Ethereum holders can stake Ether (ETH) on the Lido protocol easily. Unlike other protocols, Lido allows users to unstake their tokens at any time, as there is no penalty fee and no locked down period. Rewards are awarded every 24 hours, according to the current APY.
In this step-by-step guide, you will learn how to stake your Ethereum via the Lido staking pool in only a few simple steps.
How to stake Ethereum (ETH) with Lido
Step 1. Connect your wallet to Lido
Lido supports many wallets. In this example, we will use Metamask.
Before you get started, make sure to have the latest version of the Metamask Browser Extension installed and to have enough ETH in your wallet to cover transaction fees. Furthermore, ensure that Metamask is connected to “Ethereum Mainnet”.
Now visit https://stake.lido.fi/ and click “Connect Wallet”.
You will have to accept the terms and conditions and then select the wallet you want to connect to the Lido protocol. Choose “Metamask”. You might get prompted to unlock Metamask with your password in case it is not already unlocked.
After you select your wallet from the list of supported wallets, you will have to confirm the connection to the Lido app from your wallet.
Step 2. Choose the amount of ETH to stake
After you have connected your wallet to the Lido ETH staking app, the app will display your total available ETH for staking. Note that you will be able to view your Transaction Fee, stETH Balance and Annual Percentage Rate prior to confirming.
To stake Ethereum with Lido, enter the amount of ETH to stake and click on “Submit“. Remember to keep some ETH in your wallet to pay for the transaction fees.
Note that there is a disclaimer regarding the 10% reward fee, which will be applied to the rewards earned and not your deposited amount.
Step 3. Confirm the transaction from your wallet
Your wallet will ask you to confirm the transaction. In this case, MetaMask will show you all the details of the transaction. Review carefully and click on “Confirm”.
A confirmation pop-up shows you the success of your transaction as well as your new “staked ETH” balance. You will now see your updated Wallet Balance and Staked Amount (in stETH). Your MetaMask wallet now contains the amount of ETH you staked – in stETH.
Congrats! You have successfully staked ETH with Lido. Easy, isn’t it? Remember that you can unstake your ETH at any time.
How to show stETH on my Metamask?
If you don’t see your stETH balance in your Metamask, you may need to add the token to your wallet as a Custom Token.
Step 1: Open Metamask, Click “Add Token”
Step 2: Switch to “Custom Token”.
Step 3: Input the values below and press “Add Token” to confirm.
Contract address: 0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84
Now you can use your stETH in the DeFi space. DApps that support stETH investment are: Curve, MakerDAO, Aave, Balancer, Zapper, Yearn…
We hope you find this tutorial on how to stake ETH with Lido helpful. Follow these steps and your ETH will be staked on Lido and earn daily rewards.