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sETH2

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Discover sETH2's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is sETH2?

sETH2 (SETH2) is a cryptocurrency token that functions as a synthetic version of Ethereum 2.0 (ETH2) on the Ethereum blockchain. It allows users to access the benefits of ETH2 without holding the actual ETH2 tokens. Users can lock up their ETH to receive sETH2, which is pegged to the value of ETH2 and offers a more liquid and accessible way for investors to participate in the Ethereum 2.0 ecosystem, providing staking rewards and potential yield. It can be traded on various decentralized exchanges and platforms.

How is sETH2 used?

sETH2 (SETH2) is a cryptocurrency token that represents users' deposits in the StakeWise Pool in a 1:1 ratio. It is used to stake Ethereum (ETH) and earn rewards. Here is how it works:

  1. Staking: Users deposit ETH into the StakeWise Pool in exchange for sETH2 tokens. Each ETH deposit is minted into sETH2 in a 1:1 ratio.

  2. Reward Accrual: Users earn rewards in the form of rETH2 tokens, which are also minted in a 1:1 ratio. The rewards are accrued within 24 hours of receiving sETH2, minus a 10% flat fee for Stakewise.

  3. Compounding Rewards: Users can compound their rewards by putting rETH2 back into the staking pool to increase their stake.

  1. Redemption: Users can redeem their sETH2 and rETH2 tokens back into ETH via a swap.

sETH2 is a liquid staking token, allowing users to access the benefits of ETH2 staking without holding the actual ETH2 tokens. It is pegged to the value of ETH2 and offers a more liquid and accessible way for investors to participate in the Ethereum 2.0 ecosystem, providing staking rewards and potential yield.

How do I store sETH2?

To store sETH2 tokens, it is recommended to use a hardware wallet. This provides the safest method of storage by disconnecting the hardware wallet from the internet and keeping it in a secure location. Additionally, you can use a software wallet like MyEtherWallet, which supports the storage and display of sETH2 tokens.

How to buy sETH2?

To buy sETH2 (SETH2) tokens, follow these steps:

  1. Buy Ethereum (ETH):

    • Open an account with Bit2Me and verify it.
    • Add Euros to your Bit2Me wallet.
    • Buy Ethereum (ETH) and keep it in your Bit2Me wallet.
  2. Create a MetaMask Wallet:

    • Download the MetaMask browser extension or mobile app.
    • Create your first wallet by following the setup instructions.
    • Accept the terms and conditions, create a password, and store your seed phrase securely.
  3. Transfer ETH to MetaMask:

  • Send your ETH from Bit2Me to your MetaMask wallet, noting the gas fee.
  1. Use a Decentralized Exchange (DEX):
    • Connect your MetaMask wallet to a DEX that lists sETH2, such as PancakeSwap.
    • Select ETH as the payment and sETH2 as the cryptocurrency you want to buy.
    • Make the swap.

If sETH2 is not available in the DEX, you can use a blockchain scanning tool like Etherscan to find the smart contract address and manually perform the swap.

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History of sETH2

The history of sETH2 (SETH2) is closely tied to the StakeWise protocol, which was launched in March 2021. StakeWise is a non-custodial, liquid Ethereum staking solution that tokenizes stakers' rewards separately from their deposits. This allows users to apply staked ETH capital in DeFi, reinvest returns, and manage staked capital more efficiently.

The StakeWise protocol employs mechanisms to boost the staking APR and rewards users in its native token for liquidity provision and choosing StakeWise. Governance is handled by the StakeWise DAO, which uses the SWISE governance token to vote and incentivize the adoption of the protocol. SWISE holders control protocol parameters such as fees, node operators, and Treasury disbursements through frequent voting based on StakeWise Improvement Proposals (SWIPs).

Historical data for sETH2 is available, showing its price history, trading volume, and market capitalization over time. This data can be used to analyze trends and patterns in the token's performance.

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How sETH2 works

The cryptocurrency sETH2 (SETH2) is a token used in the StakeWise protocol, a liquid Ethereum staking platform. Here's how it works:

Staking and Minting sETH2

To participate in staking, users deposit Ethereum (ETH) into the StakeWise pool. For every ETH deposited, an equivalent amount of sETH2 is minted in a 1:1 ratio. This sETH2 token represents the user's staