How to Use Ledger to Stake Solana in Phantom Wallet
The fact that hardware wallets ensure superior safety of your crypto funds compared to so-called hot wallets, i.e. those you access online, is general knowledge. Indeed, an online wallet is more vulnerable to hacker attacks by default, especially phishing. For that reason alone, we strongly recommend that you use hardware wallets, such as Ledger.
In this guide, we’ll show you how to create a Phantom wallet and stake Solana (SOL) in it using Ledger.
Step 1: Install the app
Go to Ledger’s official website and get the app for your preferred environment (desktop or mobile.) We’ll be using the desktop version.
In the app, make sure to use the latest version. To do that, go to the Manager tab on the left-hand side of the interface, and check whether there is a warning about a higher version. If yes, update the app using the latest version available on the website. Always using the latest app version is crucial to your cybersecurity.
Connect your Ledger to the PC and confirm it from the interface.
How to Set Up Phantom Wallet
- First of all, install the Phantom extension for the desktop. Again, we recommend using Chrome or Brave.
2. Then create the wallet as described here.
3. When prompted, write down the seed phrase. Make sure to store it in a safe place as the phrase is the only way to recover a wallet from a new device. A bad actor could also use it to access your funds, so make sure to store it as securely as you can to exclude it from ending up in the wrong hands.
4. When you’re finished with the standard procedures, launch the extension.
How to Import Solana to Ledger
1. Connect Ledger to your PC and launch the Solana app.
2. Now start the Phantom extension and click on Add/Connect Wallet from the burger menu.
3. Click on Connect Hardware Wallet and then Continue.
4. Find your device in the list and press Connect.
5. Choose a derivation path (44'/501'/0' by default) and the Solana account you need from the drop-down menu. If you can’t find your account, you should move one step back and choose a different derivation path. Once ready, click on Add Account. That finishes the process of connecting your Ledger Solana account to Phantom.
How to Top Up Phantom Wallet
1. Click on Deposit to get the recipient address for your SOL.
2. Transfer the funds from a different wallet or an exchange.
3. Use this address to send SOL coins to your Ledger account. The funds will arrive once the network validates the transaction. If they appear to have not arrived within a reasonable time, relaunch the extension.
How to Stake Solana
1. Click on Solana in your wallet and then hit the button aptly named Start Earning SOL.
2. Now you have to choose a validator. In this guide, we staked with Everstake as it is among the leading Solana validators with nearly 100% uptime but you can choose a different one. This will have no effect on your further steps.
Once you select the validator, you will be able to see relevant information such as the fee size and the amount of your pre-existing stake with them. If you are not happy with the fees, you can go back and select a different one.
3. Input the amount of your stake. Make sure to leave at least 0.05 SOL for transaction fees, otherwise, you won’t be able to transfer funds anywhere.
4. Take another look at Ledger and the Solana app: both should be unlocked and in operation. If so, click Stake.
5. You must confirm the transaction from the hardware wallet. Follow the instructions on its screen (you can go to the next one with the right key on the device). Press Approve to launch the transaction.
6. In a few minutes the network will validate the transaction. This ends the process of staking.
You will begin earning rewards starting the next epoch. To keep track of that, use the SolanaBeach explorer.
Track your staking
Sometimes, wallets might not display stake account details clearly, and SOL holders may suffer from misleading information regarding their funds (like total balance, total received staking rewards, etc.), thus using Solana explorers helps to re-check the credibility of the information and make sure that the rewards have been paid out to you. Check our article on how to track SOL staking rewards.
The unstaking process is quite similar to the one described above, though you’ll have to use your Ledger to confirm transactions. For details, please refer to the special guide on unstaking. Note that unstaking also takes time, which is indicated by the Deactivating status in your wallet. Only once the process is complete you are free to use your funds again. You can find out more about Solana staking in our FAQ, ask questions in our Telegram chatroom, or ask the Phantom support team for help if something goes wrong.
We wish you happy staking!