In late May, we officially launched our ETH liquid staking implementation on the Ethereum mainnet. This event marked a major progression point for pSTAKE, now allowing users to liquid stake ETH via the pSTAKE app and receive stkETH in return.
stkETH can be utilized by holders across different DeFi (Decentralised Finance) protocols, enabling them to earn additional yield on top of their staking rewards. As a direct effect, users are incentivized to further engage in other activities across the Ethereum network.
To help guide users on how to get started with minting, swapping, and supplying liquidity with stkETH, we’ve created a comprehensive step-by-step tutorial with everything you need to know.
Minting stkETH
The below steps outline how to mint your stkETH via the pSTAKE app by staking ETH from start to finish.
Staking and minting take place on the Ethereum network – therefore, throughout this process, please ensure that you have sufficient ETH within your web wallet to pay for any associated gas fees for transactions.
Step 1: Navigate to the pSTAKE App.
Go to https://app.pstake.finance/ and select “Start Staking” within the Ethereum section at the bottom to begin.
Step 2: Head to the ETH Staking Section.
Next, connect your MetaMask wallet and click on the “Staking” tab on the left-hand menu.
Step 3: Stake Your ETH to Mint stkETH.
Enter the amount of ETH you wish to stake, click “Stake,” and confirm the transaction in your wallet. Once the transaction has been confirmed, your stkETH balance will appear on the right-hand side.
Note: Unstaking will not be possible before the merge.
Swapping stkETH
On exchanges where stkETH is available, users will be able to swap and trade their liquid-staked tokens for ETH or other ERC-20 assets. Here’s a quick walkthrough on how to swap your stkETH for ETH on the Uniswap DEX (decentralized exchange).
Step 1: Navigate to the DeFi Section on pSTAKE.
To swap your newly minted stkETH for ETH, begin by selecting the “DeFi” tab on the left-hand menu. Click on “Swap” to be redirected to the Uniswap interface.
Step 2: Import stkETH on Uniswap.
Before beginning the swap, you’ll need to import the stkETH token to Uniswap. Click “Import” to proceed.
Step 3: Initiate the Swap for stkETH.
Next, enter the amount of stkETH you wish to swap. Allow the Uniswap protocol to use your stkETH and approve the transaction in MetaMask.
Once complete, click “Swap,” then “Confirm Swap”, and approve the transaction in MetaMask.
You’ve now successfully completed your stkETH-ETH swap.
Providing Liquidity with stkETH
Adding liquidity to the stkETH/ETH Uniswap pool provides a way for holders to earn extra yield on their stkETH while supporting the Ethereum DeFi ecosystem.
Providing liquidity is simple and can be done in a few easy steps.
Step 1: Add Liquidity through the pSTAKE DeFi tab.
Navigate back to the “DeFi” tab on the left and select the “Add Liquidity” button, which will again redirect you to Uniswap.
Step 2: Deposit stkETH.
Enter the amount of liquidity you wish to provide and click “Preview” to continue.
Step 3: Review and Confirm All Information.
Next, a popup window will appear. Carefully read through the details and click the “Add” button if everything looks good. Approve the transaction in MetaMask to proceed.
Step 4: View Your Position.
Once the transaction is successfully processed, you’ll now be able to view all of your open positions under the “Pools Overview” section on Uniswap.
That’s it! You’re now providing liquidity and earning DeFi rewards (in addition to staking rewards) on your ETH.
This guide should serve to help users get to grips with the ETH liquid staking process – from minting stkETH to navigating the beginnings of using stkETH in the Ethereum DeFi ecosystem to generate extra yield. With more integrations planned, there’s plenty more coming in the pipeline to be excited about.
For a full video guide on the above processes, make sure to check out our YouTube video tutorial.
If you have any comments or questions, visit our Telegram community group to connect with us.
About pSTAKE
pSTAKE is a liquid staking protocol that unlocks liquidity for your staked assets. With pSTAKE, you can securely stake your Proof-of-Stake (PoS) assets, participate in protocol improvements and security to earn staking rewards, and receive staked underlying representative tokens (stkASSETs) which can be used to explore additional yield opportunities across DeFi.
At present, pSTAKE supports Binance Chain (BNB), Cosmos (ATOM), Persistence (XPRT), and Ethereum (ETH) networks’ native tokens, with a view to support more chains and assets in the future (SOL, and AVAX).
Developed by Persistence
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets. Persistence facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.
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