How to Stake Terra (LUNA) Using Ledger Hardware Wallet and Terra Station Wallet
2021-04-28 13:37
Hardware wallets such as Ledger Nano S / Nano X support cold storage of cryptocurrencies on physical devices. This means that the wallet only connects to the Internet when you need to broadcast a transaction to the network. The rest of the time, cryptocurrencies are stored securely offline, and there is no way to access assets from the Internet.
Therefore, hardware wallets are considered the safest for storing cryptoassets. In addition, private keys are also stored inside the device, thus being protected from external virus attacks. Even if your computer is infected, the virus will not be able to get inside the device and steal the user’s private keys. A special Secure Element (SE) chip is responsible for the security of a Ledger wallet with a minimal hacking surface, including protection against hardware attacks. Safety assessments are carried out by a third party in accordance with the EAL5 + rules. Similar security chips are used in payment cards or e-passports.
The functionality of hardware wallets has seen significant advancements, and now the Ledger Nano S and Nano X devices support not only cold storage of cryptocurrencies but also staking right in the Ledger Live app. To get this done, you need to connect a Ledger wallet, add funds to it, install a staking application and stake the cryptocurrency. This article will show you how to stake LUNA using a Ledger hardware wallet.
Preparation
Before proceeding with the wallet creation, adding funds to the wallet, and staking, you need to complete the preparatory stage and install the necessary software. First of all, you need the original Ledger Live app if you don’t already have it installed.
Important! Be sure to check for Ledger firmware updates. If your device’s firmware is out of date, please update it immediately before using the wallet. If you don’t know how to do this, read this guide.
After that, install the Terra Station app, the official desktop wallet for holding Terra assets, or check out the web version station.terra.money. You can connect with Terra Station using Ledger right in your browser, but a desktop wallet is safer to use.
This instruction is suitable for both desktop and web versions of the Terra Station wallet.
Installing Terra App
Installing applications (DApps) in Ledger Live works on a Plug & Play basis. Launch Ledger Live and connect your Ledger Nano S or Ledger Nano X hardware wallet to your computer using a USB cable. The screen will display the following picture:
Enter the PIN on the device to initiate the Ledger wallet.
Now you need to authorize your device with Ledger Live.
Press a button on the physical device to allow the application to use it.
The device is connected and ready for use. Now launch the Manager Application, the button for which is located on the left pane of the Ledger Live interface. After that, find the Terra App and install it.
Terra App is installed. The next step is to connect the Ledger wallet to Terra Station. Launch Terra Station on your desktop or browser and click Connect.
Then select Access with Ledger.
Plug in a Ledger device and click Connect again.
Your Ledger will display a list of installed applications in Ledger Live. Select the Terra app from this list and then press the button on your Ledger device.
Done. You have connected the Ledger crypto wallet to Terra Station.
Before staking LUNA, you need to top up the wallet. Copy your Terra’s address in the top right corner and send LUNA tokens to it.
After adding funds to your wallet, you can proceed to staking.
Staking LUNA
1. Go to the Stake tab.
Here you will see 130 active validators that you can stake with. Take a responsible approach to the selection process, since the safety of your assets depends on the choice of the validator. Learn more about the validator's reputation, uptime indicators, and its reliability. For example, Everstake has a highly-experienced technical team that supports the infrastructure that you can rely on. Everstake is trusted by over 625 000 delegators across multiple blockchains, so you can delegate LUNA without worrying about losing your funds.
2. Type everstake in the search bar.
3. Click on the everstakeone moniker and open the page with the validator's details.
4. Click Delegate to stake LUNA tokens.
5. Enter the number of LUNA allocated for delegation and click Submit.
6. Confirm the transaction with your Ledger device. Make sure the device is connected to the computer and initiated. Click Confirm in Ledger.
7. Now confirm the transaction on the device itself.
8. Take the Ledger crypto wallet and press the button on the device to confirm the delegation.
Congratulations! You have successfully delegated LUNA and you will receive about 8% APY with additional airdrops. You can unstake or redelegate coins in the same way as described in this guide.
Statistics are available on the Wallet tab. Here you will see how many coins are delegated and how many awards have been accrued.
Please note that the staked funds are safe. No one will be able to undelegate them and withdraw them from the wallet without your Ledger device, as the private keys are safely stored in the SE chip.
Choose only reliable validators that use high-quality server hardware to avoid downtime and get the best staking returns. The team at Everstake is made up of seasoned developers and blockchain enthusiasts who monitor the network 24/7 and ensure that our delegators receive the full rewards.
If you have any additional questions, please check our FAQ page.
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