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Lido on MEW wallet Android

Liquid staking on Eth2 without minimums

Brittany avatar
Written by Brittany
Updated over a week ago

>> Don't have MEW wallet app? Download the app here: https://www.mewwallet.com/

>> Using MEW wallet on iOS? See Lido on MEW wallet iOS


The Lido integration in MEW wallet allow users to stake any amount of ETH and begin earning rewards! In exchange for a deposit of ETH, users will receive the stETH token on a 1:1 basis. As the staked ETH generates rewards from Eth2, your balance on the Beacon chain will increase, and so will your stETH balance update to correspond to that increase.


If you'd like to withdraw your ETH, you can do so at any time by unstaking the stETH tokens using the Lido staking application found here https://stake.lido.fi. Navigate to the Lido app from the integrated MEW wallet browser, and follow this Lido guide for withdrawals: https://help.lido.fi/en/articles/7858292-faq-ethereum-withdrawal.

For details, please see the Withdrawing ETH from Lido section below.

To read more about staking on Ethereum, see the following articles:


Note that if you have 32 ETH or more to stake, creating a full validator with Staked.us generates more rewards and gives you the next best thing to running your own validator – with all the security and control of your assets, but without the need for technical knowledge or constant maintenance. Take a look at the Stake on Eth2 using MEW wallet Android for more information.

How to stake your ETH:

Step 1: Access your wallet and click the 'Earn' tab found toward the bottom of the MEW wallet home screen. Once that opens, click on 'Ethereum 2.0 Liquid Staking with Lido'.

Step 2: Review the information about staking your ETH with Lido and click on 'Start Staking'

Step 3: Enter the amount of ETH that you want to stake then click on 'Review My Stake'

Step 4: Make sure to read and review the risks involved and if you are ready to proceed, click on 'Agree'.

Step 5. Double-check the information and confirm the transaction. Make sure to read through and check the boxes.

  • You'll be receiving stETH which represents your stake in Ethereum 2.0

  • Please keep in mind that you can swap stETH for ETH at market rates at any time, but you will only be able to redeem your ETH for stETH, at a 1:1 basis, once transfers are enabled on Eth2.

Step 6: Click on 'Check and Confirm' and choose your transaction speed.

Step 7: Confirm the transaction using your PIN. Allow the time for the transaction to process and please make sure to stay on this page.

  • To speed up your transaction, click on the 'speed up' button to increase your gas price.

Step 8: Congrats! You've successfully staked your ETH with Lido! Feel free to double-check the transaction on Etherscan to confirm the transaction.

You can come back to the Earn tab and select the Lido DApp any time to check the status of your stake and the rewards earned. The status screen will look something like this:


Withdrawing ETH from Lido:

  1. Open MEW wallet app and select the Browser tab on the bottom right.

  2. Navigate to Lido's withdrawals platform at https://stake.lido.fi/withdrawals/request/.

  3. MEW wallet should connect to the application automatically. If not, find the 'Connect wallet' button, click it, and approve connection.

  4. On the 'Request' tab, enter the amount of stETH you want to unstake. Sign and approve the transaction.

  5. Your stETH will be locked and ETH will be sourced to fulfill the withdrawal request. This will take between 1-5 days. An NFT will be minted to represent your withdrawal request. You can save the NFT to your wallet to monitor the status of the request. Alternatively, you can always check the status on the Claim tab of the Lido withdrawals platform by going back to it in the MEW wallet browser.

  6. Once your withdrawal request has been processed, the status on the Claim tab will change from 'Pending' to 'Ready to claim'. Click Claim and confirm transaction.

  7. After the transaction goes through, you should see the claimed ETH in your wallet.

For more information and assistance, see this withdrawal FAQ page from Lido: https://help.lido.fi/en/articles/7858292-faq-ethereum-withdrawals


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Tags:

mewwalletandroid, dapp, lido

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