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Staking Ethereum (ETH) with Gem Wallet

Staking Ethereum (ETH) is a process that allows you to earn ETH by participating in the network's consensus mechanism. This guide will take you through the steps needed to stake your ETH using Gem Wallet, ensuring you can maximize your returns securely and efficiently.

TLDR
  • Your Ethereum (ETH) will be locked when you stake them.
  • It will take 14 days to completely unstake.
  • The minimum staking amount is 0.1 ETH.
  • Always have some extra amount of ETH that will be needed for transaction fees.
important

Always check that you are using the latest version of the app for optimal performance and security.

How to Stake Ethereum on Gem Wallet​

Step 1 - Fund Your Ethereum Wallet​

Before you can start staking, you need to ensure that your Ethereum wallet is funded with ETH tokens. The easiest way to get ETH is to buy it directly with Gem Wallet. Tap on Buy and then select the amount of ETH that you want to purchase.

Buy Ethereum on Gem Wallet

Alternatively, you can buy ETH tokens from various cryptocurrency exchanges such as Binance, Coinbase, or Kraken. Make sure you have a verified account on one of these platforms to purchase the tokens. Once you have purchased ETH, transfer the tokens to your Gem Wallet.

Recieve ETH on Gem Wallet ETH on Gem Wallet

warning

Make sure that you copy the Ethereum wallet address correctly when sending ETH from another wallet to avoid any loss of funds.

Step 2 - Navigate to the Stake Screen​

Open your Ethereum Wallet and navigate to the Stake screen by tapping on Stake. Now on the Stake screen, you will see some details about the APR and the Lock Time when you stake your Ethereum tokens. Tap on Stake to proceed.

Open Ethereum Wallet Ethereum Stake Screen

Step 3 - Input Stake Amount​

important

The minimum amount of ETH that can be staked is at least 0.1 ETH.

Input the amount of ETH that you want to stake. Make sure to leave a small amount of ETH in your wallet to cover transaction fees.

Input ETH Amount to Stake Input ETH Amount to Stake

Step 4 - Choose a Validator​

Staking involves delegating your ETH to a validator participating in Ethereum's consensus mechanism. Tap on the Validator name to see a list of available validators for Ethereum Staking. After choosing a Validator, tap on Continue.

note

Gem Wallet provides a list of validators for delegating your ETH, with plans to add more to enhance network decentralization.

Choose a Ethereum Validator

Step 5 - Confirm the Stake Transaction​

Double-check all details of your staking transaction, including the validator and the amount of ETH you are staking. Once you are satisfied with the details, Confirm the transaction. The transaction will now be submitted to the Ethereum Network.

Confirm Ethereum Stake Ethereum Pending Stake

The transaction will be confirmed on the Ethereum Network after a few minutes. Congratulations, you have successfully staked Ethereum with Gem Wallet.

Ethereum Staking Rewards​

By staking Ethereum (ETH) you can earn at least 3.18% in Ethereum rewards (as of writing), which is earned automatically. This is not a fixed rate since the rewards can be affected by the validator you have chosen.

Confirmed Ethereum Stake Ethereum Stake Details

tip

Staking Ethereum (ETH) on Gem Wallet will reward you with ETH tokens.

Unstaking Your ETH​

Your Ethereum (ETH) are locked until you unstake them. Unstaking will take 14 days before you can get your Ethereum (ETH) back. To unstake your ETH, simply tap on the name of the validator under Delegations. Then under Manage, tap on Unstake. Make sure to leave a small amount of ETH in your wallet to cover transaction fees. Indicate the amount you want to Unstake and confirm it.

Is Staking Ethereum on Gem Wallet Secure?​

Yes, Gem Wallet is a secure and open-source wallet for staking Ethereum. Here are some reasons why you need to stake your ETH with Gem Wallet:

  • Transparency: Open-source wallets have publicly available code that can be reviewed and audited by anyone.
  • Community Trust and Collaboration: Being open-source fosters a collaborative environment where developers and security experts continuously improve the wallet.
  • No Hidden Backdoors: Open-source wallets are less likely to have hidden backdoors or malicious code, as the open nature of the code allows for thorough scrutiny by the community, minimizing the risk of unauthorized access.

Staking Ethereum (ETH) using Gem Wallet is a great way to earn passive income while supporting the network. By following these steps and tips, you can ensure a smooth and secure staking experience.

tip

Learn more about Ethereum Staking.