Ethpool - User friendly onboarding flow ("0x01")

Modified on Mon, 17 Apr, 2023 at 4:29 AM

We are excited to share that Ethpool's non-custodial staking service for Ethereum has been live for 1.5 years. However, one of the major challenges faced by users was the technical expertise needed to create validator keys and navigate through the deposit process.

To make the onboarding process smoother and more accessible for everyone, we are delighted to announce that we have integrated the entire onboarding process into Ethpool.

This means anyone can easily set up a validator via Ethpool and maintain complete control over their stake. We are committed to providing an intuitive and user-friendly experience for all users of our staking service.

Withdrawal Credentials

Ethereum staking keys explained

To transfer the validator balance, one must possess the withdrawal key, which like the validator keys, comprises two parts - the withdrawal private key and the withdrawal public key.

In the latest Ethpool procedure, the withdrawal credential is set to the user's wallet, ensuring that Ethpool does not retain any control or access to the user's wallet.

How does it work?

Validator Creation Process

1. Connect your wallet (Metamask, WalletConnect, Ledger, Trezor, etc.) to Ethpool.org/stake.

2. Ethpool identifies your connected wallet address.

3. Specify the number of validators you want to run.

4. Ethpool generates the requested number of validator keys and sets the withdrawal credential to the user's wallet address.

5. User encrypts and downloads the validator keys.

6. User verifies the input data and initiates the deposit on their wallet.

The funds can be transferred from any wallet to fund the validators.

7. Congratulations, you're done!

Understanding Ethpool Fees:

Whenever a validator belonging to the user finds a block, the transaction rewards of that block are transferred to the Ethpool wallet address. Ethpool then subtracts the pool fee from the rewards and transfers the remaining balance to the user's wallet address, which can be specified in the ethpool settings.