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Stake on Eth2 using MEW web
Stake on Eth2 using MEW web

Resources and steps for staking on MEW web through Staked.us.

Katya Michaels avatar
Written by Katya Michaels
Updated over a week ago

UPDATE:

After the Shapella (Shanghai/Capella) upgrade completed on April 12, 2023, staked ETH is no longer locked on Ethereum. Staking rewards can now be withdrawn to designated withdrawal addresses, and users can also unstake their 32 ETH and exit the validator. See 'Withdrawal of Staked ETH' below for more information.

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MEW has integrated Staked.us to make it easier than ever to create a full validator on Ethereum and earn rewards. In order to create a full validator, you'll need at least 32 ETH to stake. Staked.us will maintain and update your validator for you.

Note: You don't need to have an additional account with Staked.us or get in contact with Staked.us after you stake through MEW. All relevant information and management, including staking withdrawals, can be accessed in the MEW wallet interface.

Write to us at support@myetherwallet.com if you have any questions and follow MEW on Twitter, on Telegram, or join our community on Reddit to stay informed about important updates.

What are the benefits of Ethereum staking?

Staking is one of the easiest and low-risk ways of earning rewards on your crypto. Instead of just holding ETH, you can have it staked and earning more ETH without requiring any effort from you.

When staking through a service like Staked.us, you don't need to maintain validators (which requires technical knowledge) nor engage in complex DeFi operations (which can be risky).

Staking is not like a bank deposit or a lending platform – your staked assets are never given to anyone else. Your ETH remains securely in a contract on the Ethereum blockchain and helps validate the network through a cryptographic process.

Staking is also an important way to participate in the crypto community and help keep the Ethereum ecosystem decentralized, secure, and sustainable. The more people and organizations stake on Ethereum – the more validators are working to keep the Ethereum blockchain running. Decentralization is all about avoiding single points of failure, and a wider validator network is exactly what's needed to keep Ethereum secure.

The risks involved in staking

Staked.us is the provider for our Staking integration. Staked.us 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, so do your own research to decide whether you want to deposit with this provider. Read more about staking on Ethereum with Staked.us on their website.


Stake on Ethereum with MEW web

Creating full validators with Staked.us requires a minimum of 32 ETH. If you want to stake less than 32 ETH, MEW web offers no-minimum staking with Coinbase. See the following guide for details: Stake ETH with Coinbase on MEW web.

Step 1. Access MEW web through your preferred access method.

Step 2. Head to the DApps section, and select ‘Stake On Eth2'.

Step 3. Enter or select a multiple of 32 ETH. For each stake of 32 ETH, Staked.us will create one full validator on your behalf.

Review the information about your stake with Staked.us and click Next: Withdrawal address.

Step 4. Set your withdrawal address.

The withdrawal address is where your staking rewards will be deposited, and where your 32 ETH will be returned to if/when you decide to exit the validator. The withdrawal address can only be set ONCE and can't be changed. Make sure it's a non-custodial wallet to which you have full access (NOT an exchange address). If you lose the keys to the withdrawal address wallet, you will lose access to the stake and the rewards.

Step 5. Review details and click "Prepare for staking".

Your validators will be prepared by Staked.us, which could take up to 10 minutes. Please don't leave the page.

Step 7. When your validator is ready, click Stake 32ETH, then Confirm and Send.

Step 8. Your validator should now be set up, though it may take some time to finalize. You can view your transaction on Etherscan or EthVM. Staked.us will maintain and update your validator(s) for you, so all you have to do is watch the rewards accumulate. You can always check the status of your validator and rewards by accessing your wallet, going to the Status tab in the Stake On Eth2 DApp, and clicking 'View validator'.

There are two types of rewards received from a full validator stake with Staked.us: consensus layer (validator) rewards, and execution layer rewards (MEV + transaction fees).

Validator rewards are distributed automatically via Ethereum smart contract approximately on a weekly basis, depending on number of active validators.

Execution rewards are collected by Staked.us for all the validators that it runs. Then, stakers are sent their share of execution level fees on the 5th of each month for the 16th-31st, and 20th of each month for the 1st-15th. Payouts are only made when a staker is owed >0.05ETH.

Withdrawal of staked ETH

The withdrawal address credentials update, the withdrawal of staking rewards plus MEV/transaction fee rewards, and the withdrawal of full validators are now available on MEW web.

Keep in mind, your staked assets are safe and continue earning rewards during and after the Shanghai (aka Shapella) upgrade. If you are not interested in withdrawing your rewards and staked ETH as soon as possible, there is no urgency to updating your withdrawal credentials. Validators that don’t have an updated withdrawal address continue to accumulate rewards. The automatic withdrawal of rewards will only happen if and when the withdrawal address credentials are updated.

Set withdrawal address and withdraw staking rewards

Please have your Eth2 credentials that you received when you first staked (keystore file and/or mnemonic phrase) ready before starting. You need to be connected with the same wallet that was used to create the validators in order to set the withdrawal address.

Step 1. Access your wallet, head to the DApps section, select Stake on ETH 2.0 and go to the Status tab.

Step 2. Click on 'Set withdrawal address' and read the warning.

The withdrawal address can only be set once and can't be changed in the future. Make sure you have full access to this wallet with your private key or recovery phrase, and it's a non-custodial wallet (NOT an address on an exchange). You will need to access MEW with this withdrawal wallet if/when you want to withdraw the full stake. (So, if you're setting a different wallet as withdrawal address than the wallet that created the validators, you are essentially transferring control of the validator to the withdrawal wallet.)

Step 3. Verify the validator using your Eth2 credentials received at time of staking – either with keystore file + password, or with mnemonic phrase. This is NOT the mnemonic phrase of the wallet you staked with or you are connecting with.

Step 4. Check the withdrawal address details to make sure it's the right address, and click 'Set withdrawal address'.

Step 5. After your withdrawal address is set, you will receive all of the staking rewards accumulated so far automatically to the withdrawal address via a smart contract. It may take anywhere from a few hours to a few days to see your first rewards deposited to the address.

After that, rewards will be deposited on a regular basis through a sweeping process.

Consensus level rewards are distributed automatically through Ethereum's staking contract.

Execution level rewards are accumulated by Staked.us, and then stakers are sent their share of the execution level fees on the 5th of each month for the 16th-31st, and on the 20th of each month for the 1st-15th. Payouts are only made when a staker is owed >0.05ETH.

Please keep in mind that MEW does not distribute or have control over staking rewards. You can read more about Ethereum withdrawals on the Ethereum.org Withdrawals FAQ.

Step 6. Click on 'View validator' to see the validator information, including estimated withdrawal times, on the BeaconScan validator page.


Exit stake and terminate validator to withdraw 32 ETH

Step 1. Access MEW web with the wallet you set as the withdrawal address. If you access with the wallet that originally created the stake, and it's a different wallet than the withdrawal address, the 'Exit stake' button will be greyed out for you. Go to DApps, select Stake on ETH 2.0 and go to the Status tab.

Step 2. Click 'Exit stake' and read through the information about validator withdrawal.

Step 3. Click 'Sign and exit', and sign the message by confirming on your wallet.

Step 4. Once your message is signed, you will see that your validator is in queue for withdrawal. Full stake withdrawals take longer than rewards withdrawals, and depend on Ethereum's queue and the amount of validators currently in line to withdraw. For more information, see the Ethereum.org Withdrawals FAQ.

Click on 'View validator' to view validator details and withdrawal information.

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