How to Stake CSPR in the CasperDash via Ledger

Crafted with business in mind, Casper emerges as the pioneering blockchain tailored specifically for corporate adoption. With a unique architecture, it is positioned to adapt and evolve alongside the ever-changing landscape of your business. The force behind Casper’s development and continuous improvement is Casper Labs, ensuring organizations receive top-tier services, dedicated support, and custom software development solutions.

As the first live blockchain employing the Proof-of-Stake mechanism rooted in the Casper CBC specification, its design is twofold: to catalyze the immediate adoption of blockchain technology across industries and to continually evolve in alignment with user expectations in the forthcoming years. 

By delegating your tokens, you can actively contribute to the network’s progression, assist validators in maintaining its robustness, and simultaneously earn an enticing ≈10.5% APY. 

Dive into this guide to uncover the steps to stake CSPR using the CasperDash platform via Ledger.

Ledger Nano X/S

The Ledger Nano X and Ledger Nano S are hardware wallets designed to provide secure storage for cryptocurrencies. Hardware wallets offer one of the best ways to store, buy, exchange, and stake crypto assets in the safest way possible.  

The Nano X offers advanced features such as Bluetooth connectivity for mobile access, the capacity to manage over 5,500 coins and tokens, and compatibility with the Ledger Live app for crypto management. It ensures top-notch security by keeping private keys offline, safeguarding them from online threats. 

The Nano S, an earlier version in the Ledger series, also emphasizes security but lacks the Bluetooth functionality found in the Nano X. Both devices prioritize the safekeeping of digital assets, making them essential tools for cryptocurrency enthusiasts.

In this guide, we will walk you through the CSPR delegation process with a Ledger device and CasperDash wallet. 

Before you begin, ensure the following:

• Your Ledger Nano X/S has been set up.

• Your Ledger Nano X/S is updated with the latest firmware.

• You have the Chrome browser installed (or the mobile app).

Getting started with Ledger Live App

Ledger Live, developed by Ledger, offers a seamless interface to manage and secure your digital assets. And guess what? Adding Casper to this mix just got simpler. In this section, we’ll walk you through the process of integrating the CasperDash wallet with Ledger Live. Whether you’re a seasoned crypto enthusiast or just starting out, this guide is tailored for you. 

Step 1: Download and Set Up Ledger Live

Go to Ledger’s official website and download the Ledger Live app.

Step 2: Connect and Install the Casper App

In the Ledger Live application, click on the Manager tab found on the left sidebar. Connect your Ledger device to your PC. Once recognized, approve the connection on your Ledger. Scroll through the app catalog until you locate Casper. Click to install it on your device.

Step 3: Set Up Your CasperDash Wallet in Ledger Live

Excellent! With Casper installed, you’re now ready to initiate and set up your CasperDash wallet. 

Getting started with CasperDash Wallet

Now that you have successfully set up your Ledger live account, the next steps will be conducted on the CasperDash wallet, a non-custodial solution developed on the Casper blockchain. It’s accessible both as a mobile app and a web extension. This wallet allows you to store, transfer, receive, and even stake CSPR tokens. 

This guide will focus on the Chrome extension, but the interfaces are pretty similar in all the available versions of the wallet. 

Step 1: Download CasperDash Wallet and Link Your Ledger

Download the CasperDash wallet.

Please note that the staking feature is currently exclusively available when using a Ledger device.

You can obtain the CasperDash wallet from the official website or through the direct links provided for iOS, Android and Chrome extension. Once you’ve navigated to the Chrome extension link, click on Add to Chrome followed by Add extension in the subsequent pop-up window.

Step 2: Pin the CasperDash Wallet for Quick Access

Once the installation is complete, locate the extension icon at the top right corner of your Chrome browser. Click on it and then pin the CasperDash wallet. This ensures you have swift and convenient access to your wallet whenever needed.

Step 3: Launch the Extension and Link Your Ledger

Initiate the CasperDash extension and select Connect Ledger.

⚠️ Caution! Web wallets are susceptible to online threats such as phishing and data breaches. For enhanced security, always use Ledger devices when accessing your wallet. This precautionary measure ensures the safety of your funds, especially during staking. Without your physical hardware wallet, hackers cannot access or steal your coins.

The View Mode option allows you to track your account by public address.

Step 4: Set Up an Account

Connect your Ledger device and unlock it using your password. Once unlocked, navigate to and open the Casper app on your Ledger.

Step 5: Link Your Ledger to the Browser Extension

Once the Casper app on your Ledger is active and ready, click on Connect Ledger within the browser extension.

Select your device in the browser pop-up and confirm the connection.

Step 6: Select Your Key

Pick a key that you’d like to use for subsequent actions. You can choose any key available.

Step 7: Funding Your Wallet

To add funds to your wallet, simply copy your wallet address displayed on the dashboard. You can then transfer CSPR to this address from another wallet or an exchange. Alternatively, if someone else is sending you funds, share this address with them. For a more streamlined process, click Receive to generate a QR code, which the sender can scan to transfer funds directly.

As soon as the network validates the transaction, the tokens will appear on the balance of your crypto wallet.

