Why does Ethereum need Lido?


The problem with staking on Ethereum is that running your own node requires 32 ETH, which can amount to more money than it costs to buy a house.

Most people who want to stake Ethereum don’t have access to that much capital. Or, even if they do, they might not want to risk that much money. ETH staking Lido solves the problem, since it allows users to stake small denominations of Ethereum.

Lido makes money by charging users a fee for their staking service. Currently the fee is 10% of all earned rewards, however, that could change in the future. The Lido protocol keeps some of the fee, and distributes the rest to the validators running the staking nodes.

Lido is the most popular Ethereum staking protocol and currently has 4.2 million ETH in user deposits. Claims on staked Ethereum are represented as stETH, an ERC20 token that trades widely throughout Ethereum’s decentralized finance ecosystem. It’s also supported in Exodus!


If you’re ready to start earning passive income on your crypto, here’s how to stake Ethereum with Lido and Exodus.

How can I tell which network a token uses?

It's important to know which network your assets run on when you are to sending, receiving, or exchanging assets in Exodus.

To quickly identify the network of an asset in Exodus, you can look at the network badge or the network logo. For tokens that use multiple networks, you can also use the dropdown menu in the token's wallet to select a network.

If an asset doesn't have a network badge or dropdown menu, it runs on its own network. For example, Litecoin (LTC) does not have a network badge or dropdown menu, so it can only be sent, received and exchanged on the Litecoin network.

Let's take a closer look at how to identify the network for an asset on Exodus Web3 Wallet, Desktop, and Mobile.

Tutorial video: How can I tell which network my token uses?

Web3 Wallet

Desktop

Mobile

Identifying network badges

Web3 Wallet

In Exodus Web3 Wallet, you can see which network a token uses by looking at the network badge. You can see the network badge on the top right of the token's logo.

If you'd like to add a custom token to your wallet, please see our guide: How do I add a custom token?

Desktop

In Exodus Desktop, you can identify the network of a token by the network badge and the network logo.

If an asset doesn't have a network badge or dropdown menu, it runs on its own network. For example, Litecoin (LTC) does not have a network badge or dropdown menu, so it can only be sent, received, and swapped on the Litecoin network.

In the wallet, you can find the network badge and logo next to the asset logo.

In the portfolio, the network badge is next to the token's ticker.

Mobile

In Exodus Mobile, you can identify the network of a token by the network badge and the network logo.

If an asset doesn't have a network badge or dropdown menu, it runs on its own network. For example, Litecoin (LTC) does not have a network badge or dropdown menu, so it can only be sent, received, and swapped on the Litecoin network.

Inside the wallet of the token, you can find the network badge next to the token's name and the network logo next to the token's logo.

In the portfolio and the settings, the network badge is next to the name of the token.

Identifying multiple networks in your portfolio

Desktop

You can identify the tokens that use multiple networks in two ways.

In the Portfolio, tokens with multiple networks enabled will display a) a dropdown menu beside the token name and b) a multi-network logo (looks like multiple stacked logos).

Mobile

You can identify the assets with multiple networks enabled in your portfolio if the asset displays the multi-network logo.


Identifying multiple networks in the token's wallet

Desktop

If a token has multiple networks enabled, you can change the network by a) clicking the dropdown menu.

After a network has been selected, you can send, receive or view your token balance on the selected network.

To view the token balance across all networks, in the dropdown menu, b) click Total balance.

Mobile

In the wallet, if a token has multiple networks enabled, you can change the network by a) clicking the dropdown menu.

When a network has been selected you can send, receive or view your token balance on the selected network. To view the token balance across all networks, in the dropdown menu, b) click Total balance.

How do I enable tokens on multiple networks?

Web3 Wallet

On Exodus Web3 Wallet you can enable and disable assets on the Ethereum, Solana, and other supported networks.

1

In Exodus Web3 Wallet, a) click the Profile icon, then b) click Assets.



2

Here you manage which assets are enabled in your wallet. For tokens that use multiple networks, to enable another network for that token, a) click the dropdown menu and b) click the checkbox next to the network you want to enable.

For more information on how to enable or disable assets, visit: How do I enable and disable assets in Exodus?

Adding an Algorand token will create an opt-in transaction which will incur a network fee. It will also increase your Algorand minimum reserve requirement by 0.1 ALGO. To learn more, visit: What is an Algorand opt-in transaction?


3

If you want to disable an asset, you can click the asset again. When an asset is disabled, the checkmark will disappear.


