This article provides an overview of Lido and explains the process of staking ETH in Ledger Live using Lido. It also covers the steps to withdraw staked ETH from the Lido protocol.
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.
Lido is a third-party staking service that lets Ethereum users stake their ETH and earn stETH rewards in return. The Lido app is not operated by Ledger but by the Lido team through Ledger Live.
Since the Ethereum Merge, it's possible for anyone holding at least 32 ETH to run a validator node and help add blocks to the Ethereum blockchain.
With Lido, you don't need 32 ETH to start staking. Lido will pool your ETH with funds provided by other users until the pool reaches 32 ETH. Lido will then set up a validator node by depositing the ETH into Ethereum's staking contract and proportionally share staking rewards with you.
Withdrawing ETH from the staking contract is not yet possible, however.
To make up for the loss of liquidity (your ETH being locked in the staking contract and unavailable to trade), Lido will send you a number of stETH tokens equivalent to the amount of ETH staked plus daily stETH rewards. You can learn more about how this works here.
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 roughly 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.
Before you start
- Download and install the latest version of Ledger Live via this link.
- Install the latest version of the Ethereum (ETH) app on your Ledger device.
- Create an Ethereum account in Ledger Live.
Install the Lido app on your Ledger device
- Open Ledger Live and navigate to My Ledger tab.
- Connect and unlock your Ledger device.
- If asked, allow My Ledger to access your Ledger device.
- Search for the Lido app in the app catalog.
- Click the Install button to install the app on your Ledger device.
- Your Ledger device displays Processing.
- Ledger Live displays Installed.
Stake ETH with Lido in Ledger Live
- In Ledger Live, navigate to the Accounts tab.
- Select your Ethereum account with ETH you want to stake.
- On the top-left corner, tap Stake button.
The Lido app opens in Ledger Live.
- Select the amount of ETH you wish to stake then click Submit
- Select preferred fees then click on Continue
- 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.
Yes, ever since the successful launch of Lido v2 on May 16, 2023, users now have the option to withdraw their staked ETH (stETH) with their Ledger device directly from the Lido website.
For detailed instructions on how to unstake your ETH with, please refer to this article.
What are the risks of staking ETH via Lido?
- Staking ETH through Lido entails some risks that are typically associated with liquid staking. You can find more information here.