Lido.fi for staking?

[Scorpion Ghost]

I found this - https://lido.fi

Seems you can stake Ethereum with it and a bunch of other coins, from your Metamask wallet (and others). Seems pretty cool.

I'm doing some reading on it now, but I like to ask here too maybe someone is using it and can share their experience.?

 

[Scorpion Ghost]

Here is a nice article about it - https://the-crypto-post.com/lido-finance-earn-safe-easy-6-eth/

Also on Reddit a few people said they've been using it with no issues.

 

[wankawonk]

1) you can't unstake your eth until after the merge. you can sell the stETH for regular ETH....however:

2) there was a small de-peg recently, so you're dealing with de-peg risk. this could affect your ability to cash out at market rates.

its a lot riskier than holding ETH.

 

[Scorpion Ghost]

1) you can't unstake your eth until after the merge. you can sell the stETH for regular ETH....however:

The article I shared above says:

You can unstake the stETH anytime, simply swapping back to ETH. If you have deposited 1 ETH, you have received 1 stETH. You can get back 1 ETH anytime, whenever you will unstake.

But you say you can't unstake until after the merge.?

---

2) there was a small de-peg recently, so you're dealing with de-peg risk. this could affect your ability to cash out at market rates.

The article says:

The staking with Lido is non-custodial, which means it is impossible for the network’s validators to access your staked funds.

So if I stake 1 ETH, I always have my 1 ETH no matter what.

What's de-peg? What's the risk?

---

I'm not being a dick or anything, I'm just trying to understand.

 

[Scorpion Ghost]

The article says:

The staking with Lido is non-custodial, which means it is impossible for the network’s validators to access your staked funds.

So if I stake 1 ETH, I always have my 1 ETH no matter what.

What's de-peg? What's the risk?

Okay never mind this one. I see that ETH is $1,130.33 and Lido Staked Ether is $1,079.08

So I guess that's what you meant. It's not 1:1 at the moment, and so cashing out could be less than expected.

Still, on the one hand we have ETH sitting there collecting dust, on the other hand we have it earning some returns. And the risk isn't for the staked amount, it's for the rewards earned.

May be worth it...

 

[Scorpion Ghost]

1) you can't unstake your eth until after the merge. you can sell the stETH for regular ETH....however:

According to this - https://stakingfac.medium.com/lido-eth2-staking-guide-77647d15c9c1

Your deposited ETH remain locked and illiquid until transfers are enabled in phase 1.5 of Ethereum 2.0s’ phased launch. While Lido allows you to transfer, trade, and use your “staked ETH” before the launch of phase 1.5, you can redeem staked ETH for ETH only after transfers are enabled on Ethereum 2.0. “staked ETH” are minted on a 1:1 basis for every ETH staked via Lido and burned once “staked ETH” are redeemed for ETH. You can learn more about how Lido works here.

So your deposited ETH are locked until 2.0, and your Staked ETH can't be redeemed for ETH until 2.0. But you can trade your Staked ETH for something else, I take it.

Unclear...

 

[wankawonk]

According to this - https://stakingfac.medium.com/lido-eth2-staking-guide-77647d15c9c1

Your deposited ETH remain locked and illiquid until transfers are enabled in phase 1.5 of Ethereum 2.0s’ phased launch. While Lido allows you to transfer, trade, and use your “staked ETH” before the launch of phase 1.5, you can redeem staked ETH for ETH only after transfers are enabled on Ethereum 2.0. “staked ETH” are minted on a 1:1 basis for every ETH staked via Lido and burned once “staked ETH” are redeemed for ETH. You can learn more about how Lido works here.

So your deposited ETH are locked until 2.0, and your Staked ETH can't be redeemed for ETH until 2.0. But you can trade your Staked ETH for something else, I take it.

Unclear...

yeah you can trade the staked eth for eth -- but as you noticed, staked eth is currently worth less than eth. so you'd lose some money if you made that trade.

 

[onlinemarketer12]

How much is the profit per day for staking 1 ETH ?

 

[Scorpion Ghost]

yeah you can trade the staked eth for eth -- but as you noticed, staked eth is currently worth less than eth. so you'd lose some money if you made that trade.

So I just did it. I staked 1 ETH. Paid about $18 in fee.

I left about 0.01 ETH in Metamask and 0.01 in Exodus, just to have in case I need to cover a transaction or some bullshit.

I received 0.999 stETH for my 1 ETH. Bastards!

---

Let's do some math...

So 4% (current APY) for 1 is 0.04.

Lido takes 10% of rewards, which is 0.004, and we're left with 0.036

Let's put ETH at $5k some day, and we have $180. Consider withdrawal fees and depegging, we have $150.

But maybe ETH goes to $10k and we have $300, or to $100k and we have $3,000.

Clearly, I'm being super imaginative and flexible and guessing the numbers there

Anyway fuck it, whatever, its done, YOLO.

---

Now I'm gonna go back to doing my work and earn me some actual money hahahahaha

How much is the profit per day for staking 1 ETH ?

 

[wankawonk]

Now I'm gonna go back to doing my work and earn me some actual money hahahahaha

the best move of all. crypto ain't a job, its an investment

 

[Scorpion Ghost]

the best move of all. crypto ain't a job, its an investment

No doubt