Plug your ledger and input your password.
Click manager and upgrade your Firmware
Re-install Cardano ADA app.
Install ADA Lite
Note: If you are having problems please try to use Chrome or Firefox browser.
Go to https://adalite.com.
Click “Continue to AdaLite”
Click “Hardware Wallet”.
Make sure you have your Ledger Nano S/X connected, unlocked and you are in the Ledger Nano Cardano APP.
4. Click “Ledger Nano S/X”
5. You should see the loading screen.
It will ask you to export the public key on the Ledger device. Confirm the export. You will have to confirm it twice.
Note: If the screen doesn’t go away try to disconnect and reconnect your Ledger device then try this step again. Also be sure that you upgraded the Ledger firmware and Cardano APP as mentioned in the beginning of this tutorial.
6. After confirmation you should see your wallet with your current ADA balance.
As this is an old (Byron) wallet you can’t directly stake with it.
Therefore you must convert the balance. Click “Convert to stakable”.
7. Check everything is in order. Click “Confirm Transaction”.
You should see the transaction on the Ledger Nano S/X. Check the address and confirm the transaction on the device.
8. CONGRATULATIONS you now have a stake-able wallet/address that supports delegations
and a bunch of other cool features.
ADA Lite — Staking, Delegation
Few things to note first:
There is no danger of loosing your funds, as your funds will never leave hardware wallet. You are just telling the network that you are delegating your stake to the selected pool and not sanding that pool any of your ADA.
There are some parameters to consider:
Cost per epoch: This is a fixed amount of ADA that the pool operator will get and will be substracted from all the rewards the pool creates.
Profit margin: Is a variable reward for the pool, percentage of reward sum that will go to the pool operator.
To play around with this parameters you can check the official rewards calculator
If you want to consider us; our pool is www.ada247.net TICKER AD247. APP fee is just 2%.
Note: Currently you can only delegate to one pool per wallet.
Next type in or copy/paste the ID of the pool under Delegate stake. You should see the correct staking pool information. Click “Delegate”.
Example ID pool1wvhd4nf6mar2x0zaek2te6lqkrckk9mxtjctezy878a3zprru7s