Rocketpool Ethereum Staking Tutorial (How to Stake rETH)

Rocketpool Ethereum staking tutorial – how to stake ETH on Rocketpool
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TIMESTAMPS:
0:00 Rocketpool Ethereum staking tutorial
0:22 Rocketpool rETH explained
2:43 How to stake ETH on Rocketpool
8:25 Unstaking
9:03 rETH on Layer 2

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In this video we’ll look at staking ethereum with rocket pool I’ll show you exactly how to use the rocket pool protocol right here but there are some other ways we can use to get the token that we actually want which is our eth they may be cheaper and so better for

You depending on how much you want to stake I’ll go through all of those options and some considerations that you might need I’ll leave time stamps for everything down in the description firstly we’ll look at using rocket pool as intended and staking on here but we need to know what exactly is happening

Behind the scenes so if you’re using rocket pool this is how it works we’re going to use ethereum and we’re going to give it to Rocket pool Now Rocket pool take our eth and other people’s eth and pull it together to have enough to create validators and the validators are

The things that earn the staking rewards from the ethereum protocol they then give us something known as r e or rocket pool eth this is a liquid staking token so if our wallet owns this token that that’s like a receipt for our ownership of the pool and so as long as our wallet

Has this token we are earning the rewards that rocket pool is earning from ethereum so we can have that in our wallet and we can we can also send it out of our wallet just like any other token to another wallet that we have and then we can receive it from other

Wallets if we want but however much re e that we own that’s essentially a receit of our ownership of the rocket pool that’s earning fees we can stake from 0 01 e upwards we earn fees from protocol staking on ethereum uh staking rewards me rewards which is you know earning

Fees from maximal extractable value so if people are paying extra or other Bots that they run they can earn some extra rewards there and r e is an accumulating token that means that there is a set amount but as the pool earns money the tokens are going to increase in value to

Represent the money that’s being earned so if you own one r e and the protocol earns 5% over that year you’re still going to have one R eth but the value should go up now this value goes up in relation to the eth that’s being held

Right so eth can go up and down in value and so can R but the delta or the difference between eth and r e should Contin rise as the rocket pool earns more fees so as you can see here this is what should happen rocket pool eth is

Going to rise and increase the Delta versus eth continually as it earns protocol fees but you have the same amount of eth in your wallet or the r eth and that just should go up in value versus eth over time let’s go and use the rocket pool protocol then and if you

Do want to use this directly this is on the ethereum main net now this is more expensive and so there are cheaper ways to do this which I’ll go over after this section so come to the rocket pool website I’ll link it down in the description click launch and then you

Come through to the protocol page now from here we need to connect an ethereum wallet and have some eth in our wallet that we want to swap for our eth if you don’t have a wallet yet I’ll leave links below to uh video guides on setting up metamask and Rabbi uh they’re popular

Ethereum wallets and so you can see everything on setting up a wallet how to use them and everything but I’m going to skip that for this video and we’ll just get our ethereum wallet up right here uh so what we need is to get some ethereum

Into into our wallet uh the amount that we want to stake so I’m going to copy my wallet address right here and then we’re going to withdraw some eth into our ethereum main net wallet so I’m going to go over to my binance account I’ve bought some eth right here going to

Paste in my address to withdraw it to so that’s my wallet address and then click the network the network we need to use is the ethereum main net rocket pool only works with that as of making this video so erc20 ethereum you can see that

Fees are more expensive and so so if you want to use the cheaper options like layer 2 networks you can do that and I’ll go through that after this section from here I’m just going to withdraw the eth into my wallet and then we can go

Ahead and use it to stake with rocket pool if you want some deposit bonuses on okx and binance exchanges I use I’ll link them down in the description if you are new on there you can get some deposit bonuses so you can check the details by the links below um and from

Here I’m going to withdraw that e to my wallet so now my wallet has some ethereum in there as as you can see and I can use this to stake in the rocket pool uh protocol I’m going to connect my wallet so down here press connect and

