I am currently staking several cryptocurrencies using my Ledger hardware wallet. I want to ask about the rewards system associated with this. As it stands, I need to manually collect and restake my rewards every time they build up, and this becomes cumbersome since I have to do it frequently to optimize my earnings.
Is there any option to enable automatic compounding of staked assets when utilizing a Ledger device? I would prefer that the staking rewards automatically reinvest back into my staked balance without any manual input from me. While some platforms appear to have this capability, I am uncertain if it is compatible with hardware wallets.
Has anyone discovered a way to achieve this or know which coins provide auto-compounding features in Ledger Live or other supporting applications?
unfortuantly, most hardware wallets cant do true auto-compounding since u need to physically approve every transaction. Some coins like ATOM allow you to restake through validators that auto-compound, but you still gotta claim rewards sometimes. Liquid staking tokens might be a better option - they auto-compound, but you won’t be holding the actual asset directly.
Hey MayaPixel55! Yeah, this is a pain point for most of us using hardware wallets. Which cryptos are you staking? Auto-compounding options really depend on the specific coin.
I’ve seen some protocols getting creative with workarounds. Some DeFi platforms let you delegate staking to smart contracts that handle compounding automatically while you keep custody through your Ledger. Not perfect, but it’s progress.
Have you checked out any staking-as-a-service platforms that work with hardware wallets? Curious if there’s new stuff out there that might help. Also, how often are you manually compounding now? Daily? Weekly?
This auto-compounding problem will probably drive more wallet innovation soon. Would love to hear what solutions others have found!
Hardware wallets like Ledger focus on security, so they need manual approval for transactions - including claiming staking rewards. You can use Keplr wallet with your Ledger for Cosmos-based coins, but auto-compounding is still pretty limited. Liquid staking through Persistence and Stride gives you some automatic reinvestment, but you’re trading security for convenience. I’d suggest setting up a schedule to manually compound your rewards every so often. Find a balance between staying secure and compounding frequently enough to matter.