Ethereum News

Ethereum staking comes to Ledger hardware products

Ledger Live – the Lido staking service – has been extended to Ethereum holders, allowing staking on the platform in anticipation of Ethereum 2.0.

The widely-anticipated news follows the launch of staking services for Polkadot (DOT), Tezos (XTZ), Algorand (ALGO), Cosmos (ATOM) and Tron (TRX) holders on Ledger’s platform.

The Polkadot and Tezos staking services were especially innovative updates for the Ledger platform, with both focusing on proof-of-stake (PoS) consensus technologies – this paved the way for the latest Ether staking update in preparation for the Ethereum 2.0 network upgrade to PoS mining.

Staking provides crypto investors with passive income by allowing them to participate in transaction validation on proof-of-stake blockchain networks.

Anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn staking rewards.

One of the biggest barriers to Ethereum 2.0 staking is the token requirement of 32 ETH in illiquid Ether holdings. This is inaccessible to most amateur investors and has led to the collaboration between Ledger and Lido.

DeFi innovator Lido allows Ledger’s Ethereum holders to participate in liquidity staking, with user’s joining a larger pool of decentralised investors staking any given amount of ETH.

The percentage return on staked ETH depends on the total staked ETH in the network. An increase in the total amount of staked ETH leads to a decrease in APR.

If the total amount of ETH staked is low, then the reward rate will consequently be higher, with a maximum annual reward rate of 18.10%.

More crypto news and information

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Sam Cooling

London-based crypto journalist Sam Cooling studied at the London School of Economics (LSE) before working as a Data Technology Consultant for the Fairtrade Foundation. Coin Rivet combines his passion for technology writing with his zeal for the Decentralised Finance revolution. Sam loves providing daily regulatory and alt coin coverage. Outside of the crypto world Sam loves boxing, and spends his time working with NGOs in Zambia.

Disqus Comments Loading...

Recent Posts

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

4 weeks ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

1 month ago