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​​CoolWallet Partners With Lido For Liquid ETH Staking

ETH maxi’s, does the following conundrum sound familiar? You believe in the value and future of Ethereum and want to HODL your ETH past the Merge and till the end of days, but the rewards pale a bit in comparison with other younger, sexier layer-1 networks. Your friends keep bragging about how they’re stacking up that sweet, sweet yield and staking rewards, while you’re scraping by on resolve and the fading honor of the HODL. 

Something’s gotta give. So… How to earn passive income from your Ether bags?

Well, good news: the CoolWallet team has partnered with the Lido network to offer you a premium option, enabling you to earn solid staking rewards while maintaining access to the liquidity of your assets. Here’s what you need to know. 

What is Lido?

Liquidity for staked assets | Lido

Lido is a liquid staking solution for ETH 2.0 to solve problems resulting from the Ethereum 2.0 transition. The service is backed by a number of the industry-leading blockchain staking providers. Due to the Ethereum 2.0 transition, those who want to stake ETH will encounter 3 barriers:

  1. Early staking commitment
  2. Illiquidity
  3. Staking 32 ETH multiples

Lido was developed to overcome these problems and to allow users to stake any amount of ETH without complex procedures while preserving the liquidity through the stETH token. The goal with Lido is to allow for network participation and to eliminate the problems associated with ETH 2.0 staking – illiquidity, immovability and accessibility.

Why should I use Lido staking with the CoolBitX App?

Advanced cold storage technology to secure your ETH and stETH

With a unique, sleek design, CoolWallet is equipped with advanced security technologies, such as an encrypted Bluetooth connection (AES 256 military-grade) and 2+1 factor authentication (biometric and physical verification of all transactions via the app and card). As your private key is permanently locked inside CoolWallet’s EAL6+ secure element, your digital assets can not be exposed to external hacks and scams.

Start your ETH staking journey through CoolWallet and CoolBitX App, and enjoy the benefits of smart crypto cold storage: safety, convenience, and access to liquidity while staking.

How does the mechanism work?

To understand the value of staking any portion of your ETH and keeping the liquidity of your staking assets via the integrated solution, let’s learn some points of Ethereum 2.0. 

Ethereum plans to launch Ethereum 2.0 in the near future and the transition from Proof of Work to Proof of Stake (PoS) has already started through a multi-phase rollout. 

However, though ETH staking has already launched, the transaction will not be enabled until later phases of the ETH 2.0 transition, making it impossible to move, trade or spend ETH that has been staked. Any ETH staked on ETH 2.0 early in the rollout will be locked for a certain time. As a result, your staked ETH will be illiquid and cannot be used to participate in other DeFi projects. In addition, participants can only stake multiples of 32 ETH, which makes it prohibitively expensive for most retail investors. Someone who only owns 2 ETH will not be allowed to participate in ETH staking alone. On the other hand, someone who possesses 35 ETH can only stake 32 ETH.

Well, up until now at least. Great news, blast these restrictions away by using Lido via CoolBitX App! If you own some ETH and have CoolWallet on hand, here’s how to start staking your ETH:

After a few easy clicks in CoolBitX App, you will be able to stake any amount of your ETH from your CoolWallet and receive stETH tokens directly into your CoolWallet. This design eliminates the chance for malicious actors to intervene. 

The Power of stETH

The stETH token is issued on a 1:1 basis representing the amount of ETH you staked and will be updated on a daily basis to reflect your ETH staking rewards with an APR (annual percentage rate) of 3.9%. 

Here’s where it gets super interesting: The stETH you receive can be used like regular ETH! It’s fully liquid. Sell it, spend it, or use it in other DeFi protocols to earn more yields or lending rewards. Our integrated Lido solution allows you to stake ETH while preserving your investment’s liquidity and even provides you an opportunity to earn more on top of it. And of course, when transactions are finally enabled on ETH 2.0, you can also redeem stETH for ETH.

Simply put, our Lido integration helps you to easily stake your ETH without complex restrictions to earn staking rewards and offers you additional farming benefits with an issued stETH token. Last but not least, all this happens within the safety of the CoolWallet to ensure the uncompromised security of your precious digital assets. 

