The Ledger Live app partners with Ledger hardware wallets to add new DeFi tracking feature to monitor performance analytics of protocols.
After a year of instability and unpredictability, both users and developers are looking for solutions to keep secure and informed. Ledger, a maker of hardware wallets, unveiled a new integration during this changeover that will allow users to follow the value of their assets.
On December 13, Ledger and Merlin, a decentralized finance (DeFi) portfolio tracker, announced their new collaboration to offer Ledger Live users real-time DeFi performance metrics.
Over 5 million people use the software, which connects to the cold storage wallets from Ledger.Over 1,000 DeFi protocols are now connected across ten blockchain networks thanks to the newly integrated DeFi tracker.
Along with aggregated reports of gas used and computed yields, users will have access to performance measures, profits and losses reports, and performance metrics.
Elie Azzi, co-founder and CPO of Merlin by VALK, explained how this gathered information aids investors in more effectively navigating all of their options:
“It is a challenge for them to compile all their trading data without connecting to each individual platform, multiple times, which can expose them to risk.”
Azzi went on to explain that the significant breaches and scandals of the previous year have demonstrated to us how compromised the crypto ecosystem has become since its initial decentralization.
Users and businesses alike are striving to restore decentralization with transparency as the building blocks as the market recovers:
“There has never been a stronger argument for DeFi, and for open, transparent and trustless solutions, upon which crypto has always been fundamentally built.”
Additionally, investors will be able to claim liquidity provider fees and rewards directly from the interface without having to leave the platform thanks to the new feature from Merlin.
All of these new integrations, according to Ledger’s vice president of international development Jean-François Rochet, streamline the user experience. Many users in the cryptocurrency industry started turning to hardware wallets as part of their strategy to keep their funds more safe after FTX’s demise.
Hardware wallet maker Trezor reported a 300% increase in sales income as a result of the incident. Over the past month, many influential figures in the industry, including Vitalik Buterin, co-founder of Ethereum, and Binance CEO Changpeng “CZ” Zhao, have promoted self-custody. Additionally, Binance Labs strategically invested in a hardware wallet company and intends to take the lead in the latter’s upcoming Series A fundraising round.
