Step Into the World of Ethereum

Steakwallet allows you to dive deep into the world of Ethereum...

Last updated on February 16, 2022

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Steakwallet allows you to dive deep into the world of Ethereum, from native integrations (staking and liquid staking of Ethereum tokens right in-app, as well as non-staking opportunities through vaults and lending), to featured non-native integrations that direct you straight to dApps (AMMs, DEXs, bridges, lending protocols, NFT marketplaces, and more). This is the place where you can come to learn more about staking, interact with your favorite dApps, explore new opportunities, and check in on the latest, as we showcase the hottest projects and alternative opportunities across the Ethereum network.

 

Ethereum is a distributed blockchain computing platform for smart contracts and decentralized applications. Its native token is ether (ETH), which primarily serves as a means of payment for transaction fees and as collateral for borrowing specific ERC-20 tokens within DeFi. Ethereum has pioneered the concept of a blockchain smart contract platform.

 

FAQs

How do you send ERC-20 tokens into Steakwallet?

Steakwallet supports the management of hundreds of ERC-20 tokens. To send assets into your Steakwallet, navigate to the home screen and click on the asset you want to send. Please note, if the token you want to manage is not yet on your home screen, you must manually add it by [INSTRUCTIONS]. Once you select the token and are taken to that token screen, click Receive to access your wallet address. Next, select Copy address, or alternatively use the QR code to scan your wallet address, and send your tokens over from an exchange, another wallet, or wherever they are held. Congratulations, you're now using the best mobile wallet to manage your tokens! 🤝

How do you send ERC-20 tokens out of Steakwallet?

If you need to send assets out of Steakwallet, navigate to that token screen and click on Send. Input the amount you would like to send (you can view the amount either in the native asset or in your preferred fiat currency) and select Next. If the transfer is subject to fees, note the network fee and total balance of the transaction. Next, input the Recipientaddress.

Please make sure that you are sending the funds to the correct wallet address. If you mistakingly send your funds to the wrong address or to a different network, you may lose all amounts sent.

Input a Memo if need be or you so desire, and then click Next. You'll be taken to a final confirmation screen and presented with an overview of the transaction. If all of the information looks correct, hit Send. That's it!

How do you stake an ERC-20 asset?

On the particular token screen of the asset which you want to stake, scroll down slightly to the Currently earning section and click on the Native staking card that gives an overview of the staking semantics (current APR, projected 5-day ROI, and any amount currently staked). Once you click on the card, you will be taken to the hub for staking that token. Click on Stake, read through and familiarize yourself with the basics on staking that token, and hit Let's go. Use the slide bar to select how much of your balance you would like to stake (alternatively, you can hit the percentage buttons to automatically select 25%50%, or Max of your funds). Take a look at the estimated annual return on that amount and any network fees associated with the transaction, and click Next. You'll be taken to a final confirmation screen and presented with an overview of the transaction. If all of the information looks correct, hit Confirm Stake and voilà!

 

For more information on staking, check out our step-by-step staking guides below.

How do you claim staking rewards across the Ethereum network?

Your rewards for staking ETH, GRT, and SUSHI will be automatically claimed and you will see your overall balance increase without having to go through any additional steps. Since your earned rewards are automatically added to your total staked balance, your staking income will compound and you will earn rewards on top of your rewards.

How do you unstake an ERC-20 asset?

If you'd like to unstake your assets, navigate to the given token staking screen and select Unstake and then Let's go. Please note that when you unstake your assets, you will be subject to an unbonding period in which you will not be able to use your tokens. Use the slide bar to select how much of your balance you would like to unstake (alternatively, you can hit the percentage buttons to automatically select 25%50%, or Max of your funds). Take a look at the associated network fee and click Next. You'll be taken to a final confirmation screen and presented with an overview of the transaction. If all of the information looks correct, hit Confirm Unstake and your funds will begin to unbond.

What is liquid staking?

Liquid staking is the process of participating in the validation of PoS blockchains by staking and receiving an interest-bearing asset in return, which reflects your staking rewards. Many blockchains have a certain unbonding period if a user wishes to unstake, through which assets are still locked, but not earning rewards. Liquid staking allows stakers to earn rewards while retaining liquidity through the tokenized version of the staked funds, which can be traded or used to earn additional rewards.

What is ETH liquid staking via Lido?

