ETH Lido Curve
Lido Finance is a project that allows users to benefit from staking Ethereum without having to have their own infrastructure. Instead, users can stake their ETH with Lido and then receive the validator rewards for their share of the staking. This brings you passive income and helps you keep your ETH in a safe place.
It is important to remember that interacting with the Ethereum blockchain requires a fee for each transaction.
To start staking ETH with Lido, follow the step by step guide below.
1. Go to Lido Finance
Choose the Stake ETH option.
2. Choose the amount of ETH to stake
3. Select your wallet to connect to Lido
You can choose any wallet that supports Ethereum network, for instance, Metamask or Ledger.
4. Confirm the transaction in your wallet
After that, your ETH will be blocked for staking in Lido.
5. Get stETH
Once your ETH are locked into staking, you will receive Lido stETH, which is a share of the validator rewards. You can store stETH in your wallet and earn income from staking.
If you want to withdraw your funds, just sell your stETH on the exchange of your choice. Your original ETH will be unlocked and returned to your wallet. While staking ETH through Lido Finance may have risks such as losing funds as a result of a hack, Lido allows one to earn passive income with minimal effort.
Switching between the blockchains
The Lido project uses the Ethereum blockchain for staking ETH. If you are accumulating ETH in the form of a token on any other blockchain but want to send them to work, here’s an easy way to do this.
1. Go to SimpleSwap and choose tokens to exchange
For example, you want to exchange ETH (Arbitrum) for ETH.
2. Click Exchange
Check the amount you will receive after the exchange. Make sure you agree with the exchange rate and the commission.
3. Enter your wallet address and confirm your transaction
Send your tokens to the address. You’ll then need to wait for the confirmation of the transaction, which may take some time, depending on the speed of the network.
5. Get ETH
Once the transaction is confirmed, you will receive your ETH to the Ethereum wallet address you provided.
Adding stETH to a pool
You can also add your stETH to the pool on Curve and earn even more.
1. Go to curve.fi and press Pool
2. Choose a pool
Select the ETH/stETH pool to receive income in ETH.
3. Click Deposit
4. Enter the amount of stETH to add to the pool
Confirm your transaction and wait for the confirmation of the transaction, which may take some time, depending on the speed of the network.
After adding stETH to the pool, you become the owner of pool tokens in exchange for your stETH. To earn income, you must store your tokens in a pool. Each time new revenues are generated in the pool, a share of the revenue is generated as well and distributed among all pool token holders.
5. Click Withdraw (optional)
Select the amount and withdraw your tokens from the pool easily if you want to.
Please note that fees may apply in the process of adding stETH to the pool and generating income. The exchange rate may change depending on market conditions. Make sure you understand all the terms and risks associated with adding stETH to the pool at curve.fi before making a trade.
The information in this article is not a piece of financial advice or any other advice of any kind. The reader should be aware of the risks involved in trading cryptocurrencies and make their own informed decisions. SimpleSwap is not responsible for any losses incurred due to such risks. For details, please see our Terms of Service.
