Lido Staked Ether is a liquid staking resolution for Ethereum backed by various top-tier service providers. Liquid staking is a replacement for locking up a user’s stake. With Lido, you can stake any quantity of Ethereum (ETH) through its DAO-regulated smart contracts.
When users stake their Ethereum with Lido, they get a staked balance—Lido Staked Ether. You can use the token for lending, collateral and more, making it highly valuable in the marketplace. Additionally, doing all of this doesn’t stop you from earning daily staking rewards.
If you’re looking to learn how to buy Lido Staked Ether, here you go.
Lido Staked Ether is available for purchase on many growing decentralized exchanges like Uniswap, Suchiswap and Pancakeswap. Pancakeswap is one of the leading DEX’s with a great outlook and optimum security. It is the most suitable to get Lido Staked Ether because it makes the process convenient and straightforward.
Buying Lido Staked Ether should not take you more than 10 minutes. The steps below show you how to buy Lido Staked Ether right now.
Type in the amount of tokens you want to purchase and click the ‘Swap’ button to complete the process.
After you have completed the transaction, the Lido Staked Ether will show in your wallet. It will remain secured in your wallet until you are ready to withdraw your tokens.
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
Understandably, the quick guide above may seem a bit confusing. If that’s the case, we have provided a more in-depth section here to help you through. When you follow these steps closely, you are on your way to becoming a pro in buying Lido Staked Ether!
Here’s how it goes.
As you have learned in the quickfire walkthrough, you need a decentralized exchange platform like Pancakeswap to access Lido Staked Ether. Likewise, a crypto wallet is needed to access Pancakeswap, and the best to use is Trust.
Trust Wallet is fit for both new users and pros. Additionally, it has the backing of the largest cryptocurrency exchange in the world—Binance.
To get started:
Once you have performed the Trust Wallet setup process, you will have to deposit funds to initiate any transaction. You can deposit in one of the following ways:
One major thing you need for this process is to have digital assets in an external wallet. Below are the steps to follow:
On confirming, the tokens will be sent to your Trust Wallet within 20 minutes.
The second way to deposit funds in your account is to buy crypto with your debit/credit card. This is an alternative if you do not have any cryptocurrency in an external wallet.
The good news is that Trust Wallet allows you to use a debit/credit card to initiate the purchase. Below are the steps:
After securing the digital assets in your Trust Wallet, you can proceed to visit Pancakeswap and buy Lido Staked Ether using a direct swap process. A direct swap process enables you to exchange one digital asset for another without using fiat money.
Here is a guide to show you how to perform a direct swap process.
You will receive Lido Staked Ether equal to the tokens with which you paid. Continue the process by clicking the ‘Swap’ button.
It is that easy! You have successfully purchased your Lido Staked Ether using Pancakeswap.
Once you have bought Lido Staked Ether, you might begin to ask yourself, “what is the next step to take?” This is a common question among many enthusiasts.
Well, you most definitely will not let your Lido Staked Ether stay in your wallet forever. A point where you will have to trade will arrive, and your plan will be based on your end goal with the coin. Your goals could be:
If you want to change your tokens into another crypto, you can do so using Pancakeswap. However, to sell into fiat money, you will have to use a third-party exchange, which will require you to complete the KYC process. By implication, you will upload some personal details and upload a government-issued ID.
Even though the circulating supply of Lido Staked Ether (stETH) is not up to one million tokens, it has a market cap of over $1 billion. Owing to its fast growth and value, the coin is on several crypto exchanges. Therefore, there are many exchanges from which you could buy. Nonetheless, the best option remains Pancakeswap.
Curious as to why Pancakeswap is the best? Here are the reasons.
Pancakeswap is a Binance Chain-powered DEX used to swap tokens securely and efficiently. A significant benefit enjoyed by Pancakeswap users is the access to numerous digital assets. That way, you can invest in the latest projects and have a diverse portfolio.
The platform also gives a more cost-effective option to users. So, when you use Pancakeswap, you not only get a swift transaction but also increased access to make more profits. The Automated Market Maker (AMM) is a great feature too, as it makes pairing matching of buyers rather seamless.
Getting started will require you to have a compatible wallet. The best pick for Pancakswap is Trust Wallet. While there are other options like SafePay and TokenPocket, they do not integrate with Pancakeswap as swiftly as Trust. Once you get your Trust Wallet, you can transfer cryptocurrency into it or you can buy directly using your debit/credit card.
Following that, proceed to Pancakeswap to swap your digital assets for Lido, and that’s it! What more? With Pancakeswap, you can earn on idle tokens. By having cryptocurrency on the platform, you contribute to the growing liquidity pool, giving you staking rewards in exchange.
There are several ways you can buy Lido Staked Ether. Your choice depends on your inclination. For example, your preference could be a preferred payment method or a particular crypto exchange.
The best ways to buy Lido Staked Ether are:
For you to buy Lido Staked Ether using your debit/credit card,
To buy using your debit/credit card, you will be required to undergo a KYC process. The implication of this is that you cannot make transactions incognito.