So let’s get started! Wait, what… you don’t have any ETH? Don’t worry! You can simply make a crypto purchase or swap your crypto to ETH in CoolBitX App (not financial advice!) CoolBitX App is currently supporting crypto purchase services from Simplex and Banxa, and crypto swap services from 1inch, ChangeHero, and Changelly. Choose an offer of your preference, and start your  ETH staking journey.

Have no idea how to start? Check out our Step-by-Step Guide for ETH staking via Lido (click here).

Step-by-Step Guide for ETH Staking via Lido

Have no idea how to stake your ETH and receive stETH token in CoolWallet? Don’t stress!
Here’s how to stake the ETH via Lido in CoolWallet App.

Step 1. Download the latest CoolBitX App and have your CoolWallet S or CoolWallet Pro ready. 
Then open your CoolWallet App and check whether you have already added stETH on the “Wallet” page so that you can check the amount of your stETH. 
If the stETH has been added, please jump to Step 4
If not, just follow the steps. You will be able to successfully add it soon! Firstly, click the icon on the top right corner of the “Wallet” page.

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Step 2. On the “Manage Wallet” page, if you still cannot find stETH, please click the “plus icon” on the top right corner of the screen, and then choose “Add Coin or Token” from the pop-up menu. On the “Add Coin or Token” page, you can add the coin or the token you prefer. You can also use the search function to effortlessly find your targeted coin/token. In this stETH case, you just need to click on the search block, and type in “stETH”.

Step 3. The option for stETH now shows up. Click the box and “Add to wallet” button. Then you can see the stETH on the “Manage Wallet” page. Make sure the switch button for stETH is turned on. When the switch button is turned on, it shows a yellow color.
Click the arrow icon on the top left corner to go back to the “Wallet” page.

Step 4. You have added stETH to your wallet! Let’s start to stake ETH. Click “Marketplace” on the bottom bar to the Marketplace page and click “Lido” block. The page is then redirected to Lido’s website. On the bottom right corner you can find that your ETH address is automatically set in this page. You can switch the ETH addresses set in CoolWallet by clicking the down arrow. After confirming the address, please type in the amount of ETH you want to stake. If you click “MAX”, then the total amount of your ETH in the selected address will be typed in.

Step 5. You can scroll down to check the transaction fee, annual percentage rate, and other staking information. Click the “Submit” button to proceed the next step.

Step 6. Then on the ”Transaction Confirmation” page you can adjust the fee you want to pay. After clicking the pen shape icon next to the preset fee, you can choose either “Basic” mode to simply edit the transaction fee, or “Advanced” mode to control the max fee and the gas limit. Please note that the fee you set will influence the transaction speed.

Step 7. On the ”Transaction Confirmation” page you can also review the details of the transaction by clicking the down arrow in the “Details” block. After checking both the sending address and the receiving address are correct, please click the “Confirm” button for the next step. Now you have to long-press the button on your CoolWallet to activate it.

Step 8. When you activate your CoolWallet, “Hello” will be shown on the card screen. Check whether your CoolWallet is successfully connected to CoolWallet App. If the connection works, it will show “Connected!” with the green background on the top of the screen. Press the button on the card to the next step.

Step 9. The ”Transaction Confirmation” page will appear again. Now you only need to focus on your CoolWallet. Your CoolWallet will show “ETH” first. Please press the button on the card. Then it will show “SHARE” and you need to press the button again.

Step 10. Here comes the last step to complete the transaction! Press the button on the card to confirm the transaction when you see the instruction “PRESS button” on the card. The card then shows “SENT” and it means you have successfully sent out your ETH to stake.

Step 11. The “Transaction completed” message will appear on your phone screen. You can review again the details of the transaction by clicking the down arrow in the “Details” block. Click “Return to Lido” and you can find that you have stETH now! Click the cross icon on the top left corner of the screen to go back to CoolWallet App.

Congratulations! You have successfully staked your ETH via Lido! You can now check the amount of stETH and ETH shown on the “Wallet” page. The most important thing is that you will receive your stETH as staking rewards afterwards and you can check the increasing amount of stETH anytime, anywhere!

Last but not least, you can also check the staking rewards on the Lido page. Just follow the steps below:

Step 1. Click “Lido” on the “Marketplace” page and click “Rewards” on the bottom right corner of the Lido page.

Step 2. Scroll down the page to find a the detailed record of your staking rewards.

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