Binance Web3 Wallet is a self-custody crypto wallet integrated into the Binance app, empowering users within the decentralized finance (DeFi) ecosystem.
Now, wallet users can easily stake ETH by wrapping it into wstETH, and bridge wstETH to the BNB Chain for DeFi opportunities, while still receiving staking rewards from Lido.
Task Description
Binance Web3 Wallet and Lido have announced a joint campaign to promote their services and offerings to the Web3 community. Users who successfully bridge wstETH to the BNB network using the Portal Bridge may be eligible for additional rewards after the campaign concludes. The minimum amount of wstETH required to qualify is 0.01. To remain eligible, the funds should not be bridged back during the campaign.
To obtain wstETH, you can wrap ETH on Ethereum network via: stake.lido.fi/wrap. For mobile users, get your wstETH here.
Step 1: Navigate to Lido in the DApps Section
Open your Binance Web3 Wallet.
Look for the 'Bridge wstETH for a chance to win' Lido Campaign on the Home page.
Step 2: Switch to Ethereum Mainnet
Once Lido’s page opens, navigate to the top right corner, tap on Wallet name, and switch your network from BNB to the Ethereum Mainnet.
Under the networks category, scroll down and select Ethereum.
Step 3: Connect Your Binance Wallet to Lido
You will see an option to “Connect wallet”.
Tap on “Connect wallet” and select Binance Web3 Wallet from the options.
Step 4: Stake ETH: Wrap Your ETH to wstETH
After connecting your wallet, you will be redirected back to the Lido interface.
Navigate to the Wrap & Unwrap section in the staking widget.
Change from stETH to ETH from the drop down menu
Enter the amount of ETH you wish to wrap (minimum 0.01 ETH to be eligible for rewards).
Select Wrap and confirm the transaction to stake your ETH. You will receive wstETH tokens in return, representing your staked ETH.
Step 5: Bridge wstETH to BNB Chain via Portal Bridge
Navigate back to the Binance wallet, and under the “Others” category, find Portal, or alternatively, type portalbridge.com into the DApp search bar.
Select the “from” network as Ethereum and the “to” network as BSC (BNB Smart Chain).
Choose wstETH as the asset to bridge.
Click Connect wallet on both “From” and “To” and select Binance Web3 Wallet.
Approve and confirm the transactions to bridge wstETH to the BNB Chain.
The waiting time is around 15 minutes, after which point your wstETH will be available on BNB Chain.
After the campaign ends, users can choose to bridge back to ETH following the same path, or alternatively, swap to ETH on BNB. For bridging back to ETH, you can follow the steps outlined in Step 5, with BSC as the "from" network and Ethereum as the "to" network. To convert your wstETH back to ETH, you can choose to unstake or swap using a DeFi aggregator. For guides on how to do this, see here.
If you run into any issues, please reach out to us on Discord for support.
Lido Official Links:
Website: https://lido.fi/
Twitter: https://twitter.com/LidoFinance
Discord: https://discord.com/invite/lido
Docs: https://docs.lido.fi/