Hey Stakers! Got another beginner-friendly guide for those wanting to learn how to **natively stake Ethereum **(ETH) using the Coinbase (self-custody) Wallet.
This time we’ll be using Lido, the liquid staking leader (with approx. 30% of the liquid staking market) and StakeBoard (our staking dashboard app) to keep tabs on it.
Lido combined with Coinbase Wallet is a powerful combo, easy for newcomers that want to learn how to stake. And when you combine it with StakeBoard, our easy to use staking dashboard, you’ve got some great tools to be in charge and stay on top of your staking assets.
See also: Why should you stake?
Lido is a liquid staking protocol on ETH (and a few other layer 1 blockchains). Lido currently has about 250,000 stakers and approx. 9 billion in TVL (total value locked). It’s also the market leader for liquid staking.
Liquid staking is a staking method that is more liquid and doesn’t require the normal minimums. With liquid staking, you receive liquid staking tokens in your wallet that earn staking rewards. You can exchange these tokens for native ETH at anytime… hence the term ‘liquid.’
Coinbase Wallet is a web3, self-custody wallet by Coinbase. Why is self-custody important?
First, download and setup Coinbase Wallet, if you haven’t already. Coinbase Wallet is non-custodial web3 wallet from Coinbase. It’s a really great wallet for those transitioning from CeFi and other custodial services.
In this guide, we’ll be using iOS on iPhone, but the steps are the same.
Since StakeBoard supports Coinbase Wallet, you’ll automatically be signed in. You’ll see your wallet address at the very top of the site, just below the logo. Now, let’s get staking!
Now you’ll be taken directly to Lido’s site. This is where you will stake Lido by exchanging ETH for STETH (the Lido liquid staking token).
Once this process is complete and confirmed, you will see the newly staked funds in Lido. You will also these amounts in Coinbase Wallet, but even more useful is seeing them on the StakeBoard dashboard.
Wrapping up, you’ve learned how to liquid stake ETH with Lido. You now have STETH tokens in your wallet that earn staking rewards. These tokens can be exchanged for ETH at anytime on the Lido site, 1:1.