Ethereum

📘

In this article

This article will walk through how to use PROTECT APIs to stake on Ethereum. The Taurus platform uses Figment as a staking provider. As always, there are several required prerequisites in order to successfully stake ETH via APIs.

1. You must have all the approved governance rules required configured forETH_Figment_Stake and ETH_Figment_Unstake.
2. You must read and understand the basics of Eth staking as outlined by the Ethereum Foundation.
3. Understanding of how to Sign for Approval via APIs.

ETH Staking

There are several important points to understand when it comes to ETH staking:

• PROTECT uses Figment as a staking provider. We will be adding other staking providers in the coming releases. This is referred to as "Staking as a Service."
• To stake on Ethereum, you must stake in multiples of 32 ETH (minimum 32 ETH).
• Ethereum uses an Exit Queue and an Entrance Queue that limit the number of validators that can enter/exit the network per epoch.
  Entrance Queues: Entrance "waiting room" that regulates how many new validators can join per day. It can take several weeks, or even more than a month to start earning rewards, though this time varies based on network demand.
• Exit Queues: Like entrance queues, these determine how many other validators can unstake at the same time. It can take anywhere from a few days to several weeks to fully withdraw your ETH. *
• In addition to these queues, there are also "warm-up" and "cool-off" periods which are protocol-mandated delays that ensure network stability and prevent simultaneous influx or exodus of validators. The warm-up is the final few hours after clearing the entry queue before a validator becomes active, while the cool-off is a mandatory ~27-hour waiting period after exiting before funds finally become withdrawable.
• Staking rewards are not fixed. They fluctuate based on the total amount of ETH staked globally and the level of network activity (tips and MEV). As more people stake, the individual reward rate generally trends lower.

🚧

Ethereum staking liquidity

Due to Ethereum protocol's demand-driven wait times (entry/exit queues) and warm up and cool down periods, Eth staking provides lower levels of liquidity compared to other tokens such as Solana. Ensure you understand the implications of ETH staking prior to approving a stake ETH request.

1. Identify the ID of the address holding the funds you wish to stake (32 ETH + gas fees).
2. Set the provider.kind property to figment
3. Set the amount to the amount you wish to stake in ETH's smallest units (wei). Note this must be a multiple of 32.
4. Send the body to the Stake ETH endpoint. This will create a request for approval.

{"fromAddressId":"1234","amount":"32000000000000000000","provider":{"kind":"figment"}}

5. Approve the request by Signing for Approval.
   Reminder: You can use the List Requests For Approval endpoint to retrieve the request ID.