Mina Protocol is a next-generation Proof-of-Stake blockchain that stores transactions succinctly. The Mina blockchain is only 22KB in size. The size of the blockchain is immutable no matter how long it is used.
Through Auro Wallet and pairing it with your Ledger hardware wallet, you can easily and securely delegate the MINA you want to stake.
This guide will show you how to connect Ledger to Auro Wallet and stake MINA.
What Is Mina Protocol?
Mina Protocol is a privacy and security-focused blockchain network that uses zero-knowledge (zk) technology. The objective of Mina is to address the scalability and accessibility concerns that have prevented other blockchain platforms from gaining widespread adoption.
Unlike many others, Mina Protocol is a lightweight blockchain that maintains a constant size of only 22 kB, regardless of the number of transactions added to the network. This size is significantly smaller than Bitcoin's 300 GB blockchain.
What Is Ledger?
Ledger wallets are hardware cryptocurrency wallets made by Ledger. Ledger's hardware wallets are multicurrency wallets that store private keys for cryptocurrencies offline.
Unlike hot wallets, Ledger offers more protection against online theft and fraud. Users control their private keys, whereas digital wallets on popular exchanges manage your keys for you.
What Is Auro Wallet?
Auro Wallet is a user-friendly but robust wallet that enables users to engage with the Mina Protocol. It is available via a browser extension for Google Chrome and Firefox or a mobile application for Android and iOS.
This app allows users to perform various functions, such as sending, receiving, or staking their MINA tokens. Moreover, it is compatible with hardware devices like Ledger, offering additional support to users.
What is MINA?
MINA is the native token of the Mina Protocol, it is used by Mina Protocol to execute network transactions.
Why Stake MINA?
Mina Delegation is an alternative to direct staking, with the advantage that you don't need to maintain your own node, which must always be online.
Delegators can stake their MINA to any block producer in exchange for a predetermined portion of rewards minus applicable validator fees. Block producers are randomly selected for work on the chain in proportion to the amount of staked MINA on the node (a stake includes both self-bonded and delegated tokens). The more total MINA staked to a node, the higher the chance it will be selected to produce a block.
How to Set Up Mina App on Ledger Live
To begin, ensure that you have the most recent version of the Ledger Live app installed on your device. Next, navigate to the "My Ledger" section, connect your Ledger device, and enter the PIN code to unlock it.
Enter Mina in the App Catalog search field. It has to be Version 1.0.8 or greater. Then click Install.
Once the Mina app is installed, you can connect the Auro Wallet to your Ledger to send and stake MINA.
Accessing the Auro Wallet via Ledger
Refer to our earlier guide on delegating MINA using the Auro Wallet extension to learn how to do it without Ledger. Now, let's go straight to connecting Ledger to the Auro Wallet.
Open your Auro Wallet extension, and click the Wallet icon.
Then select Ledger.
A new tab with instructions will open, then you need to connect your Ledger again, unlock and open the Mina app. Click Next.
Next, a new window will pop up where you must select your device and click Connect.
After that, you need to enter the name of your account and click Import.
Your Ledger device will prompt you to generate an address. You need to follow the instructions on your Ledger. When the import is complete, the page is redirected automatically.
Congratulations! Your Ledger account was successfully created.
Top Up Your Auro Wallet
In the extension, click the Receive button. The address of your wallet will appear.
Next, you must top up your account with tokens from another wallet or an exchange.
How to Stake MINA via the Auro Wallet?
Navigate to the Staking tab.
You can see information about the current epoch. Then click Go to Staking.
Then select a validator. Find it in the list or type its name in the search bar - this will help you quickly find the validator you need. Then click Next.
Choose only reliable validators, one of which is Everstake. The Everstake team consists of fintech and blockchain experts who carefully select projects for staking, develop solutions that simplify monitoring, and actively support the platforms for which they act as validators.
You will then be prompted to select a transaction fee. You can choose the size of the commission, the default value is 0.01 MINA. After that, click Next.
Confirm the delegation. Check the transaction details and click Confirm to broadcast it to the network.
Sign the transaction on your Ledger screen by selecting the Approve option.
When the transaction is confirmed in the Mina blockchain, your tokens are delegated to the validator.
Conclusion
Staking Mina with a Ledger hardware wallet is a safe and secure way to earn rewards while contributing to the Mina network's overall security and decentralization. By following the steps outlined in this guide, users can easily set up their Ledger device to stake their Mina tokens, ensuring that their private keys remain secure and their tokens are protected from potential hacks or security breaches.
Everstake validates 70+ blockchains, and we dedicate a team of community, DevOps, and R&D specialists to each of them. You get your community representative with Everstake.
Feel free to contact our Mina Blockchain Manager on Twitter.
