This article describes how to delegate Solana SOL coins to a Ledger staking node in Ledger Live.
This feature is provided in partnership with Figment. Click here to learn more.
What's the APY for staking with Ledger by Figment?
- APY (annual percentage yield) refers to the rate of growth on your SOL stake as staking rewards accrue to it.
- Staking rewards are added to your delegated SOL balance every 2/3 days.
- The return for staking with Ledger is in line with the Solana network nominal yield (which you can look up here) minus a commission fee paid to Ledger and Figment for providing the staking service.
- Please note that staking returns depends on a number of factors including Solana's network performance and node uptime.
- You can learn more about Solana staking here.
Before you start
- Download and install the latest version of Ledger Live on your computer.
- Open Ledger Live, connect your Ledger device to My Ledger and make sure your Ledger device is running the latest firmware version (Nano S / Nano S Plus / Nano X).
- Make sure that the latest version of the Solana (SOL) app is installed on your Ledger device. You need version 1.2.0 or above to stake.
SOL staking on mobile
- Delegating Solana is only available through Ledger Live desktop application for the moment.
- Currently, you are unable to see your delegated assets in Ledger Live mobile so might see a reduction in your available SOL balance in our mobile application.
- Please use the Ledger Live desktop app to view your entire SOL balance (available balance + delegated balance).
Delegating SOL in Ledger Live
What am I delegating exactly? Do I still own my SOL coins?
- Delegation is a technical term that can be quite confusing.
- You're not delegating your private keys but your voting rights.
- Voting rights are important to validators because the more votes are delegated to a validator, the higher the chance they might become the leader.
- In Solana, only the leader validator can add a new block to the blockchain.
- While Solana has multiple validators, there can only be one leader at a time and the Solana blockchain constantly rotates leaders.
- By delegating your vote to a validator, you signal your trust towards that validator and your wish that they be selected to create the next block.
- Your coins are still yours however, voting rights can be withdrawn or delegated to a different validator at any time (more on this in the following sections).
- Connect your Ledger device to your computer and open the Solana app on your device.
Your device displays: Application is ready.
- Open Ledger Live, navigate to the Accounts tab and select your Solana account.
- In your account, navigate to the Delegations section and click Stake / Earn rewards at the top of your screen.
- Select the Ledger by Figment validator then click Continue.
If you do not wish to delegate to Ledger, click Show all and select a different validator.
- Select the amount of SOL you wish to delegate then click Continue.
A prompt appears on your Ledger device.
How much SOL should I delegate?
- Later on, you will need SOL in your available balance to pay for the transaction to withdraw your staking rewards.
- As such, it's a good idea to avoid delegating your entire balance and to leave at least 0.01 SOL in your available balance.
- Review and approve the transaction on your Ledger device.
Ledger Live displays: Broadcasting transaction...
Ledger Live displays: You have successfully delegated your assets. You're done.
- It takes up to 3 days for a delegated balance to be activated and start earning rewards.
Staking rewards will accrue to your delegated balance.
- An activating delegation will not earn rewards until it's activated:
- An active delegation will earn rewards.
Adding SOL to an active delegation:
- The Solana blockchain will not let you add SOL to an active delegated balance.
- Instead, you can create a new separate delegated balance by using the Add button.
- Alternatively, you can undelegate your current SOL stake then re-delegate a new balance with a higher amount of SOL.
Undelegating a SOL balance in Ledger Live
- In Ledger Live, navigate to the Accounts tab and select your Solana account.
- In the Delegations section, navigate to the delegated balance you wish to undelegate and click Manage > Deactivate.
- Click Continue.
Your device displays: Deactivate stake.
- Approve the transaction on your Ledger device.
Ledger Live displays: You have successfully deactivated your delegation.
After a while the status of your delegation will change to Deactivating.
- It takes 3-4 days for a delegated SOL balance to become inactive.
- An inactive balance can be reactivated (delegated again) or withdrawn to your available balance (as shown below) to be freely traded or moved out of your Ledger Solana account.
Withdrawing your inactive SOL delegation back to your available SOL balance
- In your Ledger Solana account in Ledger Live, navigate to your inactive balance then select Manage > Withdraw.
- Select the SOL amount you wish to withdraw then click Continue.
- Approve the transaction on your Ledger device.
Ledger Live displays: You have successfully withdrawn your assets.
- Close the pop-up window.
Once the transaction is confirmed, your SOL withdrawal and staking rewards will be credited back to your Available balance. You're done.