Everstake has just partnered with Zengo Wallet, becoming the exclusive ETH staking provider. Now, Zengo users can stake as little as 0.1 ETH straight in their wallet, supporting a blockchain network's operations and earning rewards in return.
In this guide, we'll explore how to stake Ethereum (ETH) using the Zengo wallet, a user-friendly mobile wallet known for its focus on security.
WHAT IS Zengo MPC wallet?
Zengo is a multi-chain wallet that supports Bitcoin, Ethereum, Dogecoin, Tezos, and thousands of other assets. Unlike most non-custodial wallets, Zengo utilizes a super-secure method called Multi-Party Computation (MPC) instead of seed phrases. This enables Zengo to create a secure key management system that lacks single points of failure, particularly a single private key generation.
Learn more about Zengo and their work from the company’s blog.
Why Stake ETH?
Staking ETH allows you to contribute to the security and growth of the Ethereum network while earning rewards. By staking your ETH, you essentially become a validator on the network, helping to verify transactions and ensure network stability. You'll receive a portion of the transaction fees collected on the network in return for your contribution.
How to Set Up Zengo Wallet
Before diving into staking, let's ensure you have a Zengo wallet set up. Here's a quick guide:
STEP 1. Download the App
Head to the official Zengo website and download the Zengo wallet app for your iOS or Android device.
STEP 2. Create an Account
Open the app and follow the on-screen prompts to create a new Zengo account. Zengo utilizes biometric authentication for added security, so you might be prompted to set up a Face ID or Touch ID during this process.
STEP 3. Get Some ETH
To stake ETH, you'll need some ETH in your Zengo wallet. You can achieve this by purchasing ETH directly within the Zengo app (using a debit, credit card, bank transfer or more) or transferring ETH from another wallet.
How to Stake ETH via Zengo Wallet
Now that you have a Zengo wallet and some ETH, let's stake!
Step 1: Navigate to the Main Screen
Open the Zengo app on your mobile device and land on the main screen.
Step 2: Select Ethereum
Locate and select the Ethereum option from the list of supported cryptocurrencies.
Step 3: Initiate ETH Staking
- Press Stake ETH within the Ethereum menu.
- Review the instructions and click Continue to proceed.
- Decide the amount of ETH you wish to stake. Alternatively, select the Use Max option to stake the maximum available ETH.
- After selecting the staking amount, click the Stake button to initiate the process.
Congratulations! You have successfully staked your ETH via the Zengo wallet. Your staked ETH will now start earning rewards within the Ethereum network.
How to monitor my staked ETH
Your staked ETH will be locked in a staking contract, and you can monitor its status and earned rewards directly within the Zengo wallet app. The app should provide clear information on your staked ETH balance, accrued rewards, and estimated returns.
The Takeaway
Staking ETH via Zengo wallet offers a convenient way to earn passive income on your crypto holdings. Zengo's user-friendly interface makes the process straightforward, even for beginners. Remember, staking involves some risks, so be sure to conduct your own research on ETH staking before committing any funds.
Learn more about ETH staking via Zengo on their website. Also, Zengo offers 24/7 in-app support if you encounter issues or have further questions about staking ETH.
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