Earn while store ust on hardware wallet in Anchor

General
1

is it possible to earn by staking ust in anchor protocol while store ust on hardware wallet ?

2 Likes
2

yes. you can do this with ledger.

1 Like
3

Yes, and I’ll explain to you why. How does Anchor work?

When you deposit UST you get aUST back, it’s a receipt of your deposit, you’ll notice that the amount of aUST you get back is lower than the amount of UST you put in, why is that? Because the way Anchor works it by price appreciation on aUST, the value of aUST goes up by the EARN rate. So you have your receipt on your cold storage, say you come back in a year, you’ll have the same aUST there but it will be worth more, so you can take more UST out of the contract.

3 Likes
4

@paletas thank you for explain
how :anchor: work

1 Like
5

Is there some sort of guide video on youtube explaining how to use Ledger on Anchor? I have a Ledger Nano but I can see neither UST nor aUST in the list of available cryptocurrencies. Where am I going wrong? :exploding_head:

1 Like
7

Heheheh I don’t click on links I don’t know man. Thanks for the guidance if you are honest. Otherwise I hope noone else falls into the trick.

2 Likes
9

You can use any official/known wallet that supports hardware wallets, Terra Station does but currently I’ve been using XDefi wallet. You won’t be using ledger’s app to see the balance, you’d use this supported wallet with the Terra app on the ledger to sign transactions.

3 Likes
10

thanx for reply ,
it was helpful

11

thanx for your reply
it was helpful

1 Like
12

Yes i use a Nano X and it works great and is easy to use, the S works fine as well according to other users. There is also now a youtube video posted by Crypto Simplified that shows how this is setup. Search for " Setup your ledger device on terra Network with terra station wallet" on youtube for instructions

2 Likes
13

Be aware though that if Anchor is hacked and the UST is drained, then the aUST held by your ledger will be worthless.

1 Like