Lido is a liquid staking solution for ETH 2.0 backed by industry-leading staking providers. Lido lets users stake their ETH - without locking assets or maintaining infrastructure - whilst participating in on-chain activities, e.g. lending. With that, Lido attempts to solve the problems associated with initial ETH 2.0 staking (illiquidity, immovability and accessibility), making staked ETH liquid and allowing for participation with any amount of ETH to improve the security of the Ethereum network. When using Lido, users receive secure staking rewards in real-time, allowing for participation in the securing of Ethereum without the associated risks and downside potential.

Currently, if you stake your ETH with Steakwallet your stake gets delegated to a pool of validators selected by the Lido DAO. Among them are companies such as Chorus One, p2p, StakeFish, Staking Facilities, Everstake, and more.

What is staked ETH (stETH)?

stETH is a token that represents staked ether in Lido, combining the value of initial deposit and staking rewards, penalties. stETH tokens are minted upon deposit and burned when redeemed. stETH token balances are pegged 1:1 to the ETH that is staked with Lido via Steakwallet. stETH token balances are updated when the oracle reports changes in total stake every day and can be used as one would use ETH, allowing you to earn ETH 2.0 staking rewards whilst benefiting from, among other things, yields across decentralized finance products, such as borrowing or lending.

Learn more about liquid staked ETH here.

How do you unstake ETH?

Currently, you cannot unstake ETH that has been staked on the Beacon Chain. This will only be possible after the current PoW mainnet chain is merged with the PoS based Beacon Chain.

However, as the stETH you received for staking is a liquid asset you can simply trade out of your position by swapping it to ETH (or any other token) on a number of decentralized (and centralized) exchanges, such as Uniswap, SuhshiSwap or Curve.

Use your Steakwallet and WalletConnect to connect to any of the exchanges supporting stETH and swap away.

How do you connect to dApps through Steakwallet?

Steakwallet supports WalletConnect to enable easy and safe access to your favorite decentralized applications (dApps). If you are on desktop and want to connect to a dApp via WalletConnect, select the button that looks like a QR code located on the Steakwallet home screen. From there, you'll be able to scan the code and connect to the dApp instantly. Alternatively, if you're on a dApp on mobile, you can select WalletConnect, scroll through and select the Steakwallet icon, and you will instantly be taken back to Steakwallet to Connect. That's it!

When you want to make a transaction from your desktop, you will get a confirmation prompt in the UI that you will be able to accept or reject from within Steakwallet. As with most other transactions, you'll need to pay network fees when transacting with a dApp. On a mobile application, you should be redirected to Steakwallet each time you wish to approve or deny a transaction.

To learn more about WalletConnect, click here.

What are Ethereum network fees (”gas fees”)?

Gas fees are the transaction fees that users pay to miners on a blockchain to have their transactions included in the block. Currently, Ethereum has a relatively low number of transactions that can be included in every block, so when there's more demand for transactions, miners decide to include the transactions that pay more in gas. This incentivizes users to pay more to have their transactions processed faster. Users can also decide to pay more upfront to ensure their transactions are included and added to the blockchain more quickly. You can go to websites such as Etherscan to check current gas levels, as well as how long it would take for your transaction to be mined with given gas fees.

You can learn more about gas fees here.

 

Staking Guides

 

Yearn Finance Guide

Steakwallet takes the simplicity of earning yield through Yearn a step further by allowing users to deposit funds into pools with the click of a button on mobile.

What is yearn.finance?

yearn.finance (Yearn) is a DeFi vault and yield aggregator that helps you generate the highest yield farming profits. When you deposit assets into Yearn products, you gain access to the best automated strategies for swapping funds between DeFi protocols, such as the Synthetix Network Token ($SNX) and Compound ($COMP). Yearn optimizes token lending by algorithmically finding the most profitable lending services and the highest yields, making farming accessible to the masses and giving new users access to advanced strategies. Specifically, Yearn vaults can be best described as actively managed mutual funds where the investment strategies are performed by Yearn's self-executing code.

Which Yearn vaults does Steakwallet support across the Ethereum network?
  • Tether Stablecoin (USDT)
  • USD Stablecoin (USDC)
  • Dai Stablecoin (DAI)
  • Uniwswap (UNI)
  • Wrapped ETH (WETH)
  • Wrapped Bitcoin (WBTC)
  • Chainlink (LINK)
  • Compound (COMP)
  • Yearn Finance (YFI)
  • 1inch (1INCH)
  • Synthetix Network (SNX)

Click here to learn more about depositing into Yearn vaults natively in the Steakwallet app.

 

Check out what’s new in the world of Ethereum on Steakwallet

 

Support

If you have need support or have questions for us, you can reach out to support@steakwallet.fi or join our Discord (and send a shout in our #support channel) to immediately connect with team members.

 

 
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