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Tuesday, September 21, 2021

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Ledger Live integrates an “accessible” Ether staking option

In a recent blog post, the popular cryptocurrency hardware wallet Ledger announced a new partnership with Ethereum 2.0 staking solution, Lido Finance, in a move calling for greater accessibility and liquidity for independent players in the market.

Staking is a niche investment method within the cryptocurrency ecosystem that allows users to independently or collectively stake their crypto assets, collecting passive income in return, as well as actively contributing to the sustainability of the blockchain network.

Users who have tried staking their Ether (ETH) in the past have faced huge financial hurdles. The current cost to become an Eth2 network validator is around $ 100,000, a figure that many investors in this market simply cannot afford.

Centralized ETH staking options are available on exchanges like Coinbase or Kraken, but they come with a hefty entry fee and obvious trust concerns, not ideal for investors who maintain the industry core value of free asset autonomy. .

In the last few months, Ledger’s interface has given users the option of decentralized staking in the form of Polkadot or Tezos consensus mechanisms, but the real demand in the market lies with the smart contract giant Ethereum.

By removing the high barrier to entry for staking ETH, this partnership has set a precedent, allowing users to stake a nominal amount of ETH instead of the 32 ETH required previously.

As Ethereum aligns itself with a new frontier having to do with Eth2, staking and indeed lending will attract greater audience participation and offer lucrative opportunities for regular participants in the cryptocurrency space.

In this example from Ledger and Lido; as the blog post explains: “For every Ether you staking through LIDO, you will receive STETH in return. These can be traded, shipped, or sold through services like Paraswap. “

The stETH tokens, which are equal to ETH in a 1: 1 ratio, will become visible in your Ledger wallet. This asset figure will be updated daily to show recently accumulated staking rewards.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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