Staking for Ethereum
The Beacon Chain in Ethereum 2 introduces proof-of-stake to the Ethereum network. This way, you don't have to run high-spec mining hardware before you can start verifying transactions to earn on the Ethereum blockchain. Staking rewards are generated from the annual inflation of the Ethereum token and the gas fee collected from transactions in each block.
The staking information is highlighted in the table below:
This quick guide will show you how to start staking your ETH on InfStones.
Before you begin the staking process, you'll need to generate a new withdrawal credential. And we can easily do this with the official tools created by the Ethereum foundation.
One option is to use the Ethereum official staking-deposit CLI application, as described below.
Once the download is complete, uncompress the downloaded file. And from your command line/terminal, navigate (
cd) to the directory containing the executable
Run the following command in this directory to generate a new withdrawal credential, making sure to set
1, as the deposit will be invalid otherwise.
./deposit new-mnemonic --num_validators 1 --chain mainnet
Next, follow the instructions on your terminal, and in the process, ensure you have the password you set and the mnemonic written down in a safe place. The mnemonic is the only way to generate your withdrawal key whenever you want to withdraw your staked funds. As a result, it is important to keep it safe, preferably offline.
Once the process is completed, a new file
deposit_data.jsonwill be created inside a new
validator_keysdirectory. This JSON file contains the public key of your withdrawal credential, and you need to upload it when staking. It's also worth mentioning that the only credential you'll need to upload to InfStones is your public key. InfStones will not request access to your withdrawal key or have access to your ETH tokens.
Once the download is complete, double-click to launch the Wagyu Key Gen app.
Following the instructions on the application, you can either create a new secret recovery phrase to generate your staking key or use an existing one. To create a new one, click the
REATE NEW SECRET RECOVERY PHRASEbutton, as shown below.
Mainnetoption and click OK.
CREATEbutton to generate your secret recovery phrase.
Write down the mnemonic in a safe place, and click
NEXTto continue. Again, the mnemonic is the only way to generate your withdrawal key whenever you want to withdraw your staked funds. As a result, it is critical to keep it safe, preferably offline.
Type in the secret recovery phrase, then click
To configure your validator's key, enter the number of keys you want to generate and a new password to secure your key. Set the Number of New Keys as 1 as shown in the image below and save the password you create in a safe place for future reference. Afterward, click
Retype the password you set previously and click
Finally, choose a folder to save your keys, as shown in the image below:
Once completed, a new file,
deposit_data.json, will be created inside the folder you selected in the previous step. This file contains the public key of your withdrawal credential, and you'll need to upload it when staking. It's also worth mentioning that the only credential you'll need to upload to InfStones is your public key. InfStones will not request access to your withdrawal key or have access to your ETH tokens.
This will open a popup prompting you to connect to the MetaMask Wallet, click this button to continue.
Now that your wallet is connected, click the
Stakebutton now displayed in the Ethereum row as shown below:
Confirm to stake to the
Ethereum Validator Nodeand click
Carefully read and check all the terms, then click
After uploading the file, adjust the number of Validators you need, and the ETH amount and gas fee will be calculated and will reflect automatically.
The next step is to enter the amount of ETH you wish to stake, enter preferred value and click the
Nextbutton to proceed.
Select your payment method and click
Wait a few seconds for the validator key generation process to complete.
Confirm the stake transaction on MetaMask.
Finally, wait for the stake transaction to be confirmed on the blockchain.
After the transaction is completed, click the
Confirmbutton to continue.
After completing the staking process, click the Ethereum box to view the number of ETH2 validators created.
You can also check each validator’s address, status, balance, reward, and yield.