Users Can Now Stake TON on Ledger Live

Ledger Live has opened its doors for users to stake Toncoin, the native cryptocurrency of The Open Network (TON). Ledger Live partnered with P2Pvalidator to facilitate the staking capability. Despite the move, Toncoin’s market value decreased.

For context, Ledger Live is the dedicated crypto wallet app for the Ledger ecosystem. Focused on security, Ledger is a hardware wallet that allows users to keep their crypto holdings offline safely. Ledger Live enables users to view, manage, and access their crypto portfolio. Users can also tap into other blockchain sectors, such as decentralized finance (DeFi) and non-fungible tokens (NFTs).

Users Stake TON on Ledger

Staking TON involves participating in the network’s operations to help secure it and validate transactions. In return, users earn rewards in the form of additional Toncoin assets.

With this integration, users can now stake TON on Ledger Live while benefiting from the app’s robust security features. At the same time, the TON blockchain benefits from more validators joining its ecosystem and securing its layer-1 network. Through the app’s Earn section, users can stake TON on Ledger.

Ledger Live supports staking for various cryptocurrencies. These include ETH, XTZ, TRX, ATOM, ALGO, ADA, SOL, POLY, and more. Toncoin now joins the bandwagon of crypto assets that can be staked on the crypto wallet. Before now, Ledger has allowed users only to buy and sell wrapped versions of Toncoin.

Shedding more light on the latest development, the TON development team noted via X that staking will also be facilitated by TonWhales, alongside P2Pvalidators. It added that liquid staking would soon be enabled via StakeKit and Tonstakers. These features open the road for users to earn more when they stake TON on Ledger.

TON Fails to Impress

Despite the recent development, the TON price movement has not been impressive. The digital asset has declined 4.99% in the past 24 hours to $3.32.

Notably, Toncoin has struggled below the $6 price mark since the start of this year. This has been true despite various moves that could have potentially propelled its price to higher price levels, such as crypto treasury adoption and the broader altcoin season. Its underperformance could be influenced by factors such as adoption rates, ecosystem developments, and overall market sentiment.