The beginning of 2023 was filled with new partnerships and opportunities for the MultiversX blockchain. In February of this year, Beniamin Mincu announced that now more than 1.5M Ledger Live users can stake EGLD directly in the app, via the Ledger devices. This guide will show you how to stake EGLD using Ledger Live.
What is MultiversX?
MultiversX is a scalable blockchain network that helps build a new internet economy. The network uses a sharding mechanism that solves the blockchain trilemma to maximize throughput while achieving fast transaction completion, security, and nominal transaction fees. MultiversX also has a native token EGLD.
What is Ledger Live?
Ledger Live is a platform to buy crypto, stake your assets, and manage NFTs. This is secure software that will likely help you to interact with your device and crypto assets. You also can join 1.5 million people who trust Ledger Live for everything web3.
Why Stake EGLD?
Staking is the process where users get rewards for locking their assets for a certain period to support all operations on the blockchain. Staking EGLD directly increases the efficiency and security of the MultiversX blockchain. Besides, it does not require any additional equipment, and you can earn a certain percentage (APR) from your crypto assets. Rewards are paid out daily at the epoch change.
How to Create Ledger Live?
Go to the official Ledger website and click the Download button. Currently, users can download the Ledger Live for this software: Windows, macOS, and Linux. The Mobile version is available for Android and iOS users. You can download it from App Store and Google Play accordingly. We will guide you through the macOS version.
The interface on both operating systems looks similar. So, click download the Mac app. Install the app on your Computer and open it. Then you click to get started. Remember, you need to have one of the Ledger devices to use this application with full functionality.
After that, choose your Ledger device. We will use Ledger Nano S Plus. All the differences between the models you can check on the official website.
Before entering the ledger life menu, the user must turn on the ledger, enter the code and approve the entry into the application by pressing two buttons on the device. Now, you can use application. So, here is the main menu of Ledger Live. Before stake EGLD, you need to install the latest version of the MultiversX app on your Ledger device. Go to the App catalog and write MultiversX in the search bar. After that, click install.
After installing the MultiversX app, add your MultiversX account. By adding your accounts, your public addresses are stored on your computer or smartphone so you don’t need your Ledger device every time you want to check your balance. Click, add account.
Then click Add account on the Accounts page.
That’s it! You’ve added your account successfully. Now you have to top up your account.
Top Up Your Ledger Live
Before starting to stake, you must fund your wallet with EGLD tokens. But if you already have a positive balance in your wallet, you can skip this and move directly to staking. Follow these steps to add funds to your Ledger Live.
Step 1. Receive your address
Find the Account section on the main left bar. Choose a MultiversX account. Then, click the receive button.
Receive page will open. Click Continue.
Then, use your Ledger Device. Verify that the shared address exactly matches the one on your device. You need to select approve on the device and press two buttons on your Ledger.
If everything is ok, share/copy your address. Finish this process by clicking Done.
Step 2. Send the Funds to Your Wallet
Next, head to the CoinGecko website and buy EGLD tokens from any cryptocurrency exchanges on the list. Send it to your wallet address. Carefully check that the address does not change after you copy and paste it. After the transaction is done, come back to your Ledger Live.
How To Stake EGLD
The minimum amount to stake is 1 EGLD. Make sure you have 1 EGLD + some amount of EGLD to pay for transactional network fees.
Step 1. Go to the MultiversX account page
Click the purple Stake button at the navigation bar. Then the information page will open.
If it’s your first staking experience please read carefully. That’s the general information about EGLD staking features such as you keep ownership of your delegated assets or your assets will be available after 10 days after undelegation process duty to security measures of blockchain. Afrter reading this information click Continue.
Step 2. Stake Tokens
Then, you need to choose Staking Provider you want to delegate. On the new window, enter “Everstake” in the search field and select it from the list. Click Continue.
Enter the amount you want to stake. You can also select the Use Max button to stake all your balance (minus the transaction fee). Network fees amount will be shown in the staking tab. To proceed click Continue.
In order to finalize the transaction you need to confirm it on your Ledger Device. Press the necessary buttons on your device as shown in the picture below.
Done! You have successfully delegated your tokens. If you want to see the transaction details click View details.
Step 3. See the Transaction Details
A dialogue box will pop up. You can review the transaction by checking its hash in the explorer. Your rewards will arrive every 24 hours at the epoch change.
Conclusions
Staking is an easy and secure way to earn passive income for EGLD holders. Plus, it helps secure the network and ensures the blockchain remains operational.
Everstake is an active MultiversX ecosystem contributor and a validator for over 70 blockchains. We have a dedicated team of community, DevOps, and R&D specialists. You get your blockchain community representative with Everstake. Feel free to contact our EGLD Blockchain Manager on Twitter.
