[FAQ] ETHPOOL - NON-CUSTODIAL STAKING POOL
NOTE: A more user-friendly onboarding flow has been launched in April 2023!
Ethpool, a non-custodial staking pool, allows users to stake without exposing their private keys and funds.
- Metamask Wallet or any WalletConnect compatible wallet
You can connect your Ledger with Metamask following this Guide or this Guide for Trezor
- 32 ETH per validator
- WIndows / Linux / macOS
- No hardware requirements
This guide will use Windows and Metamask.
A video guide is available here https://www.youtube.com/watch?v=tHFXXMPUa8M
Create Validator keys
1. Download the official Eth 2.0 deposit cli to create your validator keys.
2. Open a terminal window and the downloaded eth2deposit-cli.zip.
Drag and drop the deposit.exe into terminal window and add the following command:
(In this guide we will create 2 validators (64 ETH total) , please adjust the number "2" to your own needs.)
new-mnemonic --num_validators 2 --chain mainnet
3. Enter the language ("english") and a password you would like to have and press Enter.
This password will be required to import your validator keys securely to ethpool.org later.
For demonstration purposes our password is "password123123".
4. The Mnemonic phrase will be shown. WRITE THE PHRASE DOWN ON A PIECE OF PAPER.
STORE THIS PHRASE SAFELY. If this phrase is lost, the funds will be lost as well.
Ethpool does not have access to this phrase.
Press Enter once you have written it down.
Your mnemonic phrase will differ from the one shown in this guide.
5. Enter the previously shown mnemonic phrase and press Enter.
6. We successfully created 2 validator keys. The location of the keys will be shown at the end of process.
C:\Users\validator_keys in our case.
Depending on the amount of validator keys you chose to create, you will end up with the following files:
- one deposit_data.json
- one keystore-m.json file per validator
The deposit_data.json file does not contain any sensitve data, and will be used to fund the validator(s) with 32 ETH each.
The keystore-m.json file is an encrypted version of the validator private key The password you chose in 3. is required to decrypt it. Ethpool will need this password to perform validator duties on your behalf.
The withdrawal private key, the key that gives you access to the validator funds, is not in this file.
More information about Ethereum 2.0 keys can be found here.
Fund the validator
We will use the official Ethereum 2.0 Launchpad website to fund our validator. The instructions on the website are not required to stake with Ethpool.org.
- Head over to the Official Ethereum 2.0 Launchpad
- You will be asked to choose an Eth1 and Eth2 client. Since we use Ethpool.org to stake, this is not relevant.
Choose any client and continue.
3. Choose the amount of validators you would like to deposit to. We created two validators in the previous chapter, thus we set the value to "2".
The blurred instructions are not relevant since we have already created the validator keys in the previous chapter!
4. Import your deposit_data.json file and choose MetaMask to fund the validator(s).
5. The deposit
Wait at least 30 minutes before trying to resubmit a transaction with this deposit_data file. This will give the Launchpad website on-chain data source time to flag any duplicate deposits.
Please do not deposit more than 32 ETH to a single validator.
We have successfully funded our validator(s)!
The deposit will appear on beaconcha.in after a few minutes.
Once transaction went through successfully, it will take approximately 16 hours for the network to process the deposit. The validator status will turn "active" once the network has processed it.
Upload the keystore to Ethpool.org
- Register an account on Ethpool.org
- Click on "Start Staking"
- Upload your keystore.json file and enter its password and press Upload.
One keystore.json file per validator.
Your validators will appear in the ethpool dashboard
From now it's a waiting game.
Your 32 ETH deposit will be recognized by the network ("beaconchain") in around 20 hours. If other users deposited before you did, there will be a validator queue, which will delay your validator activation.
You can read more about the queue here.
Click on the "Pubkey" on your ethpool dashboard to get a more detailed view of your validator on beaconcha.in.
Once your validator is active and ready to be staked by ethpool, the status of your validator will turn "Active"
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