This article explains how to start staking Tezos (XTZ) on Ledger’s app Ledger Live, which works with the nano s as well as the new nano x.
Why stake Tezos?
Tezos is one of the most famous Proof-of-Stake (PoS) blockchains out there. That means the network is secured and validated by nodes which own at least 8,000 Tezos coins (XTZ), which is called a roll For this effort, nodes get rewarded with approximatelly 6 % of their stack per year. However, even if you own less than 8,000 XTZ, you can participate by delegating your coins to a validator and earn your share of the reward minus some staking fee the validator demands. In simple terms, you are basically lending your XTZ to a staking node which helps to secure the network and get some interest on your coins in return.
Why use Ledger?
Ledger provides one of the most secure and handy ways to take care of your crypto, not only Tezos, but also Bitcoin, Ethereum and many other.It is a hardware device connected to your computer or smartphone which makes sure your private (secret) keys are never exposed while interacting with your coins. For purchasing, we strongly recommend to buy these only from the official website (affiliate link)
How to stake Tezos with Ledger step by step
1) Once you set up your Ledger device with Ledger Live create a Tezos account. Therefore click on Accounts in the left side bar.
2) Press + Add account in the upper right hand corner.
3) Choose Tezos (XTZ) in the dropdown menu and click Continue.
4) Connect and unlock your device and open the Tezos wallet app.
5) Choose a name for your account and click Add account. You have now successfully added your new account.
6) Navigate to the Accounts page again and choose the Tezos account you just created.
7) The wallet software Ledger Live indicates that your account doesn’t hold any coins yet. Click Receive.
8) Choose the Tezos account we just created and press Continue.
9) Ledger Live now displays your receiving address. Copy the address and make sure to check it letter by letter on your device and confirm it.
10) You will now see the following screen. Click Done.
11) Once you sent some Tezos to your new account, they will appear on your account in Ledger Live. Click Earn rewards.
12) Press Delegate to earn rewards in the popup.
13) The Ledger Live wallet now automatically chooses a validator node. If you want to you can pick another one manually. Click Continue to go on.
14) Ledger Live prompts you to verify the transaction on your device. Do so and you will receive your first delegation rewards one to two months from now. If you choose to add more Tezos to this this account, they are automatically included in this delegation program we just set up.
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