Access Lido on Ledger Vault

This section is for Operators only.


This article describes Lido and how to stake ETH in Ledger Vault with Lido.

What is Lido?

Lido is a third-party staking service that lets Ethereum users stake their ETH coins onto the Ethereum 2.0 network (also known as the Beacon Chain) and earn interest in return. The Lido Vault DApp is not operated by Ledger Vault but by the Lido team through Ledger Vault DApps.

It's important to note that the Ethereum network you can access via Ledger Vault today and the Ethereum 2.0 network are different networks. Eventually, these two networks will merge but, for now, they’re distinct. You can learn more about the merge here.

In practical terms, any ETH balance staked via Lido through Ledger Vault will be locked (on the Beacon Chain on Ethereum 2.0) until a few months after Ethereum 1.0 and Ethereum 2.0 finally merge. The timeline for the merge is currently estimated to be Q1/Q2 2022 but this could be pushed back. You can follow the latest news about the development here.

To make up for the loss of liquidity (your ETH being locked and unavailable to trade), Lido will send you a number of stETH tokens equivalent to the amount of ETH locked plus daily stETH rewards. You can learn more about this here.

What is stETH?

stETH is an ERC20 token whose value is indexed to the value of ETH. In other words, this means that the price of stETH should be equivalent to the price of ETH.

stETH is liquid. This means that it can be freely traded and transacted in and out of your Ledger Vault like any other ERC20 tokens.

Finally, your stETH balance will update daily to account for stETH rewards. This update is automatic and does not require a transaction to your Ledger Vault. You can learn more about this automatic rebase mechanism here.

Interested to learn more about Lido? Lido's official FAQ might have the information you're looking for.

How to stake ETH with Lido?

lido on vault

Before you start

You need to be Creator on at least one smart contract governance rule to have access to the Vault DApps. If not, reach out to your Administrators to request it.

Stake ETH with Lido using Vault DApps

  1. Go to the Vault DApps, and click on the Lido DApp. The Lido DApp opens in Ledger Vault.
  2. Select the Ethereum account you wish to stake with.
  3. Select the amount of ETH you wish to stake then click Submit.
  4. Select preferred fees then click to Continue.
  5. Review the transaction on your PSD and click Confirm . A notification that the transaction has been broadcast will appear. If the transaction is not successful, please contact our support team.

Once the transaction clears, you will receive an amount of stETH equivalent to the amount of ETH staked.

Can I unstake my ETH?

No, it's not currently possible to unstake ETH staked on the Beacon Chain.

However, you can swap your stETh balance for regular ETH at any moment. This is equivalent to unstaking ETH.

You can swap stETH for regular ETH using the Paraswap app in Ledger Vault.

  • To add stETH to Paraswap, navigate to the Pay field, click the coin ticker to open the dropdown menu, select Manage Token Lists and activate all the available token lists.
  • Once all the lists are active , type stETH in the search bar and click on the stETH icon to import stETH as a swap option. You can then proceed to swap stETh for ETH.

You can learn more about how to use Paraswap here.

What are the risks of staking ETH via Lido?

Staking ETH via Lido incurs a number of risks that are common to liquid staking in general.

You can learn more here.

See also