Desktop

1

In Exodus Desktop, to view all supported assets and networks, a) click on the Settings icon, then b) click Assets.

2

To view all the assets supported on Desktop, click the a) All Assets tab. To search for a specific asset by either name or ticker, b) use the search bar. To filter assets by network, c) click on a network tab to view assets supported on the selected network.

3

To enable a token on another network, a) click the dropdown menu, and you will see all the supported networks for that token. You can enable the token on one of the supported networks by b) clicking the checkbox next to the token.

For tokens that use multiple networks, not all networks will be enabled by default. If a network for a token is disabled, you can easily enable it by clicking the checkbox next to the token.

Mobile

1

In Exodus Mobile, you can view all supported assets and network by a) tapping on the Profile icon and b) selecting Assets.


2

Here you can scroll through all the available assets. You can also a) filter the assets by using the Search bar or b) filter assets by network using the network tabs.


3

For assets that use multiple networks, to enable the asset on another network, a) tap the dropdown menu beside the asset name and b) click the checkbox beside the network to enable it.

Not all networks will be enabled by default for assets that use multiple networks. If a network for an asset is disabled, you can easily enable it by clicking the checkbox next to the asset.


How do I send a token that runs on another network?

Sending out a token that runs on another network is the same sending other assets.

The only difference is that you will pay transaction fees in the network's primary asset. To learn more, visit: Why do I pay for a token's transactions with another asset?

It's important to make sure 

To learn how to send assets, visit: How do I send Bitcoin and other crypto out of Exodus?


How do I receive a token that runs on another network?

Receiving a token that runs on another network is the same as receiving other assets. But it's very important to make sure you select the correct network to receive your token on.

To learn how to receive assets, visit: How do I receive Bitcoin and other crypto out of Exodus?


How do I swap a token that runs on another network?

Swapping a token that runs on another network in Desktop and Mobile is the same as swapping other assets.

To learn more, visit: How do I swap crypto using the in-app exchange?

Swapping tokens in Web3 Wallet works a little differently. You can find out everything you need to know about swapping in Web3 Wallet here: How do I swap crypto in Web3 Wallet?


What happens if I send an unsupported token to Exodus?

Your Exodus wallet is capable of receiving any token on the Ethereum, Solana, BNB Smart Chain, Polygon, Avalanche, and Fantom networks. If you have sent a token to your Exodus wallet on one of these networks, you can access it by adding it as a custom token.

To learn more about adding custom tokens, visit: How do I add a custom token?

If you have sent an unsupported asset to your Exodus wallet over a network other than the ones listed above, you'll have to regain access to those funds using a wallet that supports that network and asset. Please contact Exodus Support for help with recovering your assets on unsupported networks.

Please be very careful with your 12-word secret recovery phrase and private keys, because they control access to your funds. Never share them with anyone, and only import them into platforms that you trust 100%. If you choose to import your 12-word phrase or private keys into a third-party platform, you do so at your own risk. To find out more, check out this article from our Knowledge Base: How do I keep my money safe?


Why do I pay for my token's transactions with another asset?

Some tokens in your Exodus wallet require another asset to pay for transaction fees, also known as gas.

This is because these tokens are created and hosted on another network. You can think of the network as the road and the tokens as cars on the road.

Using Ethereum as an example, the Ethereum network is the road, ERC20 tokens are the cars, and Ethereum (ETH) is both a car and the only type of gas all the cars run on.

Transaction fees are always paid in the primary asset of the network:

  • ASA tokens run on the Algorand network, so they pay transaction fees in Algorand (ALGO)
  • Avalanche tokens run on the AVAX C-Chain network, so they pay transaction fees in Avalanche (AVAX)
  • BEP20 tokens run on the BNB Smart Chain network, so they pay transaction fees in Smart Chain BNB (BSC BNB)
  • ERC20 tokens run on the Ethereum network, so they pay transaction fees in Ethereum (ETH) 
  • Fantom tokens run on the Fantom Opera network, so they pay transaction fees in Fantom (FTM)
  • Terra tokens run on the Terra Classic network, so they pay transaction fees in Terra Classic (LUNC)
  • Polygon tokens run on the Polygon network, so they pay transaction fees in Polygon (MATIC)
  • SPL tokens run on the Solana network, so they pay transaction fees in Solana (SOL)
  • TRC10 and TRC20 tokens run on the TRON network, so they pay transaction fees in TRON (TRX)