What is Lido?
Lido is a protocol providing staking solutions for blockchains including Ethereum, Polygon, and Solana.
In The Pros and Cons of Different Eth2 Staking Solutions, we introduced four solutions for staking ETH. Generally speaking, staking ETH on the Beacon Chain calls for a higher requirement for funds, equipment, and know-how, which are not friendly to normal users.
However, with the solutions from Lido, those users can also participate in staking without being restricted by the 32 ETH threshold.
Features of staking through Lido:
- Providing stETH(staked ETH) to make the staked assets more liquid.
- No minimal deposit amount for staking.
- Based on the reputation and past performance history, the DAO votes on quality node operators to reduce the risk of being slashed due to equipment malfunction or mismanagement.
- The withdrawal key is split into 11 different parts, with each held by a different public figure in the industry, making it more difficult to collude.
Note: 10% of users’ earned rewards will be charged as fees for Lido.
How to Stake ETH with Lido?
1. Open your ETH wallet in imToken, search “Lido” on the “Browser” page and choose “Lido Eth2 Staking”.
Note: your wallet will be connected after you click “Confirm” on the “Approve Allowance” page.
2. Click “Close and proceed” to close the pop-up. In the Lido DApp, information such as “Available to stake”, “Staked amount”, and “Lido APR”, is available. You can check out more detailed information by scrolling down the page.
3. Enter the amount of ETH you want to stake in the bar and click “Submit” to wait for the transaction confirmation. After checking all the transaction details, you can click “Next” to enter your password for confirming the transaction again.
4. The updated staked amount shows that the staking has been completed successfully. In this case, you can click “Rewards” to check out your stETH details. “stETH balance” is the total of your “Staked amount” and “stETH earned”.
Note: stETH can be exchanged for ETH at a 1:1 ratio after withdrawal is enabled in the Shanghai upgrade (maybe 2023 or later). Before the upgrade, you can exchange stETH for ETH through Uniswap, Curve, 1inch, or Balancer, if you want to redeem your staked ETH.
5. After switching back to the wallet page of imToken, you will see a red dot above the “+” icon. You can add stETH onto the page by clicking that icon.
Note: click “DeFi” - “Lido” to check your total ETH staked in Lido.
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.