Staking Ethereum Using Yearn Finance Vaults
Yearn is a DeFi automated yield aggregator platform that auto compounds users' rewards for them.
The crvSTETH Yearn vault uses the Curve liquidity mining program to farm CRV, LDO, and trading fees - which sells the rewards to then redeposit ETH/stETH into the vault.
To use the Yearn vault:
Visit yearn.finance/vaults and connect your Ethereum wallet.
Scroll down and locate the crvSTETH pool.
Choose your deposit currency.
Choose the amount to deposit. If depositing ETH, leave enough to cover for associated gas fees.
Press 'Approve' and confirm the transaction using your Ethereum wallet and wait for the transaction to confirm on the Ethereum blockchain.
When the transaction confirms, you will have deposited in the crvSTETH pool on Yearn.
Users can stake their tokens in the Yearn vault to:
1) Auto-stake their ETH;
2) Deposit staked ETH into the Curve ETH/stETH pool;
3) Stake their Curve LP tokens in Gauge;
4) Auto-compound earnings from the Curve pool.
Using Yearn thus allows users to maximize and compound the yield on their staked Ethereum - all the while contributing to the security of the Ethereum network.