Users can now stake their Ethereum with Lido using Ledger Live crypto app.
Lido is a liquid staking solution that allows stakers to participate with the DeFi ecosystem whilst staking their Ethereum on the beacon chain. This is done through the use of Lido’s stETH token, a liquid variant of staked Ethereum that rebases daily to reflect staking rewards.
Users can use their stETH in a variety of DeFi protocols.
Ledger wallets are hardware wallets that allow for secure storage of cryptocurrencies. Hardware wallets guarantee a sense of security, mitigating risks associated with other wallets that are vulnerable to malicious attacks. Do not share your private keys with anyone.
Installing Lido through Ledger
Open the Ledger Live app.
Install the Ethereum app on your device.
After installing, select “Add Account” and “Continue”.
After synchronizing, select “Add Account” and select “Done”.
Go to the “Discover” tab in the Ledger Live menu (on the left) and install “Lido”.
Steps 1-4 are unnecessary if you already added an Ethereum account.
Staking with Lido on Ledger
Once you are at the Lido staking page in Ledger Live, input the amount of Ethereum you would like to stake.
Select “Submit”.
Choose your preferred fees. The lower the fee, the slower the transaction will process. Select “Continue”.
Sign the transaction on your Ledger.
Please note, rewards are displayed as daily balance changes, and not as incoming transactions.
Unstake using Ledger
Unstake using ParaSwap
Go to the “Discover” tab in the Ledger Live menu (on the left) and install “ParaSwap”.
After installing, open the app.
Under “Pay”, change the token to “STETH” by “Importing” the token.
Under “Receive”, change the token to “ETH”.
Select “Swap” and change the settings to your preference.
Select “Confirm Order”.
Approve the first transaction.
After approving the transaction, a prompt will appear to finalize the transaction.
After finalizing, you have successfully swapped stETH to ETH.
Unstake using Curve
Head over to the stETH/ETH pool.
Connect your wallet.
Input the amount of stETH you would like to swap to ETH.
Select “Sell”.
Approve the first transaction.
After approving the transaction, a prompt will appear to finalize the transaction.
After finalizing, you have successfully swapped stETH to ETH.