Swell makes staking liquids as easy as possible.
Nonetheless, the process can still be daunting for newcomers who might be holding or staking ETH for the first time.
This walkthrough explains how to trade ETH on Swell for swETH and deposit this swETH into liquidity pools for additional income.
1. Connect your wallet
Swell is a non-custodial staking protocol, meaning you remain in control of your staked ETH in your own wallet. This wallet can be MetaMask, Coinbase Wallet, or any WalletConnect-enabled wallet such as Trust Wallet or Argent.
Once you have a compatible wallet open, navigate to app.swellnetwork.io and click Connect Wallet.
A.MetaMask
To connect, MetaMask users must enter their wallet password and click “Confirm”.
B. Coinbase and WalletConnect
Coinbase Wallet and WalletConnect users will see a QR code that needs to be scanned to connect.
Usefull links:
Don’t have any ETH in your wallet?
Our integration with Transak allows stakers to seamlessly buy and trade ETH for swETH without leaving the Swell dApp. Stakers can buy and sell ETH using credit cards, debit cards, Apple Pay, Google Pay, or simple bank transfers from over 150 countries.
- Open the Swell dApp and click on the wallet icon in the top right corner
- Select the amount, currency and payment method
- Enter your Ethereum wallet address
- Complete the KYC process
- Confirm your order and make the payment
- Get your ETH
If you need help, Transak Support is at your disposal.
2. Stake your ETH
Once your wallet is connected, simply enter the amount of ETH you wish to wager. There is no minimum amount. However, due to Ethereum’s gas fees, it can be uneconomical to bet very small amounts.
When you click “Stake” a wallet window will load asking you to confirm the transaction details including the total amount plus gas fees. After confirmation, it may take a moment for the transaction to be processed on the Ethereum blockchain.
3. SwETH received
Once your transaction is complete, you will receive a browser notification.
At this point, your ETH has been staked with a node operator and you have received a corresponding amount of Swell’s liquid stake token: swETH.
As a standard ERC-20 token, swETH can be stored in most Ethereum wallets. However, you may need to add support for the token when using MetaMask. To do this, click on the hamburger menu in the top right and select “Add Token”.
4. Hold swETH and collect rewards
From here you can get staking rewards simply by holding swETH.
Since swETH is a rewards token, your swETH balance will not change as you collect rewards. Instead, the swETH:ETH exchange rate will change to reflect the growing value of your swETH.
To convert your swETH back to ETH, you can trade any of the liquidity pools that support swETH. ETH withdrawals via Swell will be enabled in Q3 2023.
5. Deposit swETH into liquidity pools for additional returns
Swell will soon be releasing integrated vaults that will help you maximize your yields by automatically staking and deploying swETH on DeFi with a single click.
Until then, you can manually maximize your potential return by depositing swETH into liquidity pools on Balancer, Maverick, and other built-in protocols.
aura/swing
Aura Finance is a protocol built on top of balancers to provide maximum incentives for balancer liquidity providers. This walkthrough explains how to provide liquidity for swETH:ETH in our balancer pool and receive increased rewards from our aura gauge.
1. Deposit swETH and ETH on Balancer to redeem swETH:ETH Balancer Pool Tokens (BPT).
It is recommended to deposit 50% swETH and 50% ETH ($USD value) to minimize slippage.
2. Set swETH:ETH BPT to Aura
Once you have your BPTs, navigate to the elevated swETH:WETH pool on Aura to set them.
Congratulations, you have provided liquidity for swETH:ETH on Aura and are now receiving increased rewards!
loner
Maverick is a novel automated market making protocol that enables liquidity providers to earn more fees by finely configuring their liquidity allocation. Our expanded Maverick pool offers liquidity provider fees and additional rewards.
1. Navigate to the swETH:ETH boosted pool on Maverick
2. Click Add Liquidity and Stake.
3️. Approve swETH and ETH to deposit your LP and then wager
4️. Your LP position will then appear in your portfolio
Congratulations, you have provided liquidity for swETH:ETH on Maverick and are now ready to earn fees and increased rewards!
Usefull links:
Important NOTE: By interacting with smart contracts, you recognize and accept the risks involved, including code vulnerabilities that may lead to unintended consequences, loss of money or unauthorized access; network risks affecting performance and reliability; legal and regulatory uncertainties; potential for human error resulting in irreversible losses; limited or no recourse through traditional legal channels; privacy risks arising from publicly accessible blockchain networks; interoperability issues between platforms and networks; and multi-layered risks in DeFi strategies that can increase the complexity and consequences of combining multiple dApps. Be careful and do thorough research before engaging in any smart contract related activity.
Need more help staking with Swell?
Read our documentation or ask the team questions directly in Discord.
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