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How to Perform Staking on Bitget Wallet?

2023-08-16
How to Perform Staking on Bitget Wallet? image 0

Staking is a crucial concept in Web3 and involves locking up your cryptocurrency assets to support network operations, contributing to transaction validation and security. In return, participants earn rewards, fostering a symbiotic relationship between network health and investor interests. Staking rewards can be fixed or percentage-based, varying across blockchain networks, and replaces energy-intensive mining with a more sustainable Proof of Stake (PoS) consensus model.

Click here to learn more about the fundamentals of staking!

Bitget Wallet has successfully integrated with Lido, a liquid staking protocol, to support staking within Bitget Wallet! Users may stake their ETH with just a few simple clicks and enjoy daily-compounded rewards, right from their Bitget Wallet. Additionally, Bitget Wallet also supports the conversion of different tokens into stETH for staking, making this the perfect way for users to conveniently participate in staking.

With features such as a real-time earnings dashboard where users can easily view their latest earnings and annualized yield (APY) at any time, Bitget Wallet promises a seamless and effective way to manage their staked assets! Enjoy risk-free passive income with Bitget Wallet's Staking feature, and contribute to decentralizing the Ethereum network at the same time!

In this guide, we will be taking a closer look at the process of staking with Bitget Wallet!

Staking ETH on Bitget Wallet

1. On the homepage of Bitget Wallet, select the "Staking" tab. Simply click on "Stake Now" to proceed to the staking page.

*Note: The images below reflect an account with past staking activity, revealing current staked ETH amount, earnings, and APY. If no prior staking has been done on Bitget Wallet, this information will not be visible.

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2. Choose a preferred method to obtain stETH. You may stake ETH for stETH, or swap any token for stETH. For the purposes of this guide, we will be selecting "Stake ETH for stETH". Click on "Next Step" once you have made your selection.

3. Enter the amount you wish to stake, confirm the order details, and click on "Stake Now."

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4. On this page, you may adjust the amount of payable gas fees by clicking on the arrow next to the gas fee amount. After adjusting, click "Confirm", and await the notification of successful staking.

5.You may click on "View Details" to review information about this staking order, which should take approximately 1-2 minutes to complete. Once you have received a "Staking Successful" notification, your order has been generated on the blockchain and your ETH staking is complete. You may review your latest daily earnings on the "Staking" page of the homepage.

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Staking Using Any Token

1. On the Bitget Wallet homepage, click on the "Staking" tab and choose "Swap any token for stETH." Select your desired token to swap for stETH, such as USDT, and key in the preferred amount. Click "Confirm".

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2. On this page, you may adjust the amount of payable gas fees on this page by clicking on the arrow next to the gas fee amount. After making adjustments, click "Confirm" and enter your transaction password and await the conversion to stETH. This will lead to successful staking.

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Claiming Stake Earnings

1. On the "Staking" page, click "View" under the "To Be Claimed" section. This will take you to a detailed page where you can view your current earnings.

2. Click on "To Be Claimed" to Double-check your order details. You may adjust the amount of payable gas fees on this page by clicking on the arrow next to the gas fee amount. Once done, hit "Confirm" to claim your earnings.

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Unstaking

1. On the "Staking" page, click on the order that is currently staked under the "My Staking" section. This will take you to the stETH page. Select "Unstaking."

2. Choose the "Unstaking" option, and tap on "Next Step." Fill in the amount of stETH you wish to unstake, and hit "Unstake Now."

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3. View the details of your unstaking order. You may adjust the amount of payable gas fees on this page by clicking on the arrow next to the gas fee amount. Once done, tap on "Confirm" to complete your unstaking request. You may also view your order information by tapping on "View Details".

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This concludes our comprehensive guide on everything you need to know to easily participate in staking on Bitget Wallet!

Next, try your hands on Bitget Wallet's Watch-Only feature and take your crypto trading to the next level!

FAQ
1. What is Lido?

Lido is the name of a family of open-source peer-to-system software tools deployed and functioning on the Ethereum, Solana, and Polygon blockchain networks. The software enables users to mint transferable utility tokens, which receive rewards linked to the related validation activities of writing data to the blockchain, while the tokens can be used in other on-chain activities.

2. How does Lido work?

While each network works differently, generally, the Lido protocols batch user tokens to stake with validators and route the staking packages to network staking contracts. Users mint amounts of stTokens which correspond to the amount of tokens sent as stake and they receive staking rewards. When they unstake, they burn the stToken to initiate the network-specific withdrawal process to withdraw the balance of stake and rewards.

3. What is stETH?

stETH is a transferable rebasing utility token representing a share of the total ETH staked through the protocol, which consists of user deposits and staking rewards. Because stETH rebases daily, it communicates the position of the share daily.

4. How can I get stETH?

You can get stETH in many ways, including interacting with the smart contract directly.Yet, it is much easier to use a Lido Ethereum staking widget and in other DEX Lido integrations.

5. How can I unstake stETH?

You can use our Withdrawals Request and Claim tabs to unstake stETH and receive ETH at a 1:1 ratio. Under normal circumstances, withdrawal period can take anywhere between 1-5 days. After that, you can claim your ETH using the Claim tab. Also, you can exchange stETH on DEX Lido integrations.

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