The MEW wallet app has integrated Staked.us to make it easier than ever to stake on Eth2 to earn rewards.
Each stake of 32 ETH will create a validator. Once you stake on Eth2 to create a validator, no further action is required. Staked.us will maintain and update your validator for you.
In order to create a validator, you’ll need at least 32 ETH to stake. Your stake will live on the Beacon Chain, which is the foundation for Eth2. For more information on Eth2, the Beacon Chain, and creating a validator, read our write-up on Phase 0 of Eth2.
You will also need an Eth2 withdrawal address. Eth2 withdrawal addresses are used to withdraw your staked ETH and rewards. With the MEW wallet app, your 24-word recovery phrase will be the same phrase used for your Eth2 withdrawal address.
Don’t lose your recovery phrase! This phrase holds the keys to both your MEW wallet account and your Eth2 stake, and it is necessary for future access. No one can recover your phrase for you, so it’s very important you take care of it.
Staking and the Risks Involved
Staked.us is the provider for our Staking integration. Staked.us will not have access to your stake or rewards, but they will be responsible for maintaining your validator. If a validator is down for a prolonged period of time, there are risks of having your staked ETH slashed. Therefore, your stake is in the hands of Staked.us.
In addition, all staked ETH and rewards from your validator will be unable to be withdrawn until a later phase of Eth2 released on an unknown date in the future. It’s very important that you understand all ETH staked during Phase 0 will be unavailable for withdrawal until Eth2 transfers are enabled in a later phase.
Stake your ETH on Eth2 using the MEW wallet app
Step 1. Access the MEW wallet app and tap on the ‘Leaf’ symbol from the bottom row of icons. Read the disclaimers, and tap ‘Start Staking’.
Step 2. Select a multiple of 32 ETH for your stake. For each multiple of 32 ETH, Staked.us will create and maintain a validator on the Eth2 Beacon Chain.
Step 3. Tap ‘Enable Staking’ and wait for Staked.us to provision your validator(s). You will need to wait 10-20 seconds. After that, you can tap ‘Stake __ ETH’ to continue with the staking process.
Step 4. Read our disclaimer carefully, and confirm the details of your transaction.
Step 5. Your validator is now ready to go on Eth2, although it may take up to 48 hours for it to be finalized. Staked.us will maintain and update your validator for you, so all you have to do is reap the rewards. You can always check on your stake by heading back to this section of the app.