Earth Wallet lets users stake ETH directly from the mobile app and automatically secures the best returns.
Earth Wallet, an open-source, self-custody digital asset wallet for regenerative finance, today launched in-app Ethereum staking, a new functionality within Earth Wallet that gives users a simple way to stake their ETH to validate transactions on the Ethereum blockchain. In exchange for staking their ETH on the app, users will earn more ETH as a reward.
In the current crypto climate, it’s more critical than ever for crypto holders to be offsetting their carbon footprint as traditionally validating ETH has been very resource intensive. With the announcement of Ethereum moving from a Proof-of-Work to a Proof-of-Stake validation model, the network will benefit from a 99.95% reduction in electricity consumed and increased transaction speeds, paving the way to a greener future.
What is Proof-of-Stake?
Proof-of-Stake provides ETH holders with staking as the main alternative to Proof-of-Work that previously involved using supercomputers to solve mathematical puzzles to validate blockchain transactions. With Proof-of-Stake, the transaction validators are now volunteers who stake their Ethereum and are rewarded with more ETH.
Becoming a Validator
Normally to become a validator network participants need to lock up 32 ETH (~$50,000) on the blockchain. However, we at Earth Wallet want to provide an opportunity for anyone willing to stake any amount of ETH to participate and earn rewards. To do this, we implemented staking pools, providing a way for stakers to collaborate to fulfil the minimum of 32 ETH required to become a validator. Currently users can choose to stake with Rocket Pool through EarthWallet. More staking pools will be coming in the near future.
Staking in Earth Wallet comes pre-packaged to find the best yield rates ensuring our users get maximum value for staking their ETH. Staking automatically pays out rewards to your wallet based on the yield period selected upon confirming your stake. The amount of ETH paid varies but users can currently expect to earn up to 7% annually, depending on the price of Ethereum and number of validators. Users can withdraw their staked ETH at any time.
“In times of severe climate change, the last thing we want is our next generation of finance to be even more environmentally detrimental than current fiat solutions,” said Earth Wallet CEO and Founder Sukhveer Sanghera. “Proof-of-Work is no longer a sustainable way to validate transactions, and we have long waited for Ethereum to roll out Proof-of-Stake. Now we are excited to allow our users to leverage Ethereum's new Proof-of-Stake protocol to provide them with more ETH as a reward and offset their carbon footprint using Earth Wallet.”
Ethereum staking is rolling out immediately to all Earth Wallet users and is included as a new feature directly in the app. Staking will expand to include other tokens and liquidity pools in the near future.
About Earth Wallet:
Earth Wallet is an open source, self-custody digital asset wallet for regenerative finance, designed to hold keys to the new Internet Computer, Bitcoin and Ethereum. Currently in beta, users can access Earth Wallet as a browser extension or as a mobile app available on Apple App Store or Google Play Store. Earth Wallet enables anyone from anywhere in the world, to access the next generation of finance, economic, and governance protocols without any middlemen. The code base is 100% open source, audited and developed by some of the best engineers and designers in the world. Earth Wallet actively works with conservation organisations around the world to support sustainability solutions.