can uyou stake chainlinkLedger Live Staking Tutorial How to Stake Using a Ledger Wallet

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this video is how to stake your crypto using your Ledger Hardware wallet and Ledger live theres a few different ways to do this and it differs depending on which coin that you have so Ill go over the different methods and actually how to go ahead and do this throughout this video timestamps for all of that are down in the description do you recommend watching the whole video though just to get an overview of how staking works with Ledger the first thing you can do though is go to The Ledger site and just check that the crypto that you want to stake is actually supported with ledger so just go up to the supported coins and then you know type in a crypto that you want so for example cardano you can see it does support staking and theres supported wallets here which Ill go through throughout the video because this is important to know there are really two main ways to stake with your Ledger device that you can use the first is chain staking and the second is liquid staking both of these methods lets you keep your coins on your Ledger device so thats the most secure way but both have slightly different ways of going about it and some pros and cons of each chain wallet staking as you can see here basically you get your coins onto your wallet and then you use the official wallet of each blockchain to go ahead and stake so for Avalanche that would be avax wallet which Ill show you your ride for cardano polygon.wallet for polygon phantom for Solana um you know and every blockchain has its own wallet that will let you stake you get your coins onto your Ledger then you set up the Ledger with that wallet and then directly stake through that the other way is liquid staking as you can see here this is a modern method of doing it where you can actually get a coin that represents your stake you can have that in your wallet in your Ledger and it accrues those staking rewards the benefit of this is that you can actually buy and sell that token very easily there are no lock-ups and you can use it through your Ledger through D5 to actually earn higher yields and everything like that and for some coins its definitely the way to go so Ill explain the difference between these two now the first method is really the official way of doing things which is using the chain wallet with your ledger so Ill go through that process now the first thing that we want to do is make sure that we have the wallet address set up on our Ledger device so if you havent got a ledger yet or you dont know how to set it up Ive got a specific guide for The Ledger on how to set it up and how to get everything working so Ill link that in the description and it goes through everything here so Im going to skip through over to Ledger live if youve got this downloaded go to my ledger down at the bottom plug in your device youll have to set up your password and and open up the device and then you can see the app catalog here so you just have to make sure youve downloaded the specific app for the blockchain that you want to use whether thats binance smart chain or polygon or cardano or whatever go to the right hand side and then just click install and then you have that app on your device that should set up a wallet address for you and thats the wallet address of your Ledger where you want your coins from there you just have to go to accounts as you can see here and then just make sure that you have the account in your Ledger now some some blockchains dont have accounts in Ledger for example Avalanche isnt supported in Ledger and so you wont be able to see your account your Avalanche blockchain address or any of your tokens directly in Ledger but you can use it with the chain wallet so youll have to set that up separately outside of Ledger Ill go through that in a second if you have a blockchain that is directly set up with Ledger and has an account in Ledger what you want to do obviously is get some cryptos into your Ledger account with that address so just go over to receive down here and then choose use the the crypto that you want to receive press continue now youll have to look at the wallet address on your device so if you press continue right here the second option is the device youll have to confirm that on your device to open up the menu and then it will give you your wallet address your wallet address there is something that you can copy then go through to your exchange to actually make that transaction from your exchange so if you had an exchange where you had some coins youd go to withdraw those coins get the address from your Ledger live copy that paste it in the address right here and then get it from your exchange over to your Ledger device Ill leave some links to binance and other exchanges in the description because you can get deposit bonuses if youre new so check those out if you are interested so with that withdrawal you should now have coins on your Ledger address and thats what you can go ahead and stake now if you have a coin like Avalanche which isnt supported in Ledger live then youll have to go ahead and set up the chain wallet with your ledger so go and download the application first on your Ledger then come to the chain wallet so its um its Avalanche wallet for Avalanche as I said polygon.wallet for polygon each blockchain has its own official wallet so you want to go ahead and download that for example on Avalanche what you want to do once youve got your application set up on Ledger is go to access wallet because you already have one set up on Ledger you already have an address and then go down to Ledger right here and itll ask essentially to link with your Ledger make sure your Ledger is plugged in and open and youve unlocked it with the PIN code and it should be able to link those up and then it actually gives you your Ledger address now when your Ledger address is there