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ETH What is a pledge?
In short, pledges are a way for holders of various cryptocurrencies to earn rewards for their chosen cryptocurrency (issued through smart contracts) by helping ensure the security of the blockchain. With proof of stake networks such as Ethereum, Avalanche, or Solana, individuals can delegate their tokens to a validator, a computer that ensures blockchain security by verifying transactions conducted using the relevant network.
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blockchains use pledges to motivate users to contribute to the security and credibility of their platforms, a process called Proof-of-Stake (PoS)-a type of consensus, as opposed to Proof-of-Work (PoW). When you pledge tokens on the Proof of Stake (PoS) network, you support specific validators that verify only valid transactions. A portion of the network fees (i.e. miners \'fees) are returned to the validators and the person who entrusted them with the tokens.
Okay, I want to make a pledge. What should I do?
Coinbase allows you to easily and securely pledge ETH with just a few clicks.
Open the Coinbase application, navigate to the ETH Assets page, and you will see a prompt to pledge ETH. As of release, the reward rate is up to 4.00% Annual Return (APY). ETH\'s reward rate is set by the network and may change over time.
Select the amount you want to pledge, read and agree to the terms and conditions, and then confirm.
Coinbase provides the ability to package pledged ETH as cbETH(Coinbase Packaging Pledged ETH) for sale, delivery, or use in DeFi without being bound by the cancellation pledge processing period determined by the agreement. The price of cbETH is determined by the market and may lose value. cbETH is available in selected areas.
There is no fee to package pledged ETH into cbETH, and you can still receive pledge rewards while holding the token. Click here to learn more about cbETH.
What should I do if I don\'t want to use a self-managed wallet?
One option is to purchase cbETH on a decentralized exchange such as Uniswap. You will receive a pledge reward while holding the token and can be sold at any time.
Another option is to use your self-managed wallet to pledge through popular pledge dapps such as Lido. We will tell you how to pledge on Lido. First you need a self-managed wallet, such as Coinbase Wallet, to use this dapp.
Lido is currently the most popular Ethereum pledge application, with the equivalent of US$14 billion pledged ETH in this application as of the fourth quarter of 2023. You can also use Lido to pledge assets such as Solana, Polygon and Polkadot.
First, open the Coinbase Wallet application, navigate to the browser, and then visit lido.fi. Click on the menu icon in the middle of the screen, select \"Pledge Now\" and select Ethereum 2.0.
You will go to an interface where you can choose how much ETH to entrust to pledge, view transaction costs and the expected annual pledge return rate. Visit Lido to view current yields.
Please note that pledged rewards may cause ETH losses due to Slashing, so please read the terms and conditions carefully before proceeding.
That\'s it! You are now pledging ETH to help maintain its cybersecurity and earn rewards that, at current rates of return, will exceed what you would receive if you held only cash. Want to pledge other assets and deeply participate in the cryptocurrency ecosystem? Please refer to our guide to learn how to pledge MATIC.
