MyEtherWallet now supports Ethereum ETH 2.0 staking
Crypto exchanges and crypto wallets are setting up Ethereum 2.0 staking on their platforms.
It is therefore the turn of the famous Ethereum wallet MyEtherWallet to announce that ETH 2.0 staking is now available on the web and mobile version thanks to a partnership with Staked.
Available in desktop and mobile versions, MyEtherWallet (MEW) is one of the most reliable crypto wallets for storing ETH tokens and ERC20 tokens.
With the development of DeFi decentralized finance, MEW has recently integrated certain functionalities that allow it to interact more easily with DeFi protocols and decentralized exchanges such as Uniswap.
The arrival of Ethereum ETH 2.0 staking marks a major turning point for the Ethereum blockchain which will go into proof of stake mode, a new operation that therefore requires ETH token staking in order to validate transactions on the network.
ETH staking that rewards validators for their staking with free ETH tokens.
MyEtherWallet Founder and CEO Kosala Hemachandra said:
“Moving forward with Ethereum 2.0 is a big step forward for our community, and we want MEW users to know that Ethereum continues to play an increasingly important role in the world.
By integrating Staked, we are enabling users to leverage Ethereum 2.0 in a way that is simple and accessible in nature.”
How does Ethereum staking work on MyEtherWallet?
Staked, a competitor of Rocket Pool, will therefore allow users of the MEW wallet to do Ethereum staking with their ETH tokens.
The advantage of this solution is that the holder of the ETH tokens retains ownership and control of their ETH tokens which are not transferred to another staking platform and which remain in their MEW wallet.
Importantly, 32 ETH tokens are needed for staking on MyEtherWallet with its partner Staked, so this will limit the number of participants.
32 ETH tokens are now worth $17,500, an unaffordable price for many people unless they bought Ethereum when it was still very low.
On the other hand, if you are lucky enough to have 32 ETH tokens, you will therefore be able to do Ethereum staking on MyEtherWallet and earn interest as a reward for making your tokens available.
MEW reports a current interest rate of around 14%, a rate that may vary depending on the number of ETH tokens that are staking on Ethereum 2.0.
In order to do Ethereum staking on MyEtherWallet, you will need to change your ETH tokens into ETH2 tokens on the crypto wallet interface.
You will therefore need to generate an Eth2 address first.
The complete procedure for staking ETH tokens on MEW is explained in their article on Medium, with screenshots: click here.
And if you don’t have 32 ETH tokens for Ethereum staking, you can use ETH staking services on Binance or Kraken which allow you to stake with the number of ETH tokens you have, even if you don’t not have 32 ETH.