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Stake your ETH using Stakewise
Stake your ETH using Stakewise

Steps and resources for staking your ETH for rewards using Stakewise.

Brittany avatar
Written by Brittany
Updated over a week ago

UPDATE: As of December 6, 2023, MEW web is no longer accepting Stakewise deposits. However, users can still redeem their rETH2 and sETH2 for ETH, and then re-stake their ETH, if desired, with one of our integrated providers or the native Stakewise V3 web application.

Stakewise V3

On November 28, 2023, Stakewise released its Version 3 protocol upgrade.

After this upgrade, the MEW web Stakewise app is no longer accepting ETH deposits. However, users can still redeem their rETH2 and sETH2 tokens for ETH in MEW, and then re-stake the ETH using MEW's integrated staking providers, or Stakewise's native web application found at https://app.stakewise.io.

To redeem your liquid tokens for ETH, see the Redeeming to ETH section of this article below.

To re-stake your ETH in MEW, see the following guides.

To manage your stake or re-stake ETH with Stakewise V3 via their native web application, please see this Stakewise help page: https://docs-v3.stakewise.io/guides/staking


The article below is outdated. Please refer to the information above for redeeming and withdrawing ETH from Stakewise on MEW web, and re-staking on MEW or with Stakewise's native app.

Introduction

The Stakewise integration in MEW web allows users to stake any amount of ETH and begin earning rewards. In order to participate, users can deposit ETH in exchange for sETH2, which is the Stakewise pool token used to represent users’ staking deposits. Each ETH deposit into the Stakewise pool mints sETH2 in a 1:1 ratio to ETH (1 ETH = 1 sETH2).

As long as the user has sETH2 (staking ETH), rETH2 (reward ETH) will accrue on their address as soon as within 24 hours of receiving the sETH2. rETH2 is accrued in the same 1:1 ratio, after Stakewise’s flat fee of 10% of the rewards earned by the pool.

Upon accruing rETH2, users can compound their rewards by putting rETH2 back into the staking pool to increase their stake, or redeem their ETH which is done via swap.


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Staking your ETH

Please keep in mind that there will be a gas fee associated with your staking deposit, so make sure that you have enough ETH to cover your stake and the gas price.

For more information about Gas and gas fees, go ahead and review the following article:

To start staking using Stakewise:

  1. Head to myetherwallet.com and access your wallet.

    1. For guidance on how to access your wallet, check out the ‘How to Access your wallet on MEW web’ article.

  2. Click on ‘DApps’ located on the left side menu bar.

  3. In the DApps section, go ahead and click on ‘Stakewise’.

  4. Within the 'Stake ETH' window, first, enter the amount of ETH that you want to stake.

    1. Remember that your ETH stake will be represented as sETH2.

    2. sETH is given in a 1:1 ratio to ETH.

  5. Optional: Choose your transaction speed by clicking on ‘edit’ next to ‘Network fee’. You’ll then need to click the drop-down arrow next to ‘Default transaction priority’ to choose your speed.

    1. For more information about gas and transaction speeds, go ahead and review the ‘What is Gas’ article.

  6. Read and agree to Stakewise’s terms of service then click on ‘Start staking’.

  7. Review the transaction details then click on ‘Confirm & Send’ to complete the staking transaction.

    1. If you’ve accessed your wallet using the MEW wallet app, a browser extension or a hardware wallet, please make sure to approve the transaction there too before proceeding.

  8. Perfect! You just staked some ETH! Please allow a moment for your sETH2 staking balance to update in the ‘Staking - sETH2’ box, located on the right-hand side of the screen. Also, check for your updated balance located on the color account card.

If you experiencing any issues staking your ETH using Stakewise, please contact their support team at info@stakewise.io or send them a message. They’ll be able to best assist you.


Compound your Rewards

After earning rETH2, which was rewarded for your sETH2, users have the option to transfer their rETH2 balance back into the sETH2 staking pool. This is done by compounding your rewards.

To Compound your rewards:

  1. First, access your wallet on MEW then head to the DApps section.

    1. Keep in mind that the rETH2 is rewarded per address, so make sure that you’re accessing the correct wallet address.

  2. Click on ‘Stakewise’.

  3. When the ‘Stakewise’ DApp opens, go ahead and toggle over to ‘Compound Rewards’.

  4. Enter the amount of rETH2 that you want to compound.

    1. You can also click on 'Compound' found directly in the 'Rewards rETH2' box which enters your entire rETH2 balance to compound.

  5. Optional: Choose your transaction speed by clicking on ‘edit’ next to ‘Network fee’. You’ll then need to click the drop-down arrow next to ‘Default transaction priority’ to choose your speed.

    1. For more information about gas and transaction speeds, go ahead and review the ‘What is Gas’ article.

  6. Review and agree to Stakewise’s terms of service then click on ‘Compound Rewards’.

  7. Review the transaction for your rETH2 to sETH2 swap, then click ‘Confirm & Send’ when you’re done.

    1. If you’ve accessed your wallet using the MEW wallet app, a browser extension or a hardware wallet, please make sure to approve the transaction there too before proceeding.

  8. Good job! You’ve just compounded your rETH2 to maximize your rewards for your stake! Please allow a moment for the balances to update.

If you experiencing any issues compounding your stake using Stakewise, please contact their support team at info@stakewise.io or send them a message. They’ll be able to best assist you.


Redeeming to ETH

If you decide to cancel your stake or collect rewards rather than compounding them, you have the option to redeem the rewards to ETH. This process is done via swap where the rETH is swapped back to ETH and sent back to your wallet address.

From there, the user has the option to either hold the ETH in their wallet or sell their ETH on MEW using MoonPay. For more information about selling crypto using MoonPay, check out the following article:

Some things to keep in mind:

  • Any sETH that has been redeemed to ETH will no longer accrue rewards.

  • Any rETH that has been redeemed to ETH will no longer be able to be compounded.

  • In both instances, users will need to stake their ETH again to participate in the Stakewise staking pool.

Please note: The redemption process is done via Swap, which requires ETH to cover the Gas fees. For more information about Swaps and Gas fees, go ahead and review the following articles:

To Redeem your ETH:

  1. Head to myetherwallet.com then access your wallet.

    1. For assistance with that, check out the ‘How to Access my wallet on MEW web’ article.

  2. Click on ‘DApps’, located on the left-hand side of the screen.

  3. In the DApps window, go ahead and click ‘Stakewise’.

  4. When Stakewise opens, go ahead and head to either the ‘Staking’ or ‘Rewards’ box, located on the right-hand side of the screen.

    1. To redeem your sETH to ETH,

      1. Select ‘Redeem to ETH’ found in that box

      2. Review the transaction details describing the swap from sETH2 to ETH

      3. Click on ‘Confirm & Send’ to complete the transaction.

    2. To redeem your rETH to ETH,

      1. Select ‘Redeem to ETH’ found in that box

      2. Review the transaction details describing the swap from rETH2 to ETH

      3. Click on ‘Confirm & Send’ to complete the transaction.

Awesome! You just redeemed to ETH using Stakewise! Your ETH balance should update automatically. Allow a moment for it to refresh.

If you experiencing any issues redeeming your ETH using Stakewise, please contact their support team at info@stakewise.io or send them a message. They’ll be able to best assist you.


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