How to Stake CSPR

Once you’ve taken a moment to verify and confirm the CSPR balance in your wallet, you’re all set to start your staking journey. This process involves allocating a portion or all of your CSPR tokens to support the network’s operations. By doing so, you play a pivotal role in ensuring the network’s security, stability, and overall functionality. Staking isn’t just a passive act; it’s an active contribution to the Casper ecosystem, and in return, you stand to earn rewards for your commitment.

Step 1: Initiate the Staking Process

Navigate to the Staking icon, which is located as the second icon from the left in the bottom menu of your interface. By clicking on this icon, you’ll be directed to the staking section, where you can allocate your CSPR coins to support the network and potentially earn rewards.

Step 2: Choose a Validator

For the purpose of this guide, we’ll be staking with the Everstake validator as a reference. However, you have the flexibility to select any validator from the available list.

Step 3: Select the Validator’s Node

Start by typing the initial characters of the validator’s name or address. It’s worth noting that Everstake operates two nodes on the Casper network. 

• The public key/address for their first node is 012bac1d0ff9240ff0b7b06d555815640497861619ca12583ddef434885416e69b. If you’ve previously staked with this node, you can effortlessly augment your stake. 

• The second node’s public key/address is 01bf489970ee9ad639854b9a78ed19d08b5f8d8f2185099b44c0fc5f6f467b14b4. If you’re new to Casper or wish to commence staking with Everstake, it’s recommended to utilize this one.

Choose the desired validator. Upon selection, you’ll be presented with information indicating the total amount of coins already staked with that particular validator. Additionally, the validator’s commission fee will be displayed. It’s important to note that commission rates can fluctuate between validators, typically ranging from 0% to 15%.

Step 4: Determine Your Staking Amount

Enter the amount of CSPR you want to stake. The first time you stake, you need at least 500 CSPR. After that, there’s no minimum amount. But, every time you stake, there’s a fee of 2.5 CSPR. So, always keep that in mind.

Important Reminder: Before proceeding with staking, ensure you retain at least 10 CSPR in your wallet to cover transaction costs. If you opt to stake the maximum available amount, you might encounter difficulties when trying to unstake your Casper coins in the future.

1. Make sure that your Ledger is unlocked and the Casper app is opened.

2. Ensure transaction details are correct, then click Delegate.

Step 5: Validate the Transaction on Your Ledger

To authenticate the transaction, follow the on-screen prompts on your Ledger device. Navigate through each step by pressing the right key on your Ledger. Once you’ve reviewed all the details, click on Approve to finalize and confirm the transaction.

Patience is key! Wait for the Casper network to validate and confirm your transaction. Once completed, you’re all set!

Important Points to Remember:

• There’s a delay of one era before your stake becomes active, after which you’ll begin accruing staking rewards. An era typically lasts for approximately 120 minutes, so you can expect to monitor your staking rewards within 4-6 hours.

• For security measures, there’s a 7-era delay if you decide to undelegate your stake.

How to Unstake CSPR

The unstaking process is quite similar to the delegation with minor differences. Here are the steps:

Step 1: Navigate to the Staking Section 

Access the staking section within your wallet, where you’ll find details of your current delegation. Locate the validator from whom you wish to unstake tokens and click on the Undelegate option beneath it. Before proceeding further, ensure that you have at least 2.5 CSPR in your account to cover the transaction fee.

Step 2: Specify the Amount and Confirm on Ledger

Enter the specific number of tokens you wish to undelegate. Once you’ve input the desired amount, confirm the transaction on your Ledger device. 

Step 3: Verify the Transaction Status

After confirming the transaction, return to the “Staking screen.” If the transaction was successful, you should see the status “Pending” along with the amount of tokens you’re undelegating displayed beneath the validator’s name.

Well done! You’ve successfully undelegated your tokens.

Note: The tokens you’ve undelegated will be available for transfer after a duration of 14-16 hours.

Should you encounter any queries or require assistance, don’t hesitate to drop a message in our Discord chat. Our dedicated support rangers are available around the clock, every day of the year, ensuring you receive timely assistance whenever needed. Cheers to smooth and secure staking!

Everstake and CasperLabs

Everstake has established itself as a prominent validator for Casper, having been actively involved since the initial private Casper token sales in October 2020. Those holding CSPR tokens, including institutional investors, have the option to delegate their tokens to the Everstake validator pool. As of this moment, the reward APY stands at approximately 10-11%, positioning Everstake as the second top validator based on total stake.

For a detailed overview, you can explore Everstake’s presence on the CSPR.live explorer. The Everstake website’s Casper (CSPR) section offers comprehensive staking guides and answers to potential queries.

Beyond its technical contributions, Everstake has also been a beacon of support for Ukraine. They co-founded Aid For Ukraine, a charity initiative that rallies the crypto community to aid Ukraine’s military and humanitarian efforts. This endeavor, backed by Ukraine’s Ministry of Digital Transformation, has amassed over $60 million since its inception. In collaboration with Ukraine’s Ministry of Culture and Information Policy, Everstake initiated Save Ukrainian Culture, a campaign aimed at preserving Ukraine’s rich cultural legacy amidst the devastating invasion by Russia.

Everstake’s commitment to excellence is evident in their project selections. They prioritize promising PoS projects, ensuring that delegating with them is both secure and lucrative. Their meticulous research precedes any decision to join a network as a validator.

If you have any questions or uncertainties, our Casper Blockchain Manager is always accessible and ready to engage. Reach out to us on X.