Staking ETH in Ledger Live with Lido

This article describes Lido and how to stake ETH in Ledger Live with Lido.

 Staking via Lido on iPhones

  • Ledger Live versions 2.37.3 and above remove the Ledger Live Discover section for iOS mobiles to comply with Apple App Store guidelines.
  • As a result, staking via Lido in Ledger Live is not available for iPhone users.
  • To use Lido, please download the desktop or the Android version of Ledger Live app via this link.
What is Lido?

Lido is a third-party staking service that lets Ethereum users stake their ETH coins onto the Ethereum 2.0 network (Consensus layer)or more specifically, on the Beacon Chain) and earn interest in return. The Lido Live App is not operated by Ledger but by the Lido team through Ledger Live.

It's important to note that the Ethereum network you can access via Ledger Live today and the Ethereum 2.0 (consensus layer) network are not the same network. Eventually, these two networks will merge and become "just Ethereum" but, for now, they’re distinct. You can learn more about the merge here.

In practical terms, this means that any ETH balance staked via Lido through Ledger Live will be locked (on the Beacon Chain on the consensus layer) until a few months after Ethereum 1.0 and Ethereum 2.0 (consensus layer) finally merge. The timeline for the merge is currently estimated to be Q1/Q2 2022 but this could be pushed back. You can follow the latest news about the merge here.

To make up for the loss of liquidity (your ETH being locked and unavailable to trade), Lido will send you a number of stETH tokens equivalent to the amount of ETH locked plus daily stETH rewards. You can learn more about this here.

What is stETH?

stETH is an ERC20 token whose value is indexed to the value of ETH. In other words, this means that the price of stETH should be equivalent to the price of ETH.

stETH is liquid. This means that it can be freely traded and transacted in and out of your Ledger wallet like any other ERC20 tokens. You can learn more about managing ERC20 tokens here.

Finally, your Ledger stETH balance will update daily to account for stETH rewards. This update is automatic and does not require a transaction to your Ledger wallet. You can learn more about this automatic rebase mechanism here and you can use this tool to track your stETH rewards.

I understand Lido. Now, how do I stake my ETH for stETH?

  • Detailed instructions for staking ETH via Lido are available in the tab below.
  • Interested to learn more about Lido? Lido's official FAQ might have the information you're looking for.
How to stake ETH with Lido?

Before you start

Install the Lido app on your Ledger device

  1. Open Ledger Live and navigate to the Manager tab.
  2. Connect and unlock your Ledger device.
  3. If asked, allow the manager on your Ledger device.
  4. Search for the Lido app in the app catalog.
  5. Click the Install button to install the app on your Ledger device.
    • Your Ledger device displays Processing.
    • Ledger Live displays Installed.

lido_app.gif

Stake ETH with Lido in Ledger Live

  1. In Ledger Live, navigate to the Accounts tab.
  2. Select your Ethereum account with ETH you want to stake.
  3. On the top-right corner, tap Stake button.
    The Lido app opens in Ledger Live.
  4. Select the amount of ETH you wish to stake then click Submit
  5. Select preferred fees then click on Continue
  6. Sign the transaction on your Ledger device.
    Once the transaction clears you will receive an amount of stETH equivalent to the amount of ETH staked.

Why is my stETH balance showing a "-" value?

  • Ledger Live does not support a price feed for stETH yet.
  • As a result, you will not be able to see the value of your stETH balance in Ledger Live.
  • Don't worry, this is just a temporary display issue that doesn't affect the value of your stETH.
  • You can safely see the value of your stETH by looking up your Ledger Ethereum account on Etherscan.
Can I unstake my ETH?
  • No, it's not currently possible to unstake ETH that has been staked on the Beacon Chain.
  • However, you currently have the option to swap your stETH balance back for regular ETH. This effectively "unstake" your ETH.
  • You can swap stETH for regular ETH using the Paraswap app in Ledger Live.
  • To add stETH to Paraswap, navigate to the Pay field, click the coin ticker to open the dropdown menu, select Manage Token Lists and activate all the available token lists.
  • Once all the lists have been activated, type stETH in the search bar and click on the stETH icon to import stETH as a swap option. You can then proceed to swap stETh for ETH.
  • You can learn more about how to use Paraswap here.
    add_steth_paraswap_light.gif

 What are the risks of staking ETH via Lido?

  • Staking ETH via Lido incurs a number of risks that are common to liquid staking in general.
  • You can learn more here

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