- Lido gives users the chance to participate in ethereum staking without a set amount of ETH
- Ledger already allows users to stake tokens like Tezos, Algorandm Cosmos and Tron
To some, cryptocurrency is about selling and buying assets in an effort to generate returns.
Others have sought out staking tokens as a means to make passive income within the industry.
Staking allows qualified users to earn monetary rewards by helping to make Ethereum’s blockchain more secure by committing to “save” their crypto in something similar to a term deposit. Ethereum staking requires a certain amount of ether to participate and a sizable investment into its infrastructure, leaving many unable to join in.
Crypto wallet Ledger saw this dilemma and wanted to make staking more accessible by breaking down these barriers of entry.
“Staking Ethereum is quickly becoming the de-facto entry point into the world of lending within crypto,” Vice president of Transactions at Ledger Iqbal Gandham said. “Until now, staking had required investment in infrastructure, losing control of your crypto, or a lot of ETH (-32 to be exact).”
Ledger will now allow users to stake ether through Lido directly on Ledger Live’s interface, the company announced Friday.
In the past, to become a network validator, a user would have to have around 32 ETH. With Lido, users can participate without a set amount of ether tokens.
“This model placed ETH staking out of reach for most of us. Lido’s integration onto Ledger Live establishes the solution and introduces ETH staking to a wider audience,” Gandham added. “Users can now simply plug in their nano and stake whatever amounts of ETH they have, whether it be 0.5 ETH to 100s of ETH, all in a secure, non-custodial manner!”
Ledger already allows users to stake tokens like Tezos, Algorand, Cosmos, and Tron through a consensus mechanism.
Ethereum is trading at 3,217.84, up 5.8% according to CoinGecko.