How to Enable Hedera Native Staking on your Ledger Device With HashPack
February 3, 2023
Native staking rewards have been live on Hedera since we launched the feature in October 2022. Since launching, users of Ledger devices have been unable to stake their HBAR.
Great news, the wait is now over!
With our recent update, you can select and stake your HBAR with your Ledger to one of the 27 consensus nodes run by the Hedera Governing Council members and passively earn HBAR.
There are currently some limitations to this feature. Staking only works when creating a new account with your Ledger. Existing accounts are unable to stake their funds, however you can create a new account and transfer your assets over.
How to Stake With Your Ledger Device
Staking with your Ledger couldn't be easier! Please ensure you're using HashPack v6.2.0. Restart your browser to get the latest version of HashPack. Here's a quick guide to get you started:
If you're new to HashPack, press the Connect Ledger button on the welcome screen. If you're an existing user, press the menu icon, Add Wallet, and then press the Connect Ledger button.
New users will need to create a password. This password is used to unlock HashPack and is securely encrypted on your device.
Next, select the Create a new wallet button. Then, connect your Ledger to your desktop device via USB.
Enter your PIN to unlock your Ledger and open the Hedera app, wait until you see the message Awaiting Commands.
Depending on how you've connected your Ledger you'll need to select either WebHID, WebUSB or Bluetooth.
Make sure the Hedera app is still open on your Ledger, then press Get Public Key on HashPack.
You will receive a prompt on your Ledger to approve this action. Click Next on HashPack to continue.
Now you can select the node you wish to stake your account to. Once you've made your choice, press next.
Enter a nickname for your HashPack wallet. This step is optional, but may help you keep track of what the account is for.
Press Create Wallet. Congratulations, you've successfully created a new Ledger account with staking!
If it's the first time setting up your Ledger, please read our comprehensive guide for additional steps in setting up your device with Ledger Live.
What About Existing Hedera Accounts?
Staking with your Ledger only works on newly created accounts. You can make multiple Hedera accounts with the same Ledger device.
Create a new account with your Ledger by following the steps above. Then, simply transfer your funds from one account to the other.
The HBAR sent to your new account will be automatically staked to the chosen node.
What is Hedera Native Staking?
Hedera native staking is a process by which customers can earn rewards for participating in the Hedera network. By delegating their HBAR to a node operator, customers can help to secure the Hedera network and earn rewards in return. This process is an important part of maintaining the decentralisation of the Hedera network and helps to ensure that it remains secure and efficient.
Read our comprehensive FAQ for more information about Hedera Native Staking.
Limitations of Staking With Your Ledger Device
There are some limitations to using a Ledger device while staking.
Can I change the node after creating an account?
You will not be able to change the chosen staked node until full staking support is added by Ledger. Full support for native staking as well as HTS tokens, including NFTs is estimated to be 6-7 weeks from now (April 2023).
Can I stake on my existing Ledger account?
Staking with your Ledger devices only works on newly created accounts. If you have an existing account, simply transfer your assets over to the new account.
How do I claim my rewards?
Staking rewards cannot be manually claimed using the 'Claim Rewards' button. Instead, to collect rewards on your Ledger account, send a small amount of HBAR to the account. This will trigger the process to automatically redeem staking rewards.
Please note, this new feature is only meant to be a temporary solution until official Ledger support becomes available. This feature enables Ledger users to take advantage of their staking rewards immediately, before the official support is added.
Happy staking HBARbarians!