Introduction
Liquid staking ETH on Lido allows users to delegate their ETH tokens to validators who secure the Ethereum blockchain, earning rewards in return. As a return, stakers earn a yield on their assets and receive a derivative of stake ETH, called stETH – a Lido-issued asset which comes with utility and governance capabilities.
By staking, participants contribute to the network’s security and decentralisation while receiving staking yields. This guide will walk you through the step-by-step process of staking your ETH tokens on Lido, from connecting your wallet to selecting a validator and viewing your rewards.
If you want to find out more about liquid staking, visit this article on staking.
Buying ETH
To stake ETH into Stakewise Vaults, you’ll first need to purchase ETH tokens. A straightforward way to acquire ETH is through our Binance link where you will receive a $600 USD welcome bonus. Navigate to the “Markets” section, and search for ETH. Once you’ve located the ETH pair, proceed to purchase your desired amount.
After buying ETH, transfer it off the exchange by following these steps:
- Navigate to the “Wallet” section in Binance.
- Select “Withdraw” and choose ETH as the token.
- Enter your ETH wallet address.
- Set the withdrawal amount and confirm the transaction.
Now that your ETH tokens are safely transferred, you can start staking.
Staking ETH from Lido
As the first step, access the Lido staking portal: https://stake.lido.fi/ where you will find the staking board.
Connect Your Wallet
Hit the “Connect Wallet” button on your upper, right corner and expect to be presented with a set of wallets from which you can choose your desired one.
Once you choose your desired wallet, approve the connection from your wallet. In this case, we have used Metamask.
Staking
On the validator page, click “Stake” and choose the desired amount of ETH that you would like to stake.
Hit “Stake” again and sign off your transaction.
That’s it! You have now put your ETH to work.
Moving Funds to a Ledger Wallet
If you ever wish to unstake your ETH and store it securely, you can easily transfer your assets to a Ledger wallet. Simply follow the unstaking process and move your tokens to Ledger for safe offline storage!
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About Simply Staking
We are a Blockchain Services Provider who operates Validators and Nodes on over 30 Networks with over $1 Billion in Assets Staked. Our journey started in 2018, with Simply entering the Cosmos Hub Testnets, and now have expanded our operations to most major ecosystems including networks such as LIDO, Polygon, EigenLayer, Oasis Network, Cosmos Hub, Polkadot, and many more, all while being an Oracle Operator on Chainlink.
We offer additional services such as Nodes-As-A-Service (RPCs), Blockchain Development work, Tooling, Governance Services as well as Blockchain Consultancy Services.
More Information on our offerings can be found on our website.
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This article is provided for informational purposes only and is not intended as investment advice. Investing in cryptocurrencies carries significant risks and is highly speculative. The opinions and analyses presented do not reflect the official stance of any company or entity. We strongly advise consulting with a qualified financial professional before making any investment decisions. The author and publisher assume no liability for any actions taken based on the content of this article. Always conduct your own due diligence before investing.
