How To Manage LEND On Ledger With MyCrypto
Aave (LEND) is known as an open-source and non-custodial protocol that enables holders to earn interest on deposits and borrowed assets. That said, Aave is considered a decentralized lending system built on the Ethereum blockchain.
Therefore, LEND is an Ethereum token or an ERC20 token. This means that LEND can be stored on a Ledger hardware wallet with full account management under the Ethereum account.
Similar to how Ethereum can be managed by external wallets — not just by the Ledger Live app — ERC20 tokens too, can be managed by third-party wallets such as the MyCrypto wallet.
Today, we are going to walk you through the steps to set up MyCrypto wallet with your Ledger device, so you can securely display your ERC20 token balance and manage your transactions. Ready? Here, we go…
Before you begin: You will need to have an initialized Ledger hardware wallet, plus the Ethereum app already installed on your Ledger device. You also need to have the Ledger Live application downloaded and installed on your device.
Make sure you are using the latest version of Ledger Live.
How to connect Ledger and the MyCrypto wallet
(1). Visit the MyCrypto main website here. From the main page, you then get a welcome window, and you can navigate through until you hit the connection page, as shown below.
(2). Click on ‘Get Started’ and from the new window select the ‘Ledger’ option in the top left corner.
(3). Once you click on the ‘Ledger’ option, a new window like the one below will appear. Now, make sure you unlocked your Ledger device by entering the PIN code and opened the Ethereum app with the browser from the app ‘Settings’ enabled. When this is all done, click on the ‘Connect to Ledger Wallet’ button as shown below.
(4). A new window will open, which should show your Ledger device, and click ‘Connect’. Next, you will get a selection of addresses to choose from. Once this is done, click ‘Unlock’.
(5). Any ERC20 token can be added to your local MyCrypto interface by clicking on the ‘Scan For Tokens’ button on the right-hand side of the interface.
Your tokens should appear if the token is on the token list. If you have a balance, you won’t have to load it again — it will automatically load in the future. That’s yet.
Conclusion
Many of the cryptocurrencies, including Aave, can be fully managed with multiple wallets. While LEND can be managed directly on Ledger via the Ledger Live app if you wanted you also have the option to manage the coins using the MyCrypto wallet. For step-by-step instructions on how to do this, follow the guide above.
