator from the list. After you have selected a validator, click on the button Actions.
Then click Delegate.
Enter the number of XPRT tokens to be delegated. Persistence does not set a minimum for staking. Memo is an optional field. If you don’t know what it is, ignore it. You can use it to withdraw tokens (unstaking). But if you lose it, without a Memo you will not be able to withdraw your tokens.
Set the transaction fee and click Next.
Finally, confirm the transaction with your Ledger wallet. To do this, scroll through the transaction details and press both buttons simultaneously when Approve is displayed.
After that, the following message will appear in the wallet:
Done! You have successfully delegated XPRT tokens and will receive up to 35% per annum. Rewards can be withdrawn at any time and delegated again to benefit from compound interest.
In order to claim your staking rewards, hit the Claim button and follow the further instructions.
Feel free to contact our Persistence Blockchain Manager on Twitter in case of any queries on XPRT staking.
