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.
Don't already have a wallet? Go ahead and check out the following article to get started:
Do you have the MEW wallet app and want to use Stakewise? If so, please see the following guide for help connecting your mobile wallet to MEW web:
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, the StakeWise protocol will be transitioning to StakeWise V3, which features a new liquid derivative token model. Users who staked with StakeWise via MEW web do not need to take any immediate action. Your staked assets are safe and continue earning rewards in the form of rETH2. You are still able to redeem your sETH2 or rETH2 back to ETH through the StakeWise DApp interface in MEW web until V3 released, at which point liquidity for sETH2 and rETH2 tokens on secondary markets is not guaranteed.
StakeWise V3 will introduce a single token model with osETH. Previously, stakers received sETH2 tokens for their staked ETH and rETH2 tokens for the accumulated rewards. Now, osETH will represent all ETH staked in StakeWise V3 validators and will grow in value as rewards accumulate. That means that liquid staking will become even easier - just hold osETH in the wallet to earn ETH rewards, and convert back to ETH whenever you are ready to cash out. Find out more about the osETH token on the StakeWise blog. For more technical detail about the transition to V3, see this article.
MEW is working with StakeWise to update the StakeWise DApp in MEW web to reflect the changes introduced by V3. Users will be able to view and monitor the stake that was made on StakeWise V2, transition to StakeWise V3 directly in the MEW web interface, or unstake natively without having to rely on secondary markets.
StakeWise recommends that users staking less than 0.5 ETH either sell (redeem) their sETH2 and rETH2 for ETH before the transition to V3, effectively exiting their staking position, or continue holding sETH2 and accumulating rETH2 until they are ready to unstake in the future. This is because at staked amounts under 0.5 ETH, the gas costs of transitioning from V2 to V3 may be prohibitive. When they are ready to unstake, they'll be able to do so natively in V3, without having to rely on secondary markets.
Users staking more than 0.5 ETH may want to transition to V3 as soon as this option is available in MEW web to take advantage of the new opportunities offered by osETH. Alternatively, they can also continue to hold sETH2 and earning rewards as rETH2 until they are ready to unstake at some later time. Again, anyone who holds sETH2/rETH2 will be able to unstake ETH natively in V3, without the need for secondary market liquidity.
The timeline of the StakeWise DApp update in MEW web depends on the successful completion of the Shanghai upgrade and the mainnet release of StakeWise V3 (see this blog post for more information on that.) Even after withdrawals are enabled, users may need to wait several days for the deposit of unstaked ETH, in accordance with the requirements of the StakeWise protocol and the Ethereum withdrawal queue. Please stay tuned to StakeWise’s and MEW’s official social channels for the most up-to-date unstaking information.
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:
>> What is Gas
To start staking using Stakewise:
Head to myetherwallet.com and access your wallet.
For guidance on how to access your wallet, check out the ‘How to Access your wallet on MEW web’ article.
Click on ‘DApps’ located on the left side menu bar.
In the DApps section, go ahead and click on ‘Stakewise’.
Within the 'Stake ETH' window, first, enter the amount of ETH that you want to stake.
Remember that your ETH stake will be represented as sETH2.
sETH is given in a 1:1 ratio to ETH.
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.
For more information about gas and transaction speeds, go ahead and review the ‘What is Gas’ article.
Read and agree to Stakewise’s terms of service then click on ‘Start staking’.
Review the transaction details then click on ‘Confirm & Send’ to complete the staking transaction.
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.
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:
First, access your wallet on MEW then head to the DApps section.
Keep in mind that the rETH2 is rewarded per address, so make sure that you’re accessing the correct wallet address.
Click on ‘Stakewise’.
When the ‘Stakewise’ DApp opens, go ahead and toggle over to ‘Compound Rewards’.
Enter the amount of rETH2 that you want to compound.
You can also click on 'Compound' found directly in the 'Rewards rETH2' box which enters your entire rETH2 balance to compound.
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.
For more information about gas and transaction speeds, go ahead and review the ‘What is Gas’ article.
Review and agree to Stakewise’s terms of service then click on ‘Compound Rewards’.
Review the transaction for your rETH2 to sETH2 swap, then click ‘Confirm & Send’ when you’re done.
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.
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:
>> What is Gas
To Redeem your ETH:
Head to myetherwallet.com then access your wallet.
For assistance with that, check out the ‘How to Access my wallet on MEW web’ article.
Click on ‘DApps’, located on the left-hand side of the screen.
In the DApps window, go ahead and click ‘Stakewise’.
When Stakewise opens, go ahead and head to either the ‘Staking’ or ‘Rewards’ box, located on the right-hand side of the screen.
To redeem your sETH to ETH,
Select ‘Redeem to ETH’ found in that box
Review the transaction details describing the swap from sETH2 to ETH
Click on ‘Confirm & Send’ to complete the transaction.
To redeem your rETH to ETH,
Select ‘Redeem to ETH’ found in that box
Review the transaction details describing the swap from rETH2 to ETH
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.