How to Use Ledger Wallet on Parallel Finance
Users can continue to earn, lend, and borrow as they have been on our platform, but with the added benefit of Ledger’s secure asset storage. Keep your PARA and DOT in cold storage while still being able to interact with Parallel. You can even stake with the same assets stored within the Ledger.
Parallel Features Enabled on Ledger:
- Users can download Parallel app on Ledger Live, then connect their Ledger hardware wallet on Parallel dApp
- Transfer PARA, both between and cross chain
- Liquid Staking
- Money Market
- AMM (Swap feature)
- Stream Protocol
While a new feature is always exciting, be sure to take extra care in following the steps below if you are unsure about how to connect your Ledger.
The application is currently in DevMode and testing, so users should exercise caution in trying out the feature. If you would prefer to wait for the final, production launch of the Ledger Wallet integration — you always have the option to wait, as it will release imminently.
How to Install Parallel App on Ledger Wallet
Before beginning, make sure you have the required items below in order to secure assets on your hardware wallet.
- Ledger Wallet — Nano S or Nano X
- Ledger Live application for MacOS or Windows
- polkadot.js browser extension & existing PARA tokens
- Open the Ledger Live application.
- Connect your Ledger device, then unlock the device as per on-screen instructions.
- At the bottom of the left-hand side Menu, select Manager.
To do this, go to the Settings page, then the About tab. Where it says the Ledger Live Version, click on the Ledger Live version number ten times in a row.
This will activate the Developer tab, and make it appear as an option under Settings.
5. Once the Developer tab appears, select the Experimental features tab.
6. Within the Experimental features menu, go to Developer mode and toggle it on.
7. Select the Developer tab to open the Developer menu.
8. Select Allow experimental apps.
Note once again that our Parallel hardware support is under active development, and we likewise cannot speak on other experimental apps available within Ledger Live.
9. Select the Manager tab on the left-hand menu and you will see an App catalog search bar.
10. Type in “Parallel” to search for the app and click Install
11. Once installed you will now see the option to click on and open the Parallel app from your device:
12. Once you open the Parallel app, you will need to acknowledge the app has yet to be reviewed by Ledger itself. Once acknowledged, you will see the “Parallel Ready” status on your physical device.
Excellent! You’ve installed Parallel on your Ledger Wallet device! Now it’s time to create an account on Parallel.
Please note existing Parallel users who would like to utilize a Ledger device will need to create a new account on Parallel Parachain. Don’t worry — it’s a straightforward process — one that will look very familiar to crypto veterans.
How to Create a New Parallel Account with Ledger Wallet (Transfer from Polkadot.js Wallet)
- Select the polkadot.js wallet extension on your browser.
- Click on the ‘+’ symbol and select Connect Ledger device.
- If prompted on which type of connection, select Attach Ledger via WebHID.
4. Click on the ‘+’ symbol once more to Attach ledger account
5. This will prompt a screen that reads Import Ledger Account. On the drop down window for Select network, find and select Parallel.
Note: Our app does not yet support the Polkadot Relay Chain, meaning that this new account you create will be limited to the Parallel parachain.
6. Import the new account from your Ledger with a descriptive name.
Congrats! You have now successfully created a new Account on the Parallel Parachain with your Ledger Hardware wallet! Please keep in mind this support remains in active development, however. You test this functionality at your own risk.
Now that you’ve installed the Parallel app on your Ledger Wallet and have created a new Parallel account, it’s now time to use your new wallet account!
How to Use Ledger Wallet on Parallel
- First, navigate to the Parallel dApp at https://app.parallel.fi and connect your wallet.
- Since you almost certainly have an existing Parallel Account (thanks for using Parallel!), you will need to ensure you can switch to your new account.
3. With your existing account, go to app.parallel.fi and go to your Parallel Balance at the page footer and click Send.
4. From here, select your newly-created account as the To address and select an amount of PARA to transfer.
5. You can now switch back to your newly-created account in order to make transactions on the Parallel dApp!
Ledger is the world’s most popular wallet . In addition, it is safe and secured. It can manage over 5,500 digital assets. Ledger is the smartest way to secure, buy, exchange and grow your crypto assets.
About Parallel Finance
Parallel Finance the Polkadot network-based DeFi super DApp protocol that features a composable and interoperable ecosystem of community-focused decentralized applications. The DApps include liquid staking, AMM, decentralized money market, liquid crowdloan, stream protocol, wallet, and yield farming applications. Committed to building a decentralized future that empowers the community, by increasing DeFi accessibility, capital efficiency, and security.