🐳32 ETH Stakers
The goal of this guide is to help our larger stakers (multiples of 32 ETH : multiple validators) connect to our web application, generate private keys for communicating with our Node Operators, generate a mnemonic and validator keys, encrypt their validator keys, and stake through etherfi’s protocol.
Dapp walkthrough - 32 ETH Staker - Staking on Ethereum (tab)
Deposit ETH: the early version will limit staking to 32 ETH per validator.
Download StakeInfo file: this file contains the winning Node Operator's public key -- the staker will use to encrypt their generated validator key -- and the withdrawal safe address -- used for setting withdraw credentials when creating validator keys.
Download and Use Desktop Application: the staker, because with the ether.fi protocol they controls all their keys, will need to generate both withdrawal and validator keys. With our desktop application, they can do this securely and offline.
Upload StakeRequest file: the file contains the encrypted validator keys that are being securely transmitted to the node operator.
Here's a video of the entire Staker flow via our Decentralized Application:
Node operators
Staker Best Practices
Air gapped machine.
Use a USB drive.
Use a hardware wallet (ledger, trezor, …).
Keep your mnemonic secure and offline. If it’s compromised, your ETH can be stolen.
Keep your etherfi private keys secure and offline. If they’re compromised, your validator keys can be compromised, your validator slashed, and your ETH lost.
Note: etherfi has updated a desktop version 2.0 that will offer our users an embedded database with seamless encryption of sensitive keys and data.
Web App
Acquire enough ETH to run at least one validator, 32 ETH. Connect to ether.fi web application. Once connected, each Staker partner will perform a set of actions required to stake via the etherfi protocol.
Deposit into etherfi’s Staking Manager smart contract:
With a web browser, navigate to our webapp at: ether.fi.
NOTE:
If you are located within the United States of Canada, our proactive geofencing will prevent you from engaging with our protocol.
In Phase 1, if you are not whitelisted by etherfi, you will be prevented from engaging with our protocol as a staker.
Connect your wallet, top right button:
You’ll be directed to the landing page with two options: Deposit in the Early Adopter Programme or Participate in our Limited Launch. Please click “Participate” in the box to the right.
You will then be asked to deposit ETH in your wallet in increments of 32 ETH (amount required per validator). Please select the number of validators / amount of ETH you want to stake and click “Continue”. (Note: your ETH will be deposited into etherfi’s StakingManager contract where you’ll be allowed at all points to cancel your deposit, have your ETH returned to your wallet, and stop the staking process).
Next you’ll be asked to select a Node Operator in one of two ways: “Select Node Operator” ( choose a specific node operator from a set of vetted, trusted, experience node operator partners ) or choose the “Highest Bid” in the validator auction. Revenue from the auction is shared with our Stakers.
Then you’ll be asked to confirm your price or operator’s bid. Select “Confirm”.
Your ETH will now be deposited in our StakingManager contract. Then you'll be able to see a staking code. By using this staking code, the desktop app can fetch the stakeInfo file that will contain relevant information about your node operator and the price paid to run your validator.
Please copy the staking code and turn to our desktop app. If you don’t have the desktop app or your desktop app doesn’t have a place to input the staking code (old version), please download through the white button on the top right. If you don’t have the ability to download the desktop app (0 bytes alert), there should be a link to take you to releases on etherfi’s github where you can click “Assets” and the version that matches your current operating system.
Save the file to your machine, Unzip it, double click on the application to run it. You should see an interface like the following on mac (if you are prevented from opening the application, on a mac go to apple > system preferences > security and privacy and see if “Allow apps downloaded from:” has BOTH app store and identified developers selected; if not, click on the lock, select, lock again). Click open:
Using the new version desktop app, you will be asked to create a password for the first time. This password will protect your mnemonic and validator data, please remember it.
Now, log in your desktop app. On the top right, select Staker.
Select a wallet address for this validator, then the validator information will be stored under this address. If there’s no address used before, please input one.
Proceed and enter the staking code you received in ether.fi app. The desktop app will automatically fetch the staking information for you.
Now you enter the step of generating mnemonics, here you have three options:
Generate a new one. Follow the steps and generate the keys.
Import an existing one. If you already have a mnemonic and want to generate new validators for this mnemonic, you can enter the mnemonic and the password to import it. But we suggest our users generate new mnemonics for ether.fi instead of mixing the uses with other apps, in order to prevent slashing risks of running duplicate instances on the same validator key.
Use a saved mnemonic. You will see this option if you have generated mnemonics via this desktop app before, select and generate a new validator key for it.
If you're generating the new mnemonic, you’ll then be asked to “Generate Mnemonic” (click it), then “Copy” the phrase (by either clicking the copy icon or manually highlighting and copying) and — KEEP IT OFFLINE and SECURED. This is the phrase that’s used to generate your validator keys. Anyone who obtains this mnemonic phrase can recreate all your validator keys, run duplicates of your validators, double sign transactions, and get your validator ejected as well as your ETH slashed.
Click “Continue”.
Confirm your mnemonic phrase, then click “Continue”.
A strong password will be auto generated to encrypt your validator keys, you can check this password along with other validator information in the admin tab later. Without this password, a bad actor cannot decrypt your keys and / or use them. Again, please keep this safe, coupled with your generated mnemonic and keys, and offline.
If you want to import a mnemonic, you can input your mnemonic and password upon selection:
If you want to use a saved mnemonic, make a selection and it will jump to generate keys.
Whichever method you choose, follow the instructions, and the desktop app should now display a message, “Congrats! Your keys have been successfully generated and encrypted!”,
You can view your generated mnemonics and validators in the admin tab. They are collected under multiple wallet addresses and you can click the view button to view the details. Note when you click the view button, the app needs you to input the app password. This is different from the password field you can see in the picture below, which is the auto-generated password for your mnemonic and keystore file. If you want to export all these info and make a copy, you can click the download button besides the address select bar.
You can also view the recent activities in the admin tab.
Now let's back to our staking flow. After generating the validator key, the desktop app will automatically send the stake request to ether.fi app. Please click confirm button and this will upload your encrypted keys to ipfs, send your deposited ETH to the official Ethereum Staking Deposit Contract, and notify your node operator that you wish for them to run your validator!
Note that you can cancel your deposit at any time before finalizing the stake! If you can't find the right link to cancel, don't panic, you can contact us and get your fund back.
Upon successful registration, you should be greeted with a “Congratulations!” screen and a link to your validator “dashboard”.
Click on the “Public Key” link of the BNFT as Staker you just setup, and you should be directed to the beaconchain page for your new validator!
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