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Staking Solana (SOL) through Ledger Live

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This article describes how to delegate Solana SOL coins through Ledger Live.

 This feature is provided by 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 will directly accrue to your delegated SOL balance every 2/3 days.

    mceclip0.png

  • 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.
  • 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

 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).

Video instructions

Delegating SOL in Ledger Live

 What am I delegating exactly? Do I still own my SOL coins?

Delegation can be a confusing term, as it refers to transferring your voting rights rather than your private keys. Validators in Solana place a high value on these voting rights because the more votes delegated to a validator, the greater their chance of becoming the leader who can add new blocks to the Solana blockchain. Although there are multiple validators, only one can be the leader at any given time, and leadership is constantly rotating. By delegating your vote to a validator, you are indicating that you trust them and would like them to be chosen to create the next block. Your SOL coins remain yours, and you can choose to withdraw or delegate your voting rights to a different validator at any time, as we will discuss in the following sections.

  1. Connect your Ledger device to your computer and open the Solana app on your device.
    Your device displays: Application is ready.
  2. Open Ledger Live, navigate to the Accounts tab and select your Solana account.
  3. In your account, navigate to the Delegations section and click Stake at the top of your screen.
  4. 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.
  5. 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?

    To withdraw your staking rewards, you will require SOL in your available balance to cover the transaction costs. Therefore, it is advisable to refrain from delegating your entire balance and instead keep a minimum of 0.01 SOL in your available balance.

  6. 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.

Next steps

  •  It takes up to 3 days for a delegated balance to become active and start earning rewards.
  • An activating delegation will not get rewards until it's activated:

    mceclip1.png

  • An active delegation will get rewards.

    mceclip2.png

     You will not see reward transactions in your transaction history, instead your staking rewards will accrue directly to your delegated balance.

    mceclip0.png

 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. 
    mceclip2.png
  • Alternatively, you can undelegate your current SOL stake then re-delegate a new balance with a higher amount of SOL.

How to monitor your SOL staking rewards with the Earn dashboard in Ledger Live

You can easily track your SOL rewards right in Ledger Live using the Earn dashboard.

To view this information, simply open Ledger Live, click on the 'Earn' tab, and then find your Solana (SOL) account in the list. Here, you'll see both the amount you've staked and the rewards you've accumulated


Undelegating a SOL balance in Ledger Live

  1. In Ledger Live, navigate to the Accounts tab and select your Solana account.
  2. In the Delegations section, navigate to the delegated balance you wish to undelegate and click Manage > Deactivate.
  3. Click Continue.
    Your device displays: Deactivate stake.
  4. 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.
    deactivate_SOL_better_gif.gif

What next?

  • 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.
    2022-05-10_13h54_25.png

Withdrawing your inactive SOL delegation back to your available SOL balance

  1. In your Ledger Solana account in Ledger Live, navigate to your inactive balance then select Manage > Withdraw.
  2. Select the SOL amount you wish to withdraw then click Continue.
  3. Approve the transaction on your Ledger device.
    Ledger Live displays: You have successfully withdrawn your assets.
  4. 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.

*Rewards are not guaranteed. Ledger does not provide any financial advice or recommendation. 

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