In December 2020, Ethereum set in motion its transition into a full Proof-of-Stake (PoS) network when it introduced a beacon chain. This is a PoS consensus layer whose purpose is to co-ordinate the network.
As a result, it became possible to stake $ETH to validate transactions, alongside a Proof-of-Work (PoW) mining.
Since then, there are generally two routes to stake $ETH and all depends on how much you are willing to stake. You’ll need 32 ETH to become a full validator, but you do not have to be a full validator to participate.
You can explore several staking pools that have been recommended by Ethereum.
One such service is Rocket Pool, which lets users stake as little as 0.01 ETH.
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SEE ALSO: EXPLAINER GUIDE: How to Create a Fantom Wallet and Participate in Fantom DeFi
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Here is how staking works on Rocket Pool:
1. Install MetaMask
If you haven’t already, install the MetaMask browser extension.
Just visit https://metamask.io/ and follow the links. Once you have installed MetaMask, you will need to create a new account and sign in – just follow the instructions as they appear.
2. Connect to the desired network
Open the MetaMask panel using the icon in your browser toolbar and click on the network dropdown in the toolbar at the top.
Mainnet
Select “Ethereum Mainnet”
Testnet
Select “Goerli Test Network”
3. Add the rETH Token to MetaMask (Optional)
If you want to see your rETH balance in MetaMask (or if you want to send rETH to other addresses), you’ll need to add the rETH token contract to it.
To do this, Open MetaMask > click the Assets tab > click Add Token > Choose Custom Token > add the following details for the network you are using:
Mainnet
- Token Contract Address:
0xae78736Cd615f374D3085123A210448E74Fc6393 - Token Symbol:
rETH - Decimals of Precision:
18
Testnet
- Token Contract Address:
0x178E141a0E3b34152f73Ff610437A7bf9B83267A - Token Symbol:
rETH - Decimals of Precision:
18
Click through the rest of the prompts. You should see the rETH token appear on your list of balances.
4. Go to the Rocket Pool Staking UI Site
Head on over to the website to stake $ETH for rETH
Mainnet
Staking UI – https://stake.rocketpool.net
Testnet
Staking UI — https://testnet.rocketpool.net
NB: If you see a notice about a Web3 browser being required, or the current network ID being unsupported, make sure you’ve completed steps 1 and 2 correctly before continuing.
5 Connect Your Wallet
Click the ‘Select Wallet’ button in the middle of the page, then select ‘Connect Metamask.’
MetaMask will prompt you to select an account to connect with the website.
Choose one, confirm some permissions, and you’ll see your account details along with your $ETH and $rETH balances (which will both be zero for now).
6. Get $ETH
You’ll need $ETH to stake for rETH. Mainnet uses real $ETH, where as the testnet uses fake $ETH (aka Goerli ETH).
Mainnet
You’ll need real $ETH to stake on the mainnet staking UI.
Testnet
You can get your hands on some fake ETH (Goerli ETH) from one of the following faucets:
Once you request your Goerli ETH, wait for your transaction to be mined and head back to the Rocket Pool website. You should see your updated balance on the dashboard.
To stake $ETH, Just enter an amount of $ETH to stake into the form in the middle of the page and click ‘Start.’
You’ll see a MetaMask window asking you to confirm your transaction. Go ahead and click ‘Confirm,’ and after a short wait, you’ll see your balance update!
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RECOMMENDED READING: So You Want to Be an Ethereum 2.0 Validator? Here are the Requirements
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