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#DeFi #LiquidStaking #ETHStaking
0:00 – Intro
1:30 – Creating A MetaMask Wallet
5:02 – Onboarding ETH or Fiat From A CEX
7:24 – Liquid Staking Explained
9:44 – Lido Finance Staking Tutorial
12:05 – stETH
15:18 – Outro
𝗥𝗲𝗹𝗮𝘁𝗲𝗱 𝗦𝗲𝗮𝗿𝗰𝗵𝗲𝘀: stETH — Crypto – Ethereum – ETH – Lido – Lido Finance – ETH Staking – Lido Finance Staking – Liquid Staking – ETH Liquid Staking – ETH Merge – ETH Shanghai Upgrade – How To Stake ETH – How To Stake Ethereum – ETH Staking Tutorial – Ethereum Staking Tutorial – Crypto Staking – How To Stake Crypto – How to Stake Cryptocurrency – Crypto Banter – Miles Deutscher – Crypto Banter DeFi – Liquid Staking ETH – Liquid Staking Tutorial – Liquid Staking Explained – Lido Staking – Lido LDO – Crypto Banter Tutorials
The SEC and Gary ganzler have been going After crypto staking their first action Was to go after us-based exchange Kraken Where they took action against their Ethereum staking program which resulted In Kraken shutting down the service and Paying a hefty fine but I don't expect Kraken to be the last attempt by the SEC To crack down on crypto staking as I see This as the beginning of intense Regulation in the US regarding the Staking of widespread cryptocurrency Assets from stable coins to assets like Ethereum the SEC is determined to Deprive Americans of their Financial Freedom and their attack against Kraken Is in many ways an attack against crypto However I view this as a bullish Catalyst for crypto and decentralized Finance as they are forcing Americans to Learn how to use defy to get their Returns and if you're not allowed to Legally stake through centralized Exchanges then there's going to be a Huge influx of people which want to Stake on decentralized exchanges so now More than ever it's important to take Our own Financial Freedom into our own Hands and learn how to use the default Ecosystem upon which crypto is built on The government in a roundabout way has Created a huge opportunity for adoption And in today's show what I want to do is Show you step by step how to take
Financial control of your own ethereum And stake it in a decentralized Immutable protocol that can't be Attacked by the SEC this is the Beginning of a series where I run you Through the steps necessary to become a Defy expert we're going to start today With Lido Finance liquid staking and Over the next week we're going to go Into other protocols like frax and I'm Even going to show you how to set up Your own validator node now is the time For Americans and people all around the World to take control of their own Finances and harness the use case that Crypto was built to fulfill the first Thing you're going to need to do is set Up a metamask wallet a metamask wallet Is the way you are going to interact With decentralized finance apps on the Blockchain metamask can connect to a Variety of evm or ethereum compatible Networks and allow you through Google Chrome to access the world of Decentralized Finance to install Metamask it's very very simple all you Need to do is go to metamask.io click Download for Google Chrome Google Chrome Is one browser but keep in mind there Are other browsers like Brave that you May choose to pick from a privacy Perspective but for the purpose of this Video I'll show you how to do so on Google Chrome you click add to Google
Chrome and then you click ADD extension Which will officially add the extension To your Google Chrome extensions profile Once metamask is added you want to click Create a new wallet and then click I Agree and what this is going to do is Set up a brand new crypto wallet for you To deposit crypto funds into now what You want to do is set a password I'm Just going to set one quickly and then Click I understand and create new wallet What you want to do next is Click secure My wallet which is going to create a Secret recovery phrase now this phrase Is your unique phrase so if you get Logged out of your computer or lose Access to your wallet since crypto is Immutable and on the blockchain this Seed phrase will be the password from Anywhere in the world that will allow You to access your meta mask so you want To write down these numbers on a Physical piece of paper or crypto Note-taking system there's many great Ways to do this which is going to allow You to keep this seed phrase safe do not Put this in your Apple notes do not put It on any sort of device that's Connected to the internet there's also Another option which is connecting your Metamask to a ledger or a tracer hard Wallet now the cool thing about a hard Wallet means the only way a hacker could Get access to your wallet is if they
