Ethereum Staking is now available to Ledger Live users*, powered by Kiln’s Ethereum Staking Pool. Through its integration with Ledger Live, Kiln On-Chain makes staking accessible to ETH holders, regardless of the size of their holdings.
In late 2022, Kiln introduced the first Ethereum-native staking solution in Ledger Live. This innovative solution allowed Ledger users to participate in staking by deploying validators with 32 ETH batches. This initiative not only enhanced the security of the Ethereum network, but also rewards users with staking returns.
The response was remarkable, with over 2,900 individual active stakers effectively managing more than 11,400 validators. In less than a year, this dynamic community collectively staked over $580 million worth of ETH.
While this offering catered well to users with multiples of 32 ETH, enabling them to stake from their non-custodial Ledger wallet with its robust security, it excluded those with smaller holdings.
However, today signifies a pivotal moment as we introduce an exciting staking opportunity for any ETH amount, greatly expanding access for a broad spectrum of users.
“Staking is an indispensable function of many public, permissionless blockchains that allows users to participate in network governance and protect themselves from inflation. Ledger is pleased to see Kiln's innovative staking technology made available to all Ledger users.” — Jean-François Rochet, VP Payments & Transactions at Ledger
Why Pooled staking?
The dominance of certain staking pools within the Ethereum ecosystem can harm Ethereum's censorship-resistant properties. While liquid and delegated staking services offer convenient features like user-friendliness, immediate liquidity, and enhanced capital utilization, excessive concentration in the staking landscape can undermine its overall well-being.
The Kiln pool presents an alternative solution to counteract these negative effects. A variety of strong staking pool options reduces the centralization risk and encourages users to distribute their staked assets across different pools run by different node operators, promoting network decentralization.
Furthermore, Kiln's integration with platforms like Ledger is a transformative step. This collaboration unlocks Ethereum staking for a significantly wider audience, regardless of their initial stake. Data from Glassnode as of June 14th, 2023 reveals that 99.93% of Ethereum wallets hold less than 32 ETH, highlighting the tremendous potential for enhanced participation and accessibility within the Ethereum staking ecosystem.
“We are tremendously excited to deploy the integration of the Kiln Staking Pool with Ledger today. This is the result of a year of collaboration between our teams to release the first-ever 100% non-custodial and on-chain native ETH staking product, allowing staking from any amount.” — Laszlo Szabo, CEO and Co-founder of Kiln
How does it work?
The Kiln Pooling smart contracts combine users' stakes to fulfill the 32 ETH deposit requirement and deploy validators to support the pool. The ownership and rewards generated are proportionately shared among all users.
Users have the flexibility to request withdrawals at any time, as the pooling smart contracts utilize ETH from pending deposits along with the rewards the pool has earned to facilitate the withdrawal process.
Conversely, if demand for withdrawals exceeds the supply from pending deposits and rewards, the pool will programmatically exit validators to meet the demand. This could cause a delay inline with the validator exit queue.
The smart contracts are seamlessly integrated with Kiln's SOC2 Type II accredited validator infrastructure. This infrastructure not only oversees the operational aspects of the validators in the pool but also extends to Kiln’s existing portfolio of staked assets, surpassing $2.2 billion.
The operations of the Kiln Staking Pool are fully automated via smart contracts, and transparently visible on-chain, Kiln or Ledger takes no active management of user positions or rewards.
Why consider Pooled staking?
Stake ETH with any amount and access native staking with less than 32 ETH
Maximize capital efficiency by compounding your rewards
Benefit from Ledger security
How to stake any amount of ETH on Ledger Live
Want to try it?
Login Ledger Live
In the Discover tab, choose the “Kiln” application
Select “Pooled staking”
Input the amount you want to stake
Click on “Stake”
That’s it! Your ETH will be added to the pool, and you will start receiving rewards on a daily basis**.
Reach out if you want to deploy your Ethereum staking pool in a few days.
About Ledger
Founded in Paris in 2014, LEDGER is a global platform for digital assets and Web3. Ledger is already the world leader in Critical Digital Asset security and utility. With more than 6M devices sold to consumers in 200 countries and 10+ languages, 100+ financial institutions and brands as customers, 20% of the world’s crypto assets are secured, plus services supporting trading, buying, spending, earning, and NFTs. LEDGER’s products include: Ledger Stax, Nano S Plus, Nano X hardware wallets, LEDGER Live companion app, and Ledger Enterprise. With its ease of use, LEDGER allows a user to begin investing in digital assets and ultimately, achieve financial freedom in a safe and stress-free environment.
About Kiln
Kiln is the leading enterprise-grade staking platform, enabling institutional customers to stake assets, and to whitelabel staking functionality into their offering. Kiln runs validators on all major PoS blockchains, with over $2.2 billion crypto assets being programmatically staked, and running over 3% of the Ethereum network on a multi-cloud, multi-region infrastructure. Kiln also provides a validator-agnostic suite of products for fully automated deployment of validators, and reporting and commission management, enabling custodians, wallets and exchanges to streamline staking operations across providers. Kiln is also SOC2 Type 2 certified.
* Available to non-US Ledger Live users
** Gross Reward Rate (GRR) represents the annualized proportion of rewards received by the pool relative to the total amount staked in the pool, presented as a percentage. GRR may be impacted by many factors of dilution and fluctuation outside of our control that influence the outcome. For example, these factors could include the length of the global validator activation queue, incoming deposit volume, and timing.
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