If you do not want to buy Lido Staked Ether (stETH) tokens using your debit/credit card, you can do so by swapping with another cryptocurrency. For this, you need to have digital assets in an external wallet. All you need to do is swap the crypto for Lido Staked Ether via Pancakeswap.
You will have to transfer the cryptocurrency to a suitable wallet like Trust Wallet. This wallet is recommended because it offers excellent security for your tokens.
The urge to buy Defi coins that have shown impressive growth is understandable. However, the decision should be one you make after adequate research on the token. Your personal research will ensure you have a knowledgeable edge in the crypto world.
No doubt, it can be pretty tricky knowing the relevant things to read. So, we have gathered some essential things to consider when buying Lido Staked Ether.
Lido Staked Ether operates to address the minimum stake challenge arising with ETH. It is an Ethereum 2.0 staking protocol that offers ETH holders the opportunity to earn more rewards even while not having the standard minimum requirement of 32 ETH.
Governed by the Lido DAO, the protocol works pretty much in the same way as ETH, but with a more rewarding system.
You can use Lido Staked Ether in all of the same ways to use ETH, such as:
When a Lido user deposits ETH into the pool, they receive a unique ERC20 token. Since these tokens can be traded and used in a similar way as ETH, Lido solves the problem of funds being unavailable for use, until they are ripe for withdrawal. That way, transactions can continue on the protocol, as illiquidity challenges have been solved.
A dip is a short-term, minor slide in asset price. It is also known as a pullback. Based on the idea of price waves, the market’s movement will depend on the overall trend and exchange during an intra-day correction. Although the cost of acquiring a position can be lowered from getting the dip, its danger/compensation ratio should steadily be estimated.
This is because a drop may not be the best when the market becomes bearish. Lido Staked Ether hit an all-time low of $551.78 per token in December 2020 and an all-time high of $4,354 in May 2021. Thus, anyone who bought at $551.78 would have witnessed an increase of about 689% when it reached its all-time high.
Furthermore, as of the time of writing in July 2021, Lido is priced at over $2,126. This project has had a notable trajectory. So, it might be a good buy in terms of value and depending on your purchasing capacity. With an all-time high of $4,354 in May 2021 and a price of $2,126 as at the time of writing, you’re looking at about a 50% discount.
Lido Staked Ether produces staking rewards from Ethereum (ETH) 2.0. As a result, your Ethereum balance on the beacon chain stands to rise.
Additionally, the project has a growing community of users behind it. This is a remarkable perk for any cryptocurrency in the marketplace, since the users determine the traffic level the coin enjoys.
With adequate research, you will understand that cryptocurrency trading has its pitfalls. For example, the cryptocurrency market takes a turn, and the value of Lido Staked Ether invariably changes. Additionally, since it is technology-based, there are several cases of cyber theft or crime, putting digital assets at a risk.
However, you can mitigate the risks by:
To safeguard cryptocurrencies, you need to store them in a cryptocurrency wallet. Your wallet choice depends on the type of token you want to keep. It will help if you also focus on the ease of use and security.
Below you will find a list of the best Lido Staked Ether wallets.
Trust Wallet is the safest you can get when it comes to storing Lido Staked Ether. Trust Wallet is a software app that can be accessed via a mobile device. You can download it through Google Play Store or iOS for free.
It supports a number of cryptocurrencies, and it comes with unmatched convenience. The wallet also gives you complete authority over your private keys. Additionally, you can get digital assets using debit/credit cards and connect with Pancakeswap seamlessly.
A Ledger Nano wallet has the capacity to keep a large amount of Lido Staked Ether for a long time. It is a hardware wallet that allows you to be offline without the fear of your account being phished or hacked.
Coinomi Wallet is a multi-asset wallet that works perfectly for storing Lido Staked Ether. It is known for its superb security, enhanced anonymity, solid track record, zero fees and a one-time backup.
It is available for download to desktop on Windows, macOS and Linux. It is also available for download on Android and iOS devices.
Lido Staked Ether has risen notoriously since its launch. It is one of the coins with high market value as of the time of writing. To buy Lido Staked Ether, you have numerous options to choose from, but none matches using a decentralized exchange like Pancakeswap.
This guide has simplified how to buy Lido Staked Ether using Pancakeswap and Trust Wallet. That way, you can do it all without a third party.
Similar to other digital assets, the value of Lido Staked Ether is subject to change. As of July 2021, one Lido Staked Ether token is worth just over $2,100.
While Lido Staked Ether has exhibited exceptional growth since its launch, it remains volatile and speculative. So do some personal research before making a purchase.
You can buy as little or as much as you desire.
Lido Staked Ether hit an all-time high on May 12, 2021, when it was priced at $4,354 per token.
Begin by utilizing your debit/credit card to obtain a digital asset. You can do this on Trust Wallet. Next, proceed to swap the crypto bought for Lido Staked Ether on Pancakeswap.
Lido Staked Ether has a total supply and circulating supply of over 620 thousand tokens. It has a market cap of over $1.2 billion as of July 2021.
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