then you can go to your exchange like binance and actually send it right over to the address that will be stored on your Ledger device so now we do have coins on our Ledger were going to want to go ahead and stake them right through the chain wallet so as an example with cardano here what well do is go and download your Roy wallet so thats the official wallet this is a browser wallet so again what you need to do is download it and install it on your browser and then from there what you want to do is add your Ledger device to the software wallet so you cant do this directly with Ledger but you need to use a software wallet yo Roy for cardano or the other blockchains as well you can download the official wallet then go to add new wallet as you can see here and then connect Hardware wallet once more just like the Avalanche that you just saw it will link up with your Ledger and it will give you that address that links with your ledger so you know for sure that youve got your coins in your Ledger Ive got specific guides on staking with these wallets Ill link them in the description but what you can do now is go back to the wallet that youve set up its just a step-by-step process and then go into the specific wallet that youve set up whatever that may be and for your Roys case its really easy you just go over to delegation list right here so you can click that and then you choose someone to stake with so you can choose one of the many different validators like this choose one of those you can delegate now youll have to accept all of the transactions on your Ledger device so when you go ahead and press delegate like this youll have to you know pay a small blockchain fee or or at least just you know confirm the transaction on your Ledger thats the same for most other chains as well where you just have to confirm things with your Ledger because your coins are on your Ledger go ahead and State directly with the chain wallet like I said if you want a more specific guide for each of these wallets Ill link those in the description now what a lot of people do is actually use Liquid staking derivatives to stake and Ill show you how to do that here its actually much of the same process but instead of having to stake directly with the chain wallet like I just showed you what you can basically do is use ledger to buy a staking token now these exist for many blockchains now where basically you just go and buy the staking derivative and its like staking but you get a lot of benefits in that you just go and store that token in your Ledger and it accrues the staking rewards for you but the benefit is that if you ever want to get out of the staking you can just sell it right away and there are no lock-ups with Avalanche and other blockchains there might be lock-ups for nine days or 20 days or something like that and so not great so a lot of people just get a special token in their Ledger device and keep that there and Ill show you how to do that now so what we want to do again is just make sure that weve got the app downloaded on our device whichever blockchain that you want to use Now liquid staking derivatives are available for polka dot polygons Solana and definitely ethereum as well cardano doesnt need them Finance smart chain or BNB chain BNB coin has it as well so Ill just go through um the different providers here so get the application downloaded and then go to your accounts like this make sure that youve got some coins in here um by going to the account and adding the account so you get an address and then you can go over to receive and go through continue get your address on the device and then get some coins into your wallet now from here what we want to do is link our Ledger device up with a blockchain wallet that we can use D5 with the uh chain wallets that I just showed you some of them can work but some of them dont most of the time people will download something like metamask for most chains that will work if you have something like Solana youll need Phantom wallet but you can make that decision dependent on which chain that you have Im going to show you with metamask because most chains will use metamask so what we can do here is go to download metamask install it if you dont know how Ill leave that video in the description but what we have from there we should be set up with something like this with your metamask account now youre going to have to link your ledger to the metamask so what you can do is go up to the top right hand corner and then go down to connect Hardware wallet if you click that it will give you the option to connect a ledger and then make sure its plugged in and its an unlocked and everything press continue and then that will just link up your Ledger with your metamask wallet really importantly is that your metamask now is a software wallet that lets you interact with blockchains and applications but it has your Ledger address on there which is obviously the most important thing because you want to keep all of your coins on your ledger so now we have our Ledger linked up with something like metamask or Phantom wallet we can use applications to stake and get those tokens in our wallet and start accruing value so for example for Lido what youre going to want to do is download metamask or Phantom wallet Phantom wallet for Alana metamask for the other chains you can see here as an example were going to stake ethereum right here so what you can do is press stake now and then what you have to do is link up your ledger metamask so up in the top right hand corner it will say connect wallet connect up your meta mask and thats with your Ledger account with your Ledger address now from here youll need some ethereum or you know polygon whatever supported chain it is in your account and then you can have that as a balance you just press Max or whatever it may be you can see Ive got some Ethan here press submit now what youre doing here through your Ledger device is staking with this provider