Whichever wallet that you have you can connect that so I’m going to connect rabby and it says connected right here so up in the top right you can see my wallet address and the rocket pool protocol has seen that I have an amount of eth in here so when using ethereum

Main net what we’re going to do is swap the eth into our eth now if you want to trade out of the r e or send it out or sell it out or unstake uh that’s going to take more eth in the future so always

Leave a little bit of eth in your wallet to pay for gas fees and if we press Max right here you just have to make sure that you have enough gas fees to pay for this transaction um so what we can do is have an amount of ethereum that we want

To stake so I’m going to stake 0.1 here and you can see it tells me that I’m going to receive 0.09 n r e these aren’t the same now the reason is like I said R eth accumulates those fees into the protocol and so it’s going to get more

And more expensive versus eth over time as we can see the average return if you held for a year the APR or the apy is 3% so our e should get around 3% more expensive than eth uh over one year and that can ACR over time depending on how

Much is in the protocol so we’re always going to swap eth into slightly less R eth uh as you can see here also you can see the routing what the protocol is doing is pushing to me towards what’s known as a secondary market so there’s

Two ways that you can actually get our e the first one is to use the protocol directly if you have larger amounts it’s going to just put you straight into the protocol they will charge you a 0.05% deposit fee for minting AR so you have to factor that in um and that’s it

Now because I have a smaller amount here what it’s doing is just uh making me go to a secondary Market basically like an exchange right so people that already have our e that want to sell it or get out of it and I want to get it so it’s

Going to be a swap uh and this is fine and the protocol has you know obviously um seen the costs and said that the secondary trade is going to be the cheapest way for me to get reth and so that’s what it’s giving me from here you

Can see the exchange rate is this one and so we we pay a little bit of a cost as well so you have to factor these costs in when you’re trading because you know we we’re making 3% a year and so if we’re paying 20 basis points out it’s

Going to take us a while to earn the yield back to pay for the cost of this transaction but that’s just uh you know the way it is from here we’re going to be earning around 3% if we hold it for a year on this r e and the transaction

Cost right now is around $4 for this transaction action uh so that’s absolutely fine now we can press stake so the protocol is going to take us through the secondary trade so that’s fine so press stake right here and we should go through the details of the

Trade so we can see that we’re interacting with this contract and that’s rocket pool so no problems here we are going to send out 0.1 eth and we’re going to get this much our eth in return once we have that uh token in our wallet we own that token and we own the

Yield that it makes and we we own that in our wallet so we can go through with this transaction if this is okay just press sign and create right here and the swap will occur you will send out your eth and you’ll get our eth back into

Your wallet once we have our eth in our wallet we’re earning those fees and just like any other token because it’s a liquid staking token we can send it out or we can trade it or of course we can unstake as well if you have some re in

Your wallet you can very easily unstake to unstake go to the same screen that we’ve been on so just launch the application from the rocket pool website up in the top right hand corner just click your wallet address and you can see this unstake right here so click

That and you should be able to see an amount of re in your wallet it will you know obviously see the amount that you have and then you can choose an amount that you want to unstake so you can choose the whole lot if you want or uh

Any percentage of that and click unstake right here now you can see that the transaction cost is going to cost you as well so you always need some ethereum to pay for those costs ethereum main net is expensive and so there are cheaper ways to get a hold of R eth because rocket

Pool because rocket pool eth is a liquid staking token it trades just like any other token so we don’t have to use the protocol to stake our eth we can just buy the re token because as long as it’s in our wallet we’re getting the yield so

We don’t need to stake we can go to any exchange that offers this and swap either eth or usdt or any other token that’s traded against it for AR and then get that in our wallet so instead of using a protocol what you can do is go to a decentralized exchange now because

Re is a token just like any other you can send it in and out of your wallet what’s happened is that rocket p e has been bridged onto ethereum layer 2s now layer 2os are much cheaper to use than the ethereum main net and so a lot of

