Ledger hardware wallets now support the Cosmos cryptocurrency as well, and you can use it to stake ATOM. We tell you in simple words how to stake ATOM tokens using the Ledger Live app.
Install Ledger Live
- Connect a hardware Ledger device to your PC or laptop and then start the Ledger Live application. Applications can be downloaded from the developer’s official website. The app is supported on Windows, MacOS X, Linux, iOS, and Android.
Disclaimer. If the software is already installed, we recommend that you update it to the latest version to ensure maximum security and the ability to stake ATOM
- After launching the Ledger Live app, initialize the device if you are connecting it for the first time. If the device is already initialized, select “Use as initialized device”.
- Create, set and save a password to log in to your wallet. The password will be stored locally on your hard disk.
The installation and configuration of Ledger Live is complete. You can restore your password by clicking on the “Forgot your password?” button.
Video tutorial – https://www.youtube.com/watch?v=lQkhvGNhvAM
Install the Cosmos app
- On the home page, open the Accounts Manager.
- Go to the Ledger Live app catalog and search for Cosmos using the search bar.
- Select the app you found and click Install. The process is automatic: just wait for the Cosmos app to install. Now you need to create an account in the Cosmos ecosystem.
Video tutorial – https://www.youtube.com/watch?time_continue=91&v=7FwfMdMRXjw&feature=emb_logo
Creating a Cosmos account
Disclaimer. You can add an account immediately after installing the app by clicking “Add Cosmos account”. In this case, just go to step 2.
- Click the “Accounts” button on the left panel of the interface, and then click the “Add account” button.
- Select Cosmos from the drop-down list and click “Continue”. The account will appear in the list of your accounts.
Get ATOM tokens
You have to top up your wallet before you can stake coins.
- Go to the Cosmos app and click “Receive” on the left panel.
- Select the account you want to top up. If you only created one account, just click “Continue”.
- Copy the address so that you do not make a mistake when entering it, and send the ATOM tokens to it.
Video tutorial – https://www.youtube.com/watch?time_continue=13&v=-IwdZUrqsi4&feature=emb_logo
ATOM staking
To get rewards, you have to delegate tokens to a validator (a staking provider).
1. Click the “Earn rewards” button on the top panel.
2. Read the information provided in the window that opens and click “Continue”.
3. Specify the number of ATOM tokens that you want to delegate and select a validator, for example, Everstake-cosmosvaloper1tflk30mq5vgqjdly92kkhhq3raev2hnz6eete3 .
You can find Everstake in the list of validators, or enter the name Everstake in the search box.
Important! Everstake fee – 3%. The average fee of validators in the Cosmos network reaches 13%. With Everstake, staking is profitable, and your rewards will be greater;
Then click “Continue”.
It remains to confirm the transaction on the Ledger.
That’s it!
Why delegate ATOM tokens to the Everstake staking provider?
- The company develops solutions to improve blockchain networks security;
- Everstake has gathered a large community in 2 years and established itself as a reliable validator;
- Access to detailed staking statistics;
- Low fee – 3%. The average fee of validators in the Cosmos network reaches 13%. With Everstake, it is profitable to steak, and your rewards will be greater;
Everstake address in the Cosmos blockchain:
cosmosvaloper1tflk30mq5vgqjdly92kkhhq3raev2hnz6eete3
Everstake is also one of the largest contributors to the Cosmos blockchain and is developing an Explorer for this network.
- After you delegate the coins they will be blocked in the wallet. The number of coins staked and rewards you have collected are available in the Delegation(s) tab.
Note. To send transactions, the Ledger device must be connected and unlocked via the Ledger Live app.
Claim rewards
- Go to the Delegation(s) section. After the coins appear in the Delegated column, you can collect them by clicking the “Claim Rewards” button.
- If you want to collect coins to your wallet, select the “Cash in” option. The Compound option allows you to re-stake the coins you received as a reward.
- Confirm the transaction (the hardware wallet must be connected).
Unstacking ATOM
If you want to withdraw your tokens and stop receiving rewards, then you have to request a transaction.
Disclaimer. This option will be available no earlier than 21 days from the moment of staking.
1. Go to the Delegation(s) section, select the validator, and click “Manage”. In the drop-down list, select the “Undelegate” option.
- You can undelegate either the whole amount or just a part of it. Specify the amount you want to undelegate and click “Continue”.
3. Confirm the transaction (the hardware wallet must be connected).
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Learn more about How to Stake Cosmos ATOM in our post.
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