Stake on Eth2 with MEW web and MEW wallet
Earn rewards and help Ethereum grow
Without a doubt, the most important recent development in crypto is the launch of Ethereum 2.0 and the beginning of the transition to proof of stake. When fully realized, Eth2 will be the most significant blockchain innovation since the introduction of smart contracts with the launch of Ethereum in 2015.
The change to proof of stake capitalizes on the strengths of the Ethereum community by allowing users to earn rewards on their ETH while contributing to the security, reliability, and trustlessness of the network. Staking on Eth2 is becoming one of the most exciting opportunities on Ethereum. In anticipation of this, MEW has worked with Staked protocol to bring staking directly to our users in MEW web and MEW wallet app.
Why stake?
To secure the launch of the first phase of Eth2 (Beacon Chain) on December 1st, the Ethereum community had to deposit a minimum amount of ETH into the staking contract by a deadline on November 24th. While many waited until the last minute to stake, this goal was accomplished in time, demonstrating a dedication to a long-term Ethereum vision and a show of confidence in the project’s success on the part of Ethereum users and investors.
Locking ETH in the staking contract is an investment in a faster and more sustainable Ethereum, one that can scale to global adoption and make decentralized finance a daily reality for millions of users. Creating a validator (or a couple) supports the growing proof-of-stake infrastructure, helping the network reach that goal.
Being an integral part of the Ethereum community can be very rewarding, but there are financial incentives as well. Staked ETH earns rewards through block validation. The more validators you have, the higher the chances of validating blocks and receiving rewards. Putting more skin in the game and providing more support for the network is designed to pay off.
Currently, staking APR is at about 14%, and while this rate will be decreasing over time based on total amount staked, as Ethereum adoption increases and deflationary proposals are integrated, ETH itself is likely to become more valuable. At least, that’s what many investors who have already staked are betting on.
Staking with MEW web
Just as your MEW wallet is generated and accessed client-side, when you stake Eth2 through the MEW interface, you remain in control of your funds. Neither MEW nor Staked will have access to your staked ETH or your future rewards. This also means we won’t be able to restore access for you if your keys are lost or compromised.
First, you will need to generate an Eth2 address and save your access information: the password, the keystore file, and the recovery phrase. These keys ensure your access to the Eth2 withdrawal address where you will be able to collect your rewards and get back your ETH (if you choose to stop staking) when Eth2 transfers become possible. This means that once ETH is staked, it’s locked in, and you won’t be able to spend it or move it until an unknown date in the future, depending on the pace of Eth2 development.
After you have secured your Eth2 address information, access MEW with your usual method, proceed to the DApps page, and select ‘Stake on Eth2’. As you follow the steps, you will need to use the keystore file you just downloaded, and you will see your Eth2 withdrawal address displayed. For greatest security and peace of mind, you can also validate your keystore file and verify the generated address, but this is not necessary to proceed with the staking.The minimum stake is 32 ETH for one validator, but you can also stake multiples of 32 ETH for multiple validators. Clicking ‘Enable Validators’ will prompt Staked to create the validators for you — this should take less than a minute, but don’t click out of the interface while the operation is in progress. Then, you will confirm a transaction to send your ETH to the staking contract, and you’ll be done! Keep in mind that the hash for this transaction can later be used to view your validator and rewards on the Beacon chain. You will find a more detailed guide to the process on our Help Page.
To view your stake, validator status, and any accumulated rewards, you will need to search your staking transaction hash in Etherscan (you can always find the hash in the transaction history for your address). On the transaction page, you’ll see a row named ‘Beacon Chain Deposit’ and your Eth2 validator public key. When you click on the square link at the end of that line, it will take you to a Beacon Chain page with your validator information.
Staking with MEW wallet
Using your MEW wallet app to stake is even easier!
On MEW wallet, you don’t need to take the extra step of generating a separate Eth2 address and saving a keystore file. The recovery phrase that you wrote down when you created your wallet will also work to give access to your Eth2 withdrawal address in the future, so now is a good time to make sure you know where you phrase is and that you have it secured. Or, if you haven’t backed up your MEW wallet yet (gasp!), definitely do it now.Once you are sure about your wallet backup, select the Leaf icon on the bottom of the app to find the Earn section, and select ‘Ethereum 2.0 staking’. Make sure to read through the warnings, then Start staking, and choose how much ETH you want to stake. Clicking ‘Enable Validators’ will prompt Staked to create the validators for you — this should take less than a minute, but don’t click out of the interface while the operation is in progress. Then, you will need to click ‘Stake 32 ETH’ (or whatever amount you chose) to actually send out your ETH to the staking contract. Verify and confirm the transaction, and you’re done! Find a step-by-step guide in our Help Center.
In MEW wallet, you can always check on your stake and any accumulated rewards by going back into the Eth2 page in the Earn section.
What next?
The good news is that when you stake with MEW, you don’t need to do anything else to become a validator and start earning rewards. Staked will run and maintain Eth2 validator(s) for you — no further action is required on your part. Your Eth2 withdrawal address will begin earning staking rewards now (it might take a few hours to a few days for your validator to become active), but remember that you’ll only be able to move those reward funds once Eth2 transfers are enabled at an unknown date in the future.
What does it mean that Staked runs validators for you? When you stake ETH, it’s possible to run your own validator and be completely decentralized, but it takes some work — you need to download and run specific software on a computer, and guarantee that the computer stays online most of the time, otherwise your validator can get penalized. With Staked, all of that work is done for you, and you still have the control of your keys.
Having staked your ETH, as an investor and a participant in Eth2, it’s advisable to stay on top of developments with the project. Read about Eth2 on our blog and in the Help Center, and follow our official social media channels for news, updates, and more educational materials.
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