I’ve been wondering about something with my hardware wallet setup. I have some digital assets that I’m currently staking through my Ledger device, and I’m curious if there’s a way to automatically reinvest the rewards I earn back into the staking pool.
Currently, I have to manually claim my rewards and then restake them, which feels tedious. I know some platforms offer compound staking where your earnings are added automatically to your staked amount, but I’m not sure if this feature works when staking directly from a hardware wallet like Ledger.
Has anyone figured out how to set up automatic compounding for staked tokens when using Ledger Live or connected dApps? I’d love to hear about your experience with this.
Oh this is interesting! I’ve been dealing with the same thing but from a different angle. What tokens are you staking through your ledger? Some dapps actually have settings that let you toggle auto-compounding even with hardware wallets.
I remember connecting my ledger to some defi protocols and finding a checkbox or toggle in the staking interface for “auto-compound rewards” - but I was nervous to enable it because I worry about giving smart contracts too many permissions when my ledger’s connected.
Have you checked if the dapps you’re using have auto-compound features buried in their settings? They’re not always obvious. Also curious - are you staking multiple tokens or just one? That might change your strategy.
One more thing - does enabling auto-compounding through a dapp affect how often your ledger asks for confirmation? That’s always been my main concern with automation features.
Auto-reinvestment isn’t really a Ledger thing - it’s all about which blockchain and validator you pick. I switched from manual claiming to validators with auto-compounding and it’s been a game changer for my workflow. Some Cosmos chains have validators that automatically compound your rewards, even with hardware wallets. You just need to do your homework since not every validator offers this. Yeah, you’ll pay a bit more in commission for the convenience, but the time you save and consistent compounding usually makes it worth it. I’d check your network’s explorer for validator details - look for ones that specifically mention auto-compounding.
it kinda depends on what tokens you’re using, ya know? for eth on ledger, you can’t do auto-compounding directly, but if you try out some DeFi stuff like Lido, they give you tokens that do the compounding for you. I’ve been using Rocket Pool too, it’s a bit weird with their interface, but its cool.