so they do all the background staking stuff and they will give you a secondary token known as staked ethereum on the Matic chain its staked Matic on Soul its state soul this is a token thats separate thats in your wallet now and it is accruing staking rewards um so you have to go through the blockchain transaction Joe so just press submit metamask will come up in the right hand side here and you pay a small gas fee so one of the main things is you need enough of the base layer token in order to pay some extra fees if you want to move things around so youll need eth or soul in your Ledger device sitting there for some gas so dont do the whole lot because you then youll have to transfer into more coins to pay for the gas fees so what you now have after that is the staking token in your Ledger device locked up in your in your Ledger or on the blockchain and that is accruing staking rewards a competitor to Lido which does some other changes stader theyve been adding way more chains recently so you can see here polygon BNB coin Im just going to show you BNB for example so if I click on stake now up in the top right hand corner you can connect your metamask again make sure thats your Ledger device and have your BNB tokens on there and then you can go ahead and stake with them right here so you can put in the amount of BNB that you want to stake and then they will give you something called bnbx which is that staking token in a cruise staking rewards but its a separate token in your Ledger device so those liquid staking providers they essentially give you some options of getting the staking rewards but you have a liquid token that you can get out of right away and still hold it in your Ledger there are some downsides though like for example you have to trust the smart contracts that theyve written and your tokens are tied up in a smart contract and so you just want to make sure that that is safe so if you dont want to rely on those smart contracts or those providers just use the chain staking option that I showed you you can actually use Liquid staking directly in Ledger as well and so Ill show you how to do that now you can go to the Discover tab right here so if you click on Discover these are some applications that you can use right in Lido the right in The Ledger sorry so the first one is Lido here so like I did just showed you on Lido its exactly the same if you go to Lido press continue its basically an API where they have the you know Lido site within Ledger and you can use ethereum right here just the theorem for now but there you know theres no support for the other Chains Its exactly the same thing and you can do it right within your ledger so you dont need metamask you can actually do it right here press the amount that you want to stake and that will go through now like it says down here get a 0.18 discount by buying stake teeth on one inch remember these staking derivatives are separate tokens that accrue staking rewards and so you can just buy them on the open market and you dont need to go through all the rigmar hour of setting up the chain wallet for now you can only do that for stake testing with Lido what were going to do though is come out and go into the Discover tab then youre going to want to go through with an exchange you can use power swap thats a DEX aggregator or you can use one inch I prefer to use one inch thats just personal preference go through to continue and youll see it right in your Ledger device now this is a decentralized exchange aggregator you can go to the one inch website but you can also do it directly in your Ledger live and as an example up here you can set up polygon binance smart chain or ethereum all of those chains you can use with one inch through ledger so Im on the polygon Network here lets say I had somatic in my account what you can do is come up and find a liquid staking derivative now staked Matic is one or Matic X from stator Labs is one as well and you can see that down here liquid staking Matic so what you can do actually instead of going through the staking is just essentially swap your Matic for somatic X or staked Matic and that is a staking derivative so you accrue those staking rewards and you can do that right in Ledger and then go to your accounts and you can see that as a separate token so if you go to accounts right here youll obviously have to accept that transaction on your Ledger device but with these accounts if you expand them youll then see that liquid staking derivative right in your Ledger if it is supported in Ledger and that will be accruing staking rewards for you right in your device if you need some more specific guides for metamask or the other chain wallets and everything Ive got those Linked In the description and you can get those deposit bonuses via those links down there as well Im James with money zg cheers for watching and Ill see in the next one Ledger Live staking tutorial - how to stake crypto on Ledger hardware walletLedger Hardware Wallet: MoneyZG Crypto Investor Course: Binance $600 Bonus non-USA: Best Crypto Tools & Deals: FOLLOW ME: Twitter: MZG CLUB Discord: Instagram: TikTok: TIMESTAMPS: 0:00 Ledger Live Staking Tutorial 0:38 How to stake crypto on Ledger Live 1:51 Add Ledger Live apps 2:45 Accounts and addresses 3:44 Deposit crypto onto ledger 4:03 How to link Ledger with blockchain wallet 5:02 How to stake with blockchain wallet 6:41 Liquid staking with Ledger Live 8:13 Link Ledger with MetaMask 9:20 Use Lido with Ledger wallet 11:06 Ledger with Stader 11:41 Liquid staking risks 12:11 Using Ledger Live to stake USEFUL VIDEOS: Bybit: Binance: MEXC: Polygon staking Avalanche staking Cardano staking This video is for entertainment purposes only. It is not financial advice and is not an endorsement of any provider, product or service. All trading involves risk. Links above include affiliate commission or referrals. Im part of an affiliate network and I receive compensation from partnering websites