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?
What is Lido?
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.
What is 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.’
What is Coinbase Wallet?
Coinbase Wallet is a web3, self-custody wallet by Coinbase. Why is self-custody important?
Step-by-step guide to staking ETH with Lido on Coinbase Wallet
☑️ Download Coinbase Wallet and configure it
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.
Coinbase Wallet can be downloaded for iOS, Android or a web browser plugin for Chrome.
In this guide, we’ll be using iOS on iPhone, but the steps are the same.
☑️ Click ‘Browser‘
☑️ Type app.stakepark.xyz in the URL bar at the top
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!
☑️ Click ‘Visit Site‘ next to Lido
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).
- Remember STETH can be exchanged for ETH at anytime.
- STETH also earns staking rewards (we’ll show you the current estimated APY).
☑️ Enter how much ETH you wish to stake with Lido in the ‘Amount’ box and click ‘Submit’.
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.
☑️ Return to StakeBoard anytime to confirm the funds in your Coinbase Wallet are staking!
✅ Done! That’s it. Now you’re staking with Lido + Coinbase Wallet!
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.