Cold Staking with Ledger – Tutorial

Ledger Overview

The Ledger hardware wallets allows you to store crypto-currencies simply and safely. Your data is stored in a high-security chip and is never exposed.

Ledger devices are the most widely used hardware wallets on the market today for storing bitcoin, ether, and others altcoins.

What is Cold Staking?

Cold staking is not related to proof of stake or a consensus mechanism; cold stakers neither generate blocks nor confirm transactions. The cold staking contract collects 40% of all mining reward and distributes it to the cold stakers in direct proportion to their holdings.

Cold stakers earn a passive income simply by locking their coins for a determined period of time. This makes it a much safer and eco-friendly way to earn passive income with cryptocurrencies.

Cold Staking Essential Points

  • You can start staking at any time.
  • A staking round is 27 days.
  • You need to keep some CLO on your wallets to cover transaction fees (~1 CLO is enough).
  • When you start staking, you can set the locking duration. The longer you set the initial locking duration, the greater your reward will be.
  • It is not possible to remove staked CLO before the end of the defined period (round(s)). However, rewards can be claimed after each round.
  • It is possible to add more CLO coins to an active cold staking:
    • If the remaining staking period is less than 27 days, your Cold Staking round will be prolonged by 27 days (minimum staking period).
    • If the remaining staking period is more than 27 days, it remains unchanged.
    • Note: Adding funds to an active cold stake will reset the current round and result in the loss of the pending reward. It is therefore recommended to add funds at the beginning of a round.
  • You will only earn interests during the defined staking period.
  • Note: You will get reward only for the staking period you had initially specified. That means you will not get any reward for the days exceeding specified staking period, even if your funds remain in the Cold Staking. So, the longer you set the initial staking period, the greater your reward will be.

Just click below for a detailed description of Cold Staking!

Learn more

 

Cold Staking with Ledger – Tutorial

1. Connect your ledger to your computer, enter your PIN code, and select the Callisto app.

 

2. Navigate to https://wallet.callisto.network.

(Make sure you have selected the ” CLO ” on the Network menu.)


 

3. Click on “ Send Ether & Tokens “ tab.


 
4. Unlock your wallet by selecting ” Ledger Wallet ” then click on ” Connect to Ledger Wallet“.
 
 

5. Set ” Callisto ” as network, and then select your CLO wallet.

 

6. Click on ” Start Staking V2 ” button.


7. Enter the amount of CLO you want to stake (1000 coins in our case), select the period of time you want to freeze your funds (10 rounds in the example), and then confirm the transaction.

 

8. Once, confirmed you will see the amount staked under ” Staking Balance “.

If you do not see your ” Staking Balance ” yet, click the ” refresh ” icon next to Account Balance.


9. Once a staking round is complete, the progress bar will show 100% and your reward will be displayed.


 

When it comes time to get your reward, you have two options:

1 – The “Claim Reward” button allows you to claim your reward after each round.

2 – While the ” Withdraw ” button allows you to withdraw both your initial stake and your reward at the end of the defined staking period.

 

Cold Staking, Passive Income For Everyone.

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