Don’t have a MEW wallet? Go ahead and check out the following articles to get started:
>> Download the MEW wallet app HERE
>> Using MEW wallet on Android? See Lido on MEW wallet Android
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.
To Start Staking your ETH:
Open the MEW wallet app and click the ‘Earn’ tab found on the bottom of the screen (looks like a mini plant).
Click on ‘Ethereum liquid staking with Lido’.
Review the details about staking your ETH with Lido then click ‘Start staking'.
Enter the amount of ETH that you want to stake, then click ‘Stake __ ETH’.
If you need more ETH, go ahead and press ‘Buy more ETH’ to purchase more. For assistance with that process, check out the ‘Buy ETH on MEW wallet iOS’ article for guidance.
Read and review the risks involved with staking and if you’re ready, click ‘Confirm’
Double-check the transaction details, review and check the boxes then choose a transaction speed from the provided options.
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.
When you’re done, click ‘Confirm’ and confirm the transaction with your PIN or another biometric verification setting that you have.
Congratulations! You’ve successfully staked your ETH using Lido! Feel free to double-check the transaction on Etherscan or you can visit the MEW wallet Lido DApp anytime to check the status of your stake and the rewards earned – your status screen will look something like this:
mewwalletios, dapp, lido