People use this so I’ve come to coin gecko here this is r eth as you can see and this is the price we can trade any fraction of our eth so the price doesn’t really matter too much but down here in the info we can see that our eth is now

Available on these ethereum layer twos so the base network from coinbase arbitrum polygon and optimism so what we can do is set up our wallet with an ethereum layer 2 get eth into our layer 2 address and then just buy the token on a decentralized exchange on one of these

Layer twos we get the re THL wallet which is what we want and we’re still acre the yield and the staking rewards from ethereum so you can use any of these uh networks it’s up to you which one that you use I’ll just show you show

You an example here so what I’m going to do is go to 1-in exchange now 1-in exchange is an exchange aggregator and so it’s going to give me the best trade for swapping some coin into arth which is the coin that I want so we’re going

To go through with a trade right here so what we can do is connect our wallet now you can use 1 in you can use Unis swap you know you can use other decentralized exchanges so as long as you can access the decentralized exchange to swap your

Eth for ar e or your tether for AR it’s fine um so I’m going to get my wallet back up right here now on Rabbi you don’t need to add any networks into your wallet you can just connect on any of the ethereum layer to so I don’t have to

Do anything in Rabbi if you’re in metamask uh you can just switch to your arbitrum network or your optimism Network whatever the address that you have across all of these Networks is exactly the same so you can use the same wallet with the same address from here

I’m going to connect my rabby to 1 in so connect wallet have a rabby wallet um and it’s connected so we need to make sure that we’re buying on a network that’s supported so arbitrum optimism polygon and base so for right here you know arbitrum so I’ll click that and

Then we want to swap so I’ll just show you how to search right here we can select the token so r e and this is a pop token so it comes up right here this is rocket p e you can see my wallet doesn’t have any if you don’t if you

Can’t find that or you want to make doubly sure go back to Rocket pool eth page on coin on coin gecko come to the contract and I’m on arbitrum so I want to copy the contract address on arbitrum like this go back to your decentralized exchange or your aggregator click to

Search and then paste in the uh contract address and it’s going to come up with this token that’s making doubly sure that we have the right token because a decentralized exchange could have fake tokens so we don’t want to obviously buy those so we click that and now we can go

Ahead with a trade so from here we swap any token that we have so we have eth in our wallet we can use that so the important thing if you are using layer Twos for the first time is that when you withdraw your eth you do need to use the

Layer 2 Network so what I’ll do is go back to my binance account and I’ve got that eth in there that I bought so this time I’m going to paste in my wallet address which is the exact same address but what I need to make sure now is that

The network that I’m using is the one that I want the eth on and I want the rocket pool eth on so I’m not going to use ethereum main net this time I’m going to use the arbitrum network that’s the layer two that I want to use you can

See the fees are 34 cents instead of $6 so I’m going to choose arbitrum one and then I’m going to withdraw the eth over the arbitrum one network it’s the same address that I have but we’re using the layer two so binance is going to sort

That out and send the eth over the layer two into our layer 2 Network address right here so we have that now and that eth is on the arbitrum network from here once that’s in our wallet we can then pay the eth and pay much lower fees swap

It into our e and as you can see on 1 in uh essentially you don’t pay any gas fees because of um uh the way that 1 inch works so you’re saving you know 20 cents or something we are going to pay you know a small exchange rate for this

Because obviously with descent exchanges you have to pay a small fee uh it may work out as let’s say 30 or 50 basis points something like that um because obviously the exchange and the liquidity pools are going to be charging a fee to swap these tokens um but this is going

To work out uh fairly cheap if you’re using a small amount uh rather than paying Gas on ethereum Main net so if you want to go ahead with that swap you just have to press swap right here you can go through with that swap in your

Wallet that way we now have our eth in a wallet it on the layer two and it’s much cheaper for us to hold it there the other helpful videos you might need are listed down in the description I’ll leave the deposit bonuses to the exchanges I use down there as well I’m

James with M DG cheers for watching and I’ll see you in the next one