StakeWise Releases New Update — Non-Custodial ETH Staking Available Now
Hello folks, here comes another update from us!
Our new release just went live and here is what we included:
- We added non-custodial solo staking.
This is a major milestone for StakeWise and we’re over the moon to finally have it released! You can now test staking with your own withdrawal key, which allows you to always maintain full custody of the stake. You will find details about non-custodial solo staking below.
- We started showing our “Staking fee” in the custodial staking deposit process.
This is the first step towards educating our users about the pricing.
- We added “Staking duration” to deposit details.
It will show how much time has elapsed since your deposit started staking. Special thanks to our community for the suggestion!
As always, we invite you to test out new features and give us your feedback. We continue listening to you and will shape our future development work accordingly. And don’t forget about our sign-up promo: the first 100 users to join our Telegram & Discord will receive 3 months of free staking (T&Cs).
Stay tuned for more updates, and please spread the word about StakeWise — we will not leave your effort unnoticed.
Here is a bit more information about non-custodial staking:
What is non-custodial staking? Non-custodial staking means using your own private key to spin up an Ethereum 2.0 validator. The benefit of using your own key is that at any time your funds are controlled solely by you. This also means that if you lose your withdrawal key, you will lose access to your funds.
How does it work? When you choose to go non-custodial, we will ask you to provide the public part of your withdrawal key to create a validator. Once you make the deposit, we will host your validator using our infrastructure, and it will benefit from the same fail-over solution as the rest of the validators & nodes we run. If you decide to stop staking, you may request “validator exit” — this will eject your validator from the network and it will stop earning rewards. Bear in mind that until Phase 2, you will not be able to withdraw the deposit you made for this validator, so once you exit, your funds are locked until Phase 2. You will not be able to restart the validator either. This is the “hardcore” solo staking you would encounter when staking with DIY setup.
How do I create non-custodial validator in StakeWise? You will find an option to go non-custodial when you choose to deposit in “Solo” (don’t forget to connect your Metamask/Portis wallet). There, you must insert the public part of your withdrawal key. Only for testing purposes during our beta, we recommend using this website (https://bls-keygen.com/) to generate BLS keys. Simply copy the public part of your generated key into StakeWise (we will control if it has the right structure) and press “Deposit”. Voila — you have just set up your solo non-custodial validator with StakeWise!
As expected, you will find the “Details” button to see information about your validator. You will also find the “Exit” button to request validator exit. Once you press it and confirm desire to exit, it will take up to 30 mins to stop staking. You will then see your validator status change to “Exited” and duration change to “Deposit & reward withdrawable in Phase 2”.
Happy (non-custodial) staking!