Is it safe to move ADA coins from one Ledger device to another while staking?
Is it safe to move ADA coins from one Ledger device to another while staking?
I currently have a small bag of ADA that I’m staking via a Nano X that is paired with Daedalus. I recently became aware that the paper sheet where I kept my 24 seed phrase has gone missing. At this point, I have no idea if I or someone in my household threw it away mistakenly. I’m not gonna wait around to find out, so I’ve ordered a new Nano S+, which I’ve already set up with LedgerLive and have successfully moved other coins I had in the Nano X over to the Nano S+. I know that in Cardano we dont give up custody when we stake, so in theory I should be able to move my coins without any issues. However, before moving forward, I wanted to post the question to the community just in case I’ve missed anything. Thanks in advance.
You didn’t have to order a new Ledger. You could just send your ADA to a hot wallet, reset your Ledger to get a new seed phrase, and send them back to the Ledger. Your Ledger can be reset and generate as many new seed phrases as you wish.
Nano X is better as main because you don’t need to plug it into a device physically
You should have left about 1.5 ADA on the old seed (within nano x). If you already sent out all the ADA and still are staking the nano x, send 1.5 ADA back. Then:
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Pair both ledgers to Eternl as two wallets – X and S+.
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(If you have unclaimed rewards or more than 0.5 ADA on X) send all ADA except 0.5 from X to S+, but check the auto withdraw rewards checkbox
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Delegate the S+ to some stakepool.
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Wait 3 epochs for the rest of the rewards to come to X, then undelegate the X to get the 2 ADA deposit back
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Sent all ADA with auto-withdraw (if undelegation didn’t withdraw) again from X to S+. Now you should have pretty much all the possible ADA evacuated to S+, maybe only a tiiiny negligible ammount might appear in rewards later for tha 0.5 ADA staked, but i guess don’t bother with that.
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Now that you don’t have anything left on the X, you can reset it and import the S+ seed into it, so you will have a backup ledger with the same wallet.
Safe to yes, just remember you’ll continue to get rewards for the existing wallet for the next 3 epochs due to the delegation cycle (it’s the same amount of epochs you had to wait initially before receiving rewards when you started staking).
Thanks. I knew this, but I was already thinking of ordering a back up Ledger and this incident just made me do it.