How to Natively Stake NOM with Ledger — A Guide
ICYMI — Ledger, crypto’s leading hardware wallet, is integrating the Onomy Network and $NOM into Ledger Live and its ecosystem. This means that you’re now able to send, receive, and stake your $NOM directly through Ledger Live — retaining secure self-custody in a cold wallet.
This guide will cover the basics to setting up a NOM account, delegating your stake to the Ledger by Chorus One validator, claiming rewards, and other operations supported by Ledger Live.
Note: Before anything, make sure your Ledger Live is updated to the latest version!
1. Add your Onomy Account to Ledger Live
To do so, open up Ledger Live, connect your hardware wallet via Bluetooth/USB, and navigate to the Accounts tab. Click on Add Account and search for Onomy!
After you’ve clicked on continue, you’ll be prompted to confirm the operation via your Ledger device.
2. Enter the Onomy Ledger Dashboard
Once your account has been added, you can enter the Onomy Dashboard by clicking on the NOM/Onomy account on Ledger Live.
This is where all available functions are displayed.
To receive NOM, click on Receive. Your wallet will generate your NOM address, which you can double-confirm via your device. Once you’ve sent yourself NOM (via a wallet used previously, an exchange, or friend), you’re able to start staking.
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Note: Receiving NOM on Ledger does not require a memo. All you need is the Onomy address starting in “onomy1….”
3. Stake your NOM with the Ledger by Chorus One Validator
To stake, first click on ‘Stake’ in the Onomy dashboard on Ledger Live.
By default, you’re invited to delegate with the Ledger by Chorus One validator. To delegate, follow the steps by confirming the validator, entering the amount, and confirming the operation via your Ledger device.
Congrats! You’re now staking NOM! Rewards accrue automatically, in real-time.
On your Onomy dashboard in Ledger Live, a new tab has appeared which contains your active delegations and a menu to redelegate, undelegate, and claim rewards.
4. Claiming Rewards, Compounding, Redelegating, and Unstaking
To claim your rewards and/or compound them, click on the Claim Rewards button in the dashboard, select the validator you’d like to claim from, and approve the transaction via your Ledger Device. If you choose to compound, your rewards will be added to your original stake. If you choose to simply claim, your rewards are free-to-use by sending, storing, or delegating to another validator.
To redelegate (switch to a different validator), click on the Redelegate button, select the validator you are delegating from and the validator you are delegating to. Enter the amount, and click on continue to confirm your decision via your Ledger Wallet.
To undelegate, click on the Undelegate button, select the validator you’d like to undelegate from & the amount of NOM you’d like to claim back, and confirm the transaction via your Ledger device. Mind that undelegations are subject to a mandatory 21-day unbonding period — a timeframe during which your assets will not be available for any operations, nor will they be accruing staking rewards. This process does not apply to claiming rewards or redelegating to a different validator.
Onomy is an innovative Layer-1 ecosystem designed to harmonize the worlds of Forex and decentralized finance. Based on Cosmos, contributors are building a multi-chain bridge hub, hybrid DEX fusing an order book UI with AMM liquidity pools, decentralized stablecoin solution, and more.
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