DeFi Lending in Ledger Live
Lend your stablecoins to major lending protocols via Kiln DeFi x Ledger Live.
Put your stablecoins to work—effortlessly from Ledger Live
Seamless defi lending; Access top-tier DeFi protocols in just a few clicks, deposit and withdraw anytime. Powered by Ledger Clear Signing for unmatched security.
Sit back and earn; Enjoy automated reward compounding with zero manual action. Your earnings grow while you focus on what matters.
Simple rewards tracking; Monitor your positions and track rewards in stablecoins, right from your first deposit, all within Ledger Earn.
Access Kiln DeFi from Ledger Live
From Ledger Discover, searching for "Kiln" or "DeFi"
From one stablecoin Account by clicking on "Earn"
From the Market page by clicking on "Earn" next to a stablecoin
From Ledger Earn under "Earn more rewards" or by clicking "Earn" and selection a stablecoin
Supported networks, assets & protocols
Deposit stablecoin into DeFi Lending
Make sure you have selected the Ethereum account you want to deposit from on the top right corner of the discover section.
Select the asset and amount you want to deposit.
Select the lending protocol you want to deposit on, by default the protocol that generate more rewards is pre-selected.
After clicking review deposit, you will need to do a Token Approval of the selected amount, then approve the Deposit transaction using the Kiln Plugin.
Note that it's normal to receive less shares than the deposited amount, the $ equivalent is the same. Read the FAQ to learn more.
Withdraw stablecoins
Start from the "Assets earning rewards" tab of Ledger Earn.
Under Assets earning rewards, locate the active position you’d like to withdraw from. Click the three dots on the far right of the row and select Manage to open the withdrawal flow.
Then, choose the amount you wish to withdraw. If you want to withdraw your full balance, simply click the MAX button in the input field.
Only one transaction is required, you will instantly receive the selected amount in your wallet.
FAQ
🪙 What is stablecoin lending ?
Stablecoin lending is a way to earn passive income by lending your stablecoins — such as USDC, DAI, or USDT — to decentralized finance (DeFi) protocols. These stablecoins are pegged to the value of fiat currencies like the US dollar, providing a more stable value compared to volatile cryptocurrencies like ETH or BTC.
When you lend stablecoins through a protocol, you're essentially providing liquidity that others can borrow. In return, you earn interest (also called rewards or yield) paid by the borrowers or the protocol itself.
🔍 What are the risk of DeFi lending ?
DeFi lending is not risk free.
Read our detailed overview of DeFi risks here.
↗️ What happens when I deposit?
When you deposit funds, you receive “shares” that represent your position. These shares are issued in the form of a soulbound ERC-20 token — meaning they cannot be transferred to someone else. You can see theses shares as a claim to your position + accrued rewards since the deposit.
💸 How value accrues in my position?
These shares represent a yield-bearing position:
Your number of shares does not change over time.
Instead, each share becomes worth more USDC (other other stablecoin) as rewards from the lending protocol accumulate.
So even though your share count stays constant, the $/USDC value they represent increases.
🤔 Why I'm I receiving less than 1 "shares" when I deposit 1 USDC
If you deposit 1 USDC, you might receive less than 1 share in return. This is expected: the value of 1 share is greater than 1 USDC, because it already includes accrued yield.
🔻 Why my deposit transaction revert ?
You can check the transaction hash on Etherscan to identify the issue with your transaction. If it's not due to a low gas limit or insufficient fees, another possible reason could be that the lending protocol is currently not accepting additional deposits. In that case, you may want to try again later.
💸 Is there any fees taken when I deposit via Kiln DeFi ?
There are no deposit fees, meaning you can deposit and withdraw immediately without losing any Asset equivalent (eg. USDC). However, you will still need to cover Ethereum network fees.
ℹ️ Is there any additional commission taken by Kiln for providing this service ?
Yes, Kiln charges a 15% fee on rewards, which is shared with Ledger. This covers the simplified access, reward management, and reporting across multiple DeFi lending protocols from Ledger Live.
All amounts shown in the deposit flow or on Ledger Earn are net of fees — what you see is exactly what you have earned or what you’ll receive after a withdraw.
💰When do I start earning rewards?
Rewards start accruing immediately after your first deposit. However, depending on the size of your position, it may take some time for them to appear in the reporting section. For example, if you deposit 1 USDC with a 4% annual yield, the rewards earned per block are very small — it can take a while before they are noticeable in USD terms.
💵 Are rewards guarantee ?
No, Kiln cannot guarantee rewards from the lending protocols. The displayed reward rate reflects the current rate offered by the protocol and is subject to change. We recommend reviewing your position in the reporting section every few weeks and rebalancing to another lending protocol if you feel the reward rate has become too low.
↙️ When can I withdraw my position ?
You can withdraw instantly at any time from Kiln DeFi with no withdrawal fees — the amount displayed reflects exactly what you’ve earned and what you’ll receive. You can choose to withdraw your entire balance by clicking “MAX” in the interface or withdraw only a portion of your position.
Please note: if you make a partial withdrawal, your rewards will continue to show your total accumulated rewards since your first deposit.
🦋 Why rewards rate on Morpho are so high ?
Morpho are conducting a unique incentives campaign to celebrate their integration. As part of this campaign, additional Morpho rewards are available exclusively through the Ledger deposit flow.
What kind of rewards can I expect?
When depositing through Ledger, users will earn:
Traditional lending rewards.
Additional Morpho rewards, which are automatically accrued on top of your deposit.
Will I receive Morpho tokens in my wallet?
No. Although Morpho typically requires users to manually claim their rewards, Kiln has partnered with Ledger and Morpho to automatically autocompound these additional rewards.
This means:
You won’t need to claim anything manually.
Rewards will be directly added to your position in the same asset you deposited (e.g., USDC).
Why do my rewards seem lower than expected?
Additional rewards are:
Unlocked and autocompounded every Monday.
Gradually added to your position over time.
To fully benefit from these rewards, you need to stay deposited for at least to the next monday. (eg. you stake on Tuesday, you will only get the additional rewards boost the next monday).
Contact support
If you need help or have questions don't hesitate to contact Kiln Support.
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