Do you know that staking is the ultimate way to earn some rewards and benefits on your crypto holdings? Well, if you have some crypto lying idly in your crypto wallet, you can put them to use by staking them and locking them for some time. The same feature has been recently introduced by Ledger Wallet. Yes, they have introduced the "Figment" feature using which you can easily stake your ETH using the Ledger Live app. If you have not downloaded the Ledger Live app as of yet, then you can do so immediately and sync up your hardware wallet with it.
Now, you must be wondering what is the figment app or the figment feature. Well, this is an application that ultimately helps you track your stake your crypto assets, earn rewards through staking, and also helps you to track your performance easily. This app comes with an easy-to-use interface that helps you enjoy comprehensive crypto security and gives you access to all of the available features in an instant.
As discussed in the given section, this app helps you with a wide range of services and most importantly it allows you to stake your crypto assets. However, the minimum staking amount is 32 ETH. If you stake ETH using Figment through Ledger Live, you are subject to get additional benefits. And the most important benefit that you can extract is that you won't be staking through a centralized exchange. The platform is also easy to use, comes with top-notch security, and has additional benefits as below:
Well, the procedure that you need to follow to enjoy the staking benefits is pretty easy and straightforward. To understand the same, you can check out the process which is listed below:
If you do not know where to get the "Figment" app, you can proceed with the steps to get the app downloaded by navigating to the "Discover" section of Ledger Live.
In simple terms, it is like locking up a certain amount of cryptocurrency in your wallet to secure a proof of stake (PoS) blockchain network for which you are rewarded for your contribution. In case you are wondering why are you being rewarded for staking, then note that staking helps in securing the network and maintaining the good health of the network. That is why they reward you for strengthening their network.
The reason why Figment was introduced to Ledger Live is because of the fact that it helps build a better Internet by allowing investors stake their tokens without putting much efforts. Thereby, they can earn yield and participate in securing the blockchain.
Conclusion:
Ledger Wallet, as we know is a trusted wallet and is currently being used by millions across the globe. The wallet comes with dynamic features that help you level up your crypto trading game. The platform has recently introduced a new feature that can be found within the Ledger Wallet app i.e. Ledger Live. The way to use it has already been discussed above.