Using stETH/wstETH For Impact Staking?
Withdrawal times
Using stETH and wstEth for Lido Impact Staking allows you to withdraw funds without the 1-4 day wait time period required when withdrawing ETH, from Lido Impact Staking.
What is stETH?
stETH is a transferable rebasing utility token representing a share of the total ETH staked through the protocol, which consists of user deposits and staking rewards. Because stETH rebases daily, it communicates the position of the share daily.
The mechanism which updates the stETH balances every day is called a βrebaseβ. Every day at 12PM UTC the amount of stETH in your address will increase with the current APR. You can learn more here: https://blog.lido.fi/steth-the-mechanics-of-steth/ β stETH tokens can be used as one would use ether, allowing you to get staking rewards while using them across the DeFi ecosystem to get more rewards. You can get your stETH here.
What is wstETH?
wstETH is a wrapped version of stETH. Due to the nature of Lido, the amount of stETH on your balance is not constant - it changes daily as staking rewards come in. As some DeFi protocols require a constant balance mechanism for tokens, wstETH keeps your balance of stETH fixed and uses an underlying share system to reflect your staking rewards.
Example:
You wrap 100 stETH to 99.87 wstETH.
You continue to get rewards on your wstETH.
When you unwrap your wstETH, you receive 101 stETH
You can wrap your ETH or stETH to wstETH here.
How to import stETH/wstETH in your wallet?
For Metamask
Click on Import Tokens in you Tokens tab of your metamask wallet.
Search for stETH/wstETH in Popular tokens tab and click next.
Finally click on Import Button
Add as a custom token in any other wallet
For stETH
Input the values below and press Add Token to confirm
Contract address: 0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84
Symbol: stETH
Decimals: 18
For wstETH
Input the values below and press Add Token to confirm
Contract address: 0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0
Symbol: wstETH
Decimals: 18
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