>> 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.
To read more about staking on Ethereum, see the following articles:
Withdrawal of Staked ETH
On April 12, 2023, Ethereum completed the Shapella (Shanghai/Capella) upgrade which enabled the withdrawal of staked ETH. With this Ethereum upgrade, Lido will be transitioning to V2 to make the protocol more secure, stable, and decentralized. Users who staked with Lido in MEW wallet app do not need to take any immediate action. Your staked assets are safe and continue to earn staking rewards. You can still swap your stETH to ETH at market rates at any time, or continue using your stETH in other DeFi protocols.
With Lido V2, stETH holders will be able to withdraw ETH from Lido at a 1:1 ratio. According to Lido, mainnet withdrawals should become active on the protocol around mid-May, to allow for sufficient auditing and security testing of V2. To learn more about Lido V2, see the Lido blog.
MEW is working with Lido to make relevant updates to our interface, allowing users to withdraw ETH directly in MEW wallet. In accordance with Lido’s timeline, this should become available mid-May, but please stay tuned to Lido’s and MEW’s official social channels for the most up-to-date unstaking information.
How to stake your ETH:
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 with MEW wallet iOS for more information.
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:
Tags:
mewwalletandroid, dapp, lido