Overview
Ethereum is the home of most blockchain applications including a wide variety of decentralized finance (DeFi) protocols. Ethereum launched as a Proof-of-Work network but is migrating to Proof-of-Stake for efficiency and scalability reasons.
Delegation web: https://stake.lido.fi
Wallet: https://metamask.io/
Block Explorer: https://etherscan.io/
By staking ETH, you are able to earn interest on your Ether and participate in the migration to what will be the potentially largest network running on Proof-of-Stake to which all applications currently running on the Ethereum chain will eventually migrate. Visit Lido Finance to stake with us and to learn more about Lido’s staking solution.
How to stake
Metamask allows you to use a hardware wallet such as a Ledger Nano device for your staking operations and is highly encouraged as it adds another layer of security. In case you are going to use a Ledger, make sure Contract data is allowed. You can allow Contract data in the settings within the Ethereum app on your Ledger device.
- Install the latest version of Metamask browser extension and fund it with enough ETH to stake as well as cover the gas fee.
- Make sure Metamask is connected to
Ethereum Mainnetnetwork
3. In case you want to use a hardware device for your staking operations, connect Metamask to your device via the Metamask Browser Extension.
4. Visit https://stake.lido.fi/ and click Connect Wallet
5. A pop-up will prompt you to select your preferred wallet. Choose Metamask. You might have to unlock Metamask with your password in case it is locked.
You are now presented with the main menu of the Lido UI. You can find some FAQs at the bottom of the page, make sure to read them to learn more about Lido and the risks involved in using it.
You can always click on your account icon in the upper right corner of the UI to disconnect your account, copy its’ address, or explore it on Etherscan.
6. Within the Lido UI, enter the amount of ETH you want to stake and click on Submit
7. Confirm the transaction in the Metamask pop-up window. In case you are using a Ledger device, check and sign the transaction on your ledger.
8. A confirmation pop-up shows you the success of your transaction as well as your new “staked ETH” balance.
Congratulations, you are now officially staking on Ethereum 2.0s’ Beacon Chain via Lido and are contributing to the security and decentralization of the network!
Using your Staked ETH
One benefit of using Lido is that it allows you to transfer, trade, and use your staked ETH while your ETH remains locked and illiquid until phase 1.5 of Ethereum 2.0s’ phased rollout.
To make use of this, you need to add staked ETH to your Metamask Browser Extension. Open Metamask, click Add Token, and then switch to the Custom Token tab. Input the following information, click Next and then Add Tokens.
Contract address: 0xae7ab96520de3a18e5e111b5eaab095312d7fe84
Decimals: 18
You can find staked ETH in the Assets tab on Metamask. You can then head over to the ecosystem section on the Lido page and explore the various DeFi integrations where stETH can earn additional rewards
Please note that when you spend your “staked ETH” you will not be able to redeem the full amount of ETH you deposited!
//Reprinted from chorus
If you have any questions during the staking process, please feel free to reach out to us using our social media channels as below
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About Terminet
Terminet is a professional Staking and ecosystem service provider. The core team consists of experienced developers, product and operations experts and blockchain enthusiasts with more than 5 years of experience in the blockchain industry.
Terminet has years of technical expertise in distributed high performance computing, node infrastructure, network, hardware, API support and storage for the Web 3 ecosystem, and is dedicated to helping investors and ordinary Token holders profit from digital assets. Build a reliable, secure and easy-to-use web3 infrastructure service layer to lower web3 connecting barriers and web3 application development thresholds, powering web3 development.
