Staking Guide — Stake SOL (Solana) with SolFlare Wallet using Ledger Nano S
Hello SolFlare users and Solana community members,
We are happy to share with you a thorough staking guide that will help you delegate your precious SOL tokens and contribute to the security of Solana Network.
The SolFlare Wallet was created by Dokia Capital and is the very first non-custodial wallet that allows you to easily delegate your SOL tokens. The wallet currently supports two options with more hardware wallets to be added:
- Staking by using Keystore File and Password
- Staking with Ledger Nano S Hardware Wallet
In this guide we will explicitly focus on Staking SOL by using Ledger Nano S. This is especially recommended if the amount of SOL tokens you hold has a significant value. If you are interested in the Staking Guide for using Keystore File and Password, please check this article.
Step 1. Install the Solana App on Ledger Nano S
For this you will have to:
- Install Ledger Live if you haven’t already and open it;
- In Ledger Live you have to go to Settings -> Experimental features and activate Developer Mode;
- In Ledger Live go to Manager, then connect your Ledger Nano S, and confirm by clicking both buttons to enable them to connect;
- In Ledger Live, on Manager, search for Solana in the App catalog, then click on “Install”. At the moment of writing the latest version of Solana application is v0.2.2. If you have an older version make sure to update it to v0.2.2.
Step 2. Access your wallet
After you installed the Solana application on your Ledger Nano S you can go to https://solflare.com/ and click on “Access” on the Menu or on “Access a wallet”, like shown in the picture below.
After going through a short introduction you will land on a screen where you can select which type of wallet you want to create.
On the next screen you will have to switch to “Using Ledger Nano S” and click on “Access Wallet”.
Now open the Solana Application on your Ledger Nano S and click both buttons if the message “Pending Ledger review” appears. At the end you should see the message “Application is ready”. Now you can select derivation path.
When the popup “solfare.com wants to connect” appears, then select your hardware wallet and click on “Connect”.
Now you can select the address you would like to interact with and click on “Access”.
Once you have access to your wallet, you need to make sure that you are on “Mainnet” network. If this is not the case you can click on “Change” and select “Mainnet” from the option list. Then you will have to fund your wallet prior to the staking process.
The SolFlare wallet also offers the option to switch between light- and dark-mode.
Step 3. Staking
Once you have your wallet address funded, then you will have to create a staking account. You can either press “Get started” or select the “Staking” tab and then click on “Create Account”.
On the next screen enter how much you would like to deposit from your balance and click on “Next”.
- It is important and recommended to support stake decentralization. This adds a significant contribution to the security of the network and in the end everyone will benefit including you, the delegator as this gives indirectly more value to the token itself. In order to support this is recommended to create multiple staking accounts, split your balance among those and then delegate to multiple validators.
- It is important and recommended to keep some minimal funds in your wallet for transaction fees.
Now on your Ledger navigate and verify the data like amount, address from which the staking account will be funded, etc. by using the right button until you see “Approve” and then press both buttons simultaneously to confirm.
Once this is done you will receive your staking account address. Now you can press “Finish”.
Once the staking account is funded, you can proceed to the last step: delegating to a validator. For this you will have to click on “Delegate now”.
On the next screen you will have the option to choose from multiple good validators.
You will have to verify and confirm your delegation by navigating with the right Ledger button until you see “Approve”, then confirm by pressing both Ledger buttons simultaneously.
In order to support stake decentralization we created and funded a new stake account by clicking on “Create Account” and repeating the steps above.
As you can see in the screen below, having multiple staking accounts and delegating to multiple validators is a great step towards stake decentralization and increasing the network security. We encourage delegators to do this and select multiple validators by splitting the stake among these.
Staking is complete, you can enjoy your SOL rewards once inflation gets activated!
In case you have any questions regarding the staking process, please join us on our Telegram channel. Our team will be happy to answer your questions!
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