Staking Ethereum using Instadapp Lite ⚡️

Hey fam!

As most of you probably know, I started this newsletter to ensure that my community does not get left behind in major wealth transfer moments. I’m writing this post to let you know that an opportunity to take full advantage of what’s happening in the world of blockchain technology and crypto is staring right at us. In my last post, I gave an overview of Ethereum Merge and shared why you should be paying attention. For this post, we’re keeping it short-ish, sweet, and action-oriented. My goal is to show you exactly how to take advantage of this major transition.

I will…

• Review Ethereum Merge

• Define dApps

• Provide an overview of Instadapp Lite

• Show you step-by-step how to earn 10% interest on your Ethereum investments by staking (IF NOTHING ELSE, READ THIS.)

What is Ethereum Merge?

In case you missed last week’s post, here’s my deep dive into Ethereum Merge.

To briefly recap it, Ethereum Merge is the blockchain’s transition from proof-of-work to proof-of-stake. Eventually, the current Ethereum Mainnet will "merge" with the beacon chain proof-of-stake system. This is significant because this means 1) Ether (Ethereum’s cryptocurrency) becomes a deflationary asset and 2) the energy output will be much lower and, in turn, better for the environment!

Curious about any of the terminology I just used? Reference my deep dive post above. :)

What are dApps?

dApps are decentralized applications that are built and run on a blockchain. Because they’re decentralized, no single authority, company, or person controls it. You can basically think about dApps as digital applications in Web3. Unlike current “Web2 apps”, such as Twitter or Instagram, dApps ensure user privacy, allow free speech (not sure if this is good or bad in some cases…lol), and allow the flexibility of development. The downsides of dApps are that they’re currently not as user friendly, a bit harder to scale, and aren’t as flexible with code modifications.

What is Instadapp Lite?

According to their website, “Instadapp Lite is the easiest way to deposit to earn interest from the most popular DeFi (decentralized finance) strategies on the market. Simply deposit funds into your desired Strategy Vault and thats it! Instadapp Lite maximizes your gains by reducing the number of transactions, saving on gas and automates fee collection, and simplifies the overall process of setting up and actively monitoring a DeFi strategy.”

I also realized I never touched on DeFi, but just to provide a quick overview: “Most of the financial services that could be defined as DeFi can be found on the Ethereum network, the second-largest cryptocurrency marketplace, which also acts as a platform that allows other blockchain apps to be built on it (Ethereum's cryptocurrency, Ether, is used to pay transaction costs). By utilizing decentralized apps, or dApps, two or more parties can exchange, lend, borrow, and trade directly using blockchain technology and smart contracts without middlemen's involvement and costs.” - ZDNet

I hope that shows you how DeFi and dApps relate! If you have questions, let me know! I’ll likely do a full post on DeFi strategies soon.

This week’s recommended action: Stake your Ethereum using Instadapp Lite!

Okay, first I want to acknowledge that this can feel like a lot. So I wanted to really break it down to show you step-by-step what to do because I personally feel like putting this all to action is the BEST way to dive in.

Second, I want to highlight my friend’s video which I used to stake my ETH. Click here to access the video!

Next, here are the steps you can take right now to start staking Ethereum:

1. Create a MetaMask wallet and transfer some ETH to your wallet. If you’re not sure how to transfer your ETH from Coinbase to MetaMask, check out this video. Review the end of my “What is Web3?” post for more details.

2. Go to Instadapp Lite and connect your MetaMask wallet to the platform. Be sure to copy your wallet’s address directly from MetaMask to avoid any errors.

3. Once your wallet is connected, scroll down the page and select “Start Earning” in the Ethereum box.

4. Enter the amount of ETH you want to stake and then deposit it.

5. Confirm it in MetaMask.

6. Get ready to receive 10%+ returns on the amount you’ve staked!

Seriously, this takes like 2 minutes and might soon fund your lifestyle! Lol

DISCLAIMER: This is not financial advice and you must stake at your own risk.

Thanks for reading! If you decide to stake, let me know :) Definitely open to chatting more about this offline too.

Let’s get this money, okay?!

Kendall