Physically had the wallet on them and Click the OK button so every single Transfer you make has to be approved on A physical wallet even if it's connected To metamask so this is also a great Option um for those that have a ledger Or Tracer and if you don't I highly Recommend getting one it's an absolute No-brainer to get either a ledger or Tresor and you can simply go into your Metamask click on the connect button and Choose either Ledger or Tracer and start To connect one of the two it's a No-brainer and we do have links in the Description for a ledger or Tracer where You can get a discount on one of these Devices and I highly recommend buying One both are pretty good Ledger just Came out with a new model which you can Look at and also trayser I've had good Experiences with as well so you can't go Wrong with either Linked In the Description to both and if you want to Use them and of course you can pair that With a VPN to keep your IP safe so the More preventative measures you put in The safer you're going to be and the Better defy experience you're going to Have in general nordvpn is another tool That's you know only a few dollars a Month but it's going to protect you Against hacks and prevent your IP from Being exposed online which is extremely Important to stay safe in crypto so
There's a link in the description to Nord as well where they're running a 59 Discount at the moment so I recommend Doing that as well just to protect Yourself and make sure you have the best Default experience possible the next Thing you want to do is Click next and After you click next metamask will Prompt you to enter some of the missing Words to make sure that you have fully Written it down so I'm going to enter my Own in now and then I click confirm and Then got it and then my metamask Installation is officially complete now There are many networks you can use on The metamask wallet but for the sake of This video I am using the ethereum Mainnet as I'm going to be staking Ethereum on Lido Finance but you can Also add other networks for example Arbitrim Avalanche or Phantom if you Would like to enter interact with those Networks also now in order to get funds Into your metamask you're going to need To deposit some crypto so there's a Couple ways you can do this if you Already have crypto on an exchange you Can go onto a centralized exchange and Withdraw funds directly from that Exchange onto your metamask wallet so Let's say I have usdt in my wallet then What I can do is go into my metamask Copy the address at the top copy it to Clickboard make sure I'm using the right
Address on buy bit or another exchange That I'm using enter the address make Sure the chain type in this case is Ethereum if you send it to the wrong Network then that is going to put it on Another Network so you want to make sure It's on erc20 which corresponds with the Ethereum network double check that the Wallet you've entered is correct you Don't want to lose your funds and then Enter the total amount that you wish to Transfer and hit submit if you don't Already have crypto in an exchange you Can unwrap fiat currency so USD or AUD Or Great British pounds depending on What country you are in and use a credit Card or a bank account to get funds onto An exchange so you purchase crypto to Then stake bid get one of our partners Allows you to do this using a credit Card the availability depends on your Country but here in Australia you can Use your Visa Mastercard or even Apple Pay to on-ramp fiat currency which will Automatically swap into usdt to allow You to purchase ethereum on the exchange Now we do have links to bitget and Bible In the description that you can use to Get an initial sign up bonus of up to Eight thousand dollars on bitget and up To thirty thousand dollars on buy bit so If you're new to crypto I recommend you Use those links so you can get a nice Bonus to kick off your crypto Journey if
You on-ramp using Fiat on bitget for Example it'll swap those funds into usdt Which you can then go onto the trade Function click spot trading and then Swap for ethereum so click on ethereum Usdt and then you can set a market order To swap those stable coins into ethereum Which you'll then be able to withdraw Like I explained before on buy bit but If you want it just an easy way to do it They also have a quick buy function Which allows you to just select a Currency then select an asset like Bitcoin or ethereum and this will allow You to buy in one click I believe the Fees are slightly higher in the quick Buy slash Express section so if you want The best rates I'd recommend swapping in The spot trading section but nonetheless This is an option for people that just Want a quick way to onboard into crypto So now that the onboarding process is Done and you've withdrawn your assets From a centralized exchange into your Metamask wallet now it is time to stake Your ethereum for the example of this Video I have put in 0.02 ethereum which Corresponds at the current price to 35 Dollars worth of eth which I'm going to Be staking to explain how liquid staking Works and run you step by step through The process now before we get into Lido Specifically I want to explain to you How the principle of liquid staking
Works in general so ethereum is a proof Of stake Network what this means is that In order to keep the network secure Ethereum requires stakers to stake their Ethereum to validate the network across A set of validators it has thousands of Validators across the world which Essentially comprise the net work to Make it decentralized so without stakers There is no way to power the network so By staking your ethereum you're actually Providing a service to the network to Keep it running and in exchange they Give you a small amount of yield which Is anywhere between three and five Percent per year on your ethereum tokens And they have an emissions rate which Allows them to incentivize people to Stake but if you do want a stake the Minimum validator node cost is 32 Ethereum but since it's so costly to run Your own node there has been staking Solutions which are created allowing you To pull your ethereum with other people To stake in a validator now there are Many different ones that you can pick From but the one I'm going to be showing You today is Lido Finance because it is Liquid staking and what liquid staking Means is that instead of locking your Ethereum up in a validated node and not Being able to access that ethereum you Can stake your ethereum in a validator Node through Lido finance and get an
Ethereum derivative back as a receipt That allows you to continue trading that Ethereum essentially you get staked Ethereum back which is then usable in The D5 ecosystem whilst you're earning Yield on the ethereum that you've staked So you can continue to earn yield whilst Keeping your ethereum liquid for Borrowing and lending for use in Different D5 applications trading or Even staking that ethereum to earn more Yields so you can earn yield on top of Yield but if that's too confusing let me Just run you through the process step by Step to make it really really simple so On Lido finance's website who has the Biggest market share of liquid staking Comprising over 70 percent of all staked Ethereum you can click the stake Now Button you have a variety of assets to Choose from in today's video I'm going To be showing you how to stake ethereum You click stake now and this will open Up a new tab which allows you to stake Your ethereum you want to click on the Connect wallet button accept terms and Conditions select metamask and then you Will see the amount of ethereum in your Wallet on the ethereum network that is Available to stake as I said in this Video I'm going to be staking my 0 0.02 Ethereum to show you how it works so I'm Going to click Max but you can enter any Amount that you'd like to stake and then
I'm going to click submit as you can see The amount I'm staking is slightly less Than the total amount that I own because Of the gas fees so because the ethereum Network is fairly costly I need to pay a 23 gas fee just to stake now in this Example since I'm only only using fifty Dollars I am losing half of my ethereum So to make it worth it from a capital Efficiency perspective I would recommend Staking at least a few hundred dollars Worth of ethereum and the other thing You can do is you can be selective about When you stake so let's say you only Have a hundred dollars worth of eth but You don't want to give up a quarter of That eth just for the fee what I would Recommend doing is waiting for a period When gas fees are extremely low now this Is one of the issues with the ethereum Network but unfortunately it's a Necessary evil when it comes to Interacting with ethereum D5 so I would Recommend most people use at least a few Hundred dollars to make staking worth it Um otherwise you're just going to be Paying proportionally and extremely High Fee but nonetheless for the example of This video I'm going to show you how it Works so I'm going to hit the confirm Button this will now allow me to stake My ethereum and you can click on view on Etherscan to view the progress of the Ethereum transaction as we can see it
Just verified in around 15 seconds and If we go back onto Lido Finance we can See that we have successfully staked our Ethereum now what you should do is go Back into your metamask and press the Refresh list button what this will do is It will scan your wallet for any new Tokens and because you've got staked Ethereum back as a receipt for staking Your ethereum you want to click on this Notification which says one new token Found in this account and it will show The amount of ethereum that you stake This is essentially your receipt so They're the tokens that you need to Redeem your ethereum so if you ever want To get your original ethereum back that You've staked you'll need to put your State ethereum back into Lido Finance Now as you can see you are currently Earning 5.2 on your base ethereum and in The rewards section on Lido Finance you Can view all of your ethereum staking Rewards which are going to update here For you automatically to keep track of How much ethereum you're earning now if You want to get your original ethereum Back you're going to have to wait until Roughly the end of March for the Ethereum Shanghai upgrade to complete What this is is it's an upgrade that's Going to allow redemptions of ethereum From the beacon chain right now because Ethereum isn't a fully Complete product
They don't have any Redemption mechanism Meaning if you stake your ethereum you Can't technically get it back but Because you've liquid staked there is a Roundabout way of doing things if you Want your ethereum back and that is Simply swapping your staked ethereum for Ethereum on a DEX like curve or balancer And I'll show you how this works if you Go to a DEX aggregator like kyber swap It's going to allow you to swap your State ethereum back for ethereum on the Ethereum network you can use cyberswap Because it's going to automatically Route your funds through the best Possible trade route to get you the best Price so if you use cyber swap as Opposed to going through other dexes you Can save up to twenty dollars to make Sure you're not getting ripped off in The process so there's a link in the Description if you want to use kyber Swap but essentially it's a DEX Aggregator and if you swap your staked Ethereum back for ethereum you'll get Your ethereum tokens back of course to Get your original ethereum tokens back Though once the Shanghai upgrade is live That will enable redemptions natively on The beacon chamber this is the Workaround for now staked ethereum Technically is going to be pegged to the Ethereum price but this Peg isn't Automatic this Peg is based on an
Arbitrage so arbitrages know that staked Ethereum will soon be able to be Redeemed for ethereum so it should be Worth one to one but technically there's No hard Peg here so the price can Deviate slightly and we've even seen Times where staked ethereum has equaled Slightly less than one eighth or Slightly more than one eighth but as we Can see price over time has been fairly Stable now one of the benefits of liquid Staking is the fact now you've got Staked ethereum you can use that in the Default ecosystem to earn more yield on That staked ethereum so if you go on to Defy llama then go on to yields and Enter pools you can search by token so Enter staked eth ST eath which is the Lido eth derivative then sort by apy and It will automatically show you all the Places that you can earn yield on your Eth now there are pools where you can Pair this staked ethereum with base Ethereum to earn a yield of course do Your research into each protocol make Sure it's safe because some of these Ones that are paying super high apis Come with risks and if you're pairing it With another token you are risking Impermanent loss which means that your Tokens will be rebalanced against the Price of the token you're pairing it With but if you use let's say wrapped Ethereum and pair it with staked
Ethereum since the price is unlikely to Change impermanent loss is likely not Going to be a concern and that'll allow You to earn your seven percent yield on A site like balancer some are on other Networks though which may require you to Go into the wrap function of the Lido Website wraps your staked eth so you can Then Bridge it across to another chain Like arbitrim to earn yield over on that Chain of course it depends how much Ethereum you have though because there's Going to be a gas fee for wrapping and There's going to be a gas fee for Bridging so if you don't have much Ethereum it might not be worth paying a Total of sixty dollars worth of fees to Do this process but if you have a little Bit more money let's say 500 to a Thousand dollars plus it might be worth It for the extra yield to to wrap that Staked Ethan put it on to another chain To earn some extra yield in defy what You do is completely up to you but this Is the great thing about decentralized Finance you're getting control back in Your own hands and you're not giving That control to a centralized party who Can easily be attacked by the SEC or on A whim use your funds for purposes that You may not have intended them to be Useful like we saw with FTX so in General I do think the SEC has created a Massive opportunity for D fire and
That's why in this series I'm going to Continue to show you guys how to use D5 Step by step I hope you enjoyed this Video make sure you smash the like Button if you did click the Subscribe Button for more future content there's Links in the description to everything Including metamask buy bit bitget and Kyber swap so you've got everything you Need down there and if you do have any Questions just leave some comments in The comments below below and I will Manually go through and respond to any Comments as I see fit I hope you have a Lovely day and I will see you in that Next video peace out
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