Store & Stake Solana (SOL) in the Phantom Wallet via Ledger

In How to stake Solana SOL: a beginner’s guide we explored the main aspects of Solana staking. Now, let’s learn how to set up and use the Phantom browser extension to work with Ledger Solana (SOL) account. We will cover all steps from setting up the Ledger Live app and creating an account to actual staking. If you are using LedgerLive already, simply proceed to the staking section of this guide.

N.B. Web wallets can be vulnerable to online attacks like phishing or data interception. Use Ledger devices to access your wallet to prevent theft of funds and make staking safe. Hackers will not be able to steal coins without access to your hardware wallet.

Install the Ledger Live app 

Visit Ledger’s official website to download the app.

Launch the Ledger Live app and open the Manager tab located on the left-hand side panel of the app. Make sure to update your Ledger Live app to the latest version (check if you’ve got a warning highlighted in orange). In case you need to update the app, download the latest version from the official website and re-install it again.

Plug the Ledger device into your computer, and confirm the connection.

In the Ledger Live Manager/App catalog, find Solana in the list of apps and install it. 

Important notes: 

• make sure you run the latest version of the Solana app on your Ledger device;
• you might need to close Ledger Live if it conflicts with the Phantom extension;
• use Chrome or Brave browsers (Phantom on Firefox doesn’t support Ledger).

Setting up Phantom Wallet

1. Open your browser and install the Phantom extension. Choose Phantom for Desktop.

2. Create a wallet. We have described all steps in great detail in this Guide.

3. While creating an account, make sure to save your 12-word Phantom recovery phrase in a secure place. Note: Phantom wallet recovery phrase does not relate to your Ledger recovery phrase and doesn’t replace it.

4. Once done, launch the Phantom extension in your browser.

Importing Solana accounts to your Ledger

1. Connect your Ledger device and open the Solana (SOL) app on your device.

2. Launch the Phantom extension, go to the main menu (the “burger” icon in the top left corner), and select Add/Connect Wallet.

3. Select Connect hardware wallet. Click Continue.

4. Select the device and confirm the connection.

5. Choose a derivation path (44’/501’/0′ by default) and one of your Solana accounts available in the drop-down menu. Click Add account.

6. Congratulations! Your Ledger SOL account is now connected to Phantom.
Note: if your account is not displayed in the list of addresses, feel free to go back one step and try another derivation path.

Fund the Wallet

1. Click the Deposit button to transfer SOL to your wallet. 

2. Transfer yourself funds from FTX or click on Solana to generate a QR code and share it with the sender. You can also copy the wallet address in the app header.

3. Use this address to send SOL coins to your Ledger account.

As soon as the network validates the transaction, the tokens will appear on the balance of your crypto wallet. If you don’t see the coins in your Phantom app, wait a bit, then close and re-open the extension.

Stake SOL

1. Once you have coins available in your wallet, click on the Solana asset in your wallet and then the Start earning SOL button.

2. Choose a validator or start typing its name for a quick search. We are staking with the Everstake validator in this guide since it’s a major validator with low fees ensuring nearly 100% uptime, but you can choose another one from the list.

You will see how many coins are staked with the validator already, as well as the validator’s fee. The commission may vary from 0 to 100%, depending on a validator. 

3. Specify the amount you want to stake.

Note: before staking, make sure to keep at least 0.05 SOL in your wallet to pay for transactions! If you stake the maximum possible sum, you won’t be able to unstake SOL coins further on.

4. Make sure that your Ledger is unlocked and the Solana app is opened. Click Stake. 

5. Confirm the transaction on your Ledger. Follow all steps one by one (pressing the right key on your Ledger) and click Approve to finalize the transaction.

6. Wait until the transaction has been validated by the Solana network. Done!

Please note that your stake is now activating, and you will start earning staking rewards in the next epoch. You can track the epoch progress in the SolanaBeach explorer.

Track your staking

Sometimes, wallets might not display stake account details clearly, and SOL holders may suffer from misleading information regarding their funds (like total balance, total received staking rewards, etc.), thus using Solana explorers helps to re-check the credibility of the information and make sure that the rewards have been paid out to you. Check our article on how to track SOL staking rewards.

Unstake SOL

The unstaking process is quite similar to the delegation with minor differences. Detailed instructions on unstaking are available in our dedicated guide. The only difference will be in this case that you will need to confirm the transaction on your Ledger.

Once SOL coins have been unstaked you must withdraw them to start using them again, after the stake will be deactivated at the end of the epoch. Now, if you check Your Stake stats, you will find that the status of your delegation is Deactivating. This means that the unstake process has not yet been completed, and the tokens are still frozen. 

More information can be found in the FAQ section of our webpage dedicated to Solana staking.

Contacting support

❗️If you have any questions, feel free to leave a message in our Discord and we will get back to you as soon as possible. Our support rangers work 24/7 365 days a year – you can be sure you’ll get help 😉

❗️If the issues are related to the Phantom wallet’s functionality in particular, please contact Phantom support.