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Stake on Eth2 using MEW wallet Android
Stake on Eth2 using MEW wallet Android

Resources for staking Eth2 on the MEW wallet Android app.

Brittany avatar
Written by Brittany
Updated over a week ago

Don't have a wallet? Go ahead and check out the following guides to get started:

>> Download the MEW wallet app HERE

>> Using MEW wallet on iOS? See Stake on Eth2 using MEW wallet iOS

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 Staking rewards can now be withdrawn to designated withdrawal addresses, and users can also unstake their 32 ETH and exit the validator.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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The MEW wallet app has integrated Staked.us to make it easier than ever to stake on Ethereum to earn rewards. In order to create a full validator, you’ll need at least 32 ETH to stake. Staked.us maintains and updates all validator(s).

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 run your own 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 maintains and updates all validators. If a validator is down for a prolonged period of time, there are risks of having your staked ETH slashed. While slashing events are rare, they can occur under a number of different circumstances, and will be handled on a case by case basis by MEW and Staked.

Don’t lose your MEW wallet recovery phrase! This phrase holds the keys to both your MEW wallet account and your Ethereum 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.


Stake full validator(s) on Ethereum using MEW wallet Android

Creating full validators with Staked.us requires a minimum of 32 ETH. If you want to stake less than 32 ETH, MEW wallet offers liquid staking with Lido. See the following guide for details: Lido on MEW wallet Android.

Step 1: Open the MEW wallet app, tap on the ‘Earn’ tab and select 'Ethereum staking'.

Step 2. Tap on 'Start staking' (or 'Stake more' if you already have an active stake) and select amount.


Step 3. Tap 'Prepare to stake 32 ETH' (or whatever amount you are staking), read the disclaimer, and confirm.

Step 4. Look over the transaction information to make sure that everything looks right, tap 'Confirm and stake'.

Step 5. View your validator on Beaconscan.

From your 'Currently staking' window, tap the three dots on the upper right and select 'View on block explorer'. You will be taken to your validator page on Beaconscan.

Staked.us maintains and updates all validator(s). All you have to do is watch the rewards accumulate. You can always check the status of your validator and rewards in MEW wallet's Ethereum staking section.

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 in MEW wallet Android.

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.

How to withdraw rewards

Step 1. Go to the Earn tab and select 'Ethereum staking'.

Step 2. On the 'Currently staking' screen, tap 'Upgrade my staking position'.

At this point, you will see the amount of extra MEV (Maximal Extractable Value) and transaction fee rewards that have not been reflected in your rewards total until now.

Once you go through the upgrade, you will start receiving rewards to your withdrawal address on a regular basis.


Step 3. Upgrade your staking position and set withdrawal address.

Your withdrawal address is the same address from which you staked in MEW wallet. Tap 'Upgrade'.

Оnce your staking withdrawal address is set, it can't be changed. Your MEW wallet recovery phrase is your key to this address, so make sure you have your phrase backed up in a secure location!

Step 4. View your validator on Beaconscan.

Tap the three dots on the upper right of your 'Currently staking' window and select 'View on block explorer'.

How to withdraw 32 ETH and terminate validator

Step 1. Make sure you've upgraded your staking position first (see the 'withdraw rewards' section above.)

Step 2. Tap on the three dots on the top right of your 'Currently staking' window and select 'Stop staking and withdraw'.

Note that your validator will be terminated and you will no longer be earning staking rewards.

Step 3. Confirm the withdrawal of your stake and proceed.

Step 4. View your validator on Beaconscan.

Tap the three dots on the upper right of your 'Currently staking' window and select 'View on block explorer'. You will be taken to your validator page where you can see the validator status.

The timeline for when users will actually receive their staking rewards (or all of their staked ETH, if exiting the validator) depends on our partner Staked.us and on Ethereum’s withdrawal queue. While staking rewards (plus MEV rewards and tx fees) will be deposited to withdrawal addresses regularly, it may take weeks to months to receive the full 32 ETH after exiting the validator. To learn more about the withdrawal process and Ethereum queue, see this Ethereum.org FAQ and how withdrawal payments work on the Ethereum.org blog.


~ If you haven't already, feel free to check us out on Twitter and Reddit ~

Tags:

mewwalletandroid, dapp, stake, eth2

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