Home Promotions Explore Liquid Staking with Lido and Ambire and Win up to $1K

Explore Liquid Staking with Lido and Ambire and Win up to $1K

Explore the ease of liquid staking with Ambire Wallet on Lido Finance. Enter DeFi Bull Camp for a shot at the $1K prize pool.

Liquid staking on Lido explained
Learn liquid staking and how you can stake on Lido with Ambire Wallet

Dive into the third episode of DeFi Bull Camp, featuring Lido's liquid staking, a cutting-edge solution enhancing accessibility and liquidity in staking. With Ambire Wallet's integration, staking on Lido is effortless, keeping your Ethereum assets fluid. This episode explores Lido's advantages and invites you to participate in a promotional event with a chance to win from a $1K prize pool, making it an exciting opportunity to engage with this DeFi staking protocol.

Stake on Lido for a total prize pool of $1,000

In this week’s episode of the Ambire DeFi Bull Camp, running from today, Monday, Feb 12, 2024, to Sunday, Feb 18, 2024, you can win a share of the weekly prize pool of $1,000. Read on to learn how!

Eligibility information

Valid Transactions: For this campaign, both staking transactions conducted through Ambire's dАpp catalog and Lido's website with Ambire Wallet will be considered valid. Both staking ETH → stETH and MATIC → stMATIC count into the total user volume - unstaking stETH and stMATIC transactions do not count as volume.

Volume Measurement: The staking volume will be measured in USD based on the prices on February 19, not at the transaction's broadcast time. The top 10 users, ranked by the highest volume, will receive rewards according to the specified structure.

Rewards and distribution

The top 10 users with the highest staking volume will share a total prize pool equivalent to $1,000, paid in DAI or WALLET tokens. The winners will be awarded the prizes, and the winning addresses will be disclosed by Wednesday, Feb 21st, 2024.

We will distribute the weekly prize pool of $1,000 as follows:

1st place: $300 in DAI
2nd place: $200 in DAI
3rd place: $150 in DAI
4th place: $100 in WALLET
5th place: $75 in WALLET
6th-10th places: $35 in WALLET

DAI rewards will be paid out on the Optimism network. WALLET rewards will be distributed on Ethereum in the Ambire WALLET token distribution module (here’s how to claim).

Liquid staking episode winners 🏆

This episode marked the end of DeFi Bull Camp, and we identified two addresses with the highest volume. Kindly note that only two addresses were active, so prizes will be distributed only to them.

1st place: $300 in DAI - 0xdd…79bf
2nd place: $200 in DAI - 0x4c…5b6d

Winners, congratulations! Your awards have already been sent and waiting for you!

How does liquid staking work?

Through platforms like Lido, liquid staking transforms cryptocurrencies like Ethereum or Polygon into tokenized assets, such as stETH or stMATIC. These tokens are pegged 1:1 to the original staked asset, plus any rewards, ensuring liquidity within the DeFi ecosystem. This allows users to retain flexibility, using their tokenized assets for various DeFi activities without having to unstake, thus enjoying the benefits of staking rewards while participating in the broader DeFi market.

Differences between liquid staking and traditional staking

Liquid staking allows users to stake their assets and receive tokenized equivalents, as mentioned above, maintaining liquidity for other DeFi activities, unlike traditional staking, where assets are locked and illiquid. Liquid staking platforms like Lido offer more accessibility and utility, enabling staked assets to earn rewards while still being available across the DeFi ecosystem. This approach simplifies user participation and democratizes access to staking rewards, contrasting with traditional staking methods' more rigid and inaccessible nature.

How to stake on Lido Finance with an Ambire Wallet

Lido allows for staking on Ethereum and Polygon, but this guide will focus on Ethereum staking. The process for Polygon is similar. For those looking to participate, having disposable ETH at hand is essential. Additionally, engaging in this staking process requires an Ambire Wallet account. If you don't already have one, creating an account is necessary to participate in the campaign.

Step 1. Accessing Lido in Ambire Wallet

  1. Go to your Ambire Wallet account.
  2. From the Ambire Wallet menu, navigate to the 'dApps' section.
  3. Locate and select the Lido Staking Widget to stake Ether. Once selected, your Ambire Wallet address will automatically connect with Lido.
Connecting to the Lido Staking Widget in the dApp catalog
Connecting to Lido is one click away in the dApp catalog

Step 2. Stake Ether

  1. Choose the amount of Ether you wish to stake.
  2. Initiate the staking process by selecting 'Stake.'
Selecting a staking amount and confirming the action on Lido
Staking Ether on Lido inside Ambire Wallet

Step 3. Complete the staking transaction

  1. You will see the Ambire transaction’s page. Review the transaction details, including the amount of Ethereum to be staked.
  2. Select your preferred fee currency and transaction speed.
  3. Confirm and sign the transaction by selecting ‘Sign and Send.’
Signing and sending the stake in Ambire Wallet
Signing and sending the staking transaction

How to unstake Ether from Lido

Step 1. Submit a withdrawal request

  1. From Lido’s menu, select 'Withdrawals.'
  2. Choose the amount you wish to unstake (withdraw).
  3. Select ‘Unlock tokens for withdrawal.’
Unlocking stETH for withdrawal on Lido
Unlocking staked Ether for withdrawal on Lido

Step 2. Sign the withdrawal

  1. You will see the Ambire transaction’s page. Review the transaction details, approving Lido to use your stETH tokens.
  2. Select your preferred fee currency and transaction speed.
  3. Confirm and sign the transaction by selecting ‘Sign and Send.’
Approving the withdrawal of staked Ether (stETH) on Lido
Signing the withdrawal transaction in the Ambire Wallet 

Step 3. Wait for fulfillment and claim your ETH

The withdrawal fulfillment may take between 1 and 5 days, so be patient. Here are the steps to claim your ETH back.

  1. Go to the dApps section and select Lido Staking Widget. Your account will be connected automatically.
  2. Select one or more withdrawal requests from the ‘Ready to claim’ list and select ‘Claim.’
  3. You will see the Ambire transaction’s page. Review the transaction details, select your preferred fee currency and speed, and then ‘Sign and Send.’

Here’s a video tutorial going through the process on the web and mobile versions:

Video tutorial on how to stake Ether on Lido with Ambire Wallet 

Summary

This article explores liquid staking with Lido, highlighting its benefits over traditional staking, especially regarding accessibility, utility, and participation. By addressing the 32 ETH barrier in traditional staking, liquid staking with Lido allows for more inclusive participation with tokenized assets that maintain liquidity and can be utilized across DeFi. The guide also includes a step-by-step process for staking Ethereum using Ambire Wallet, emphasizing the simplicity and rewards of engaging in liquid staking and inviting readers to join the DeFi Bull Camp campaign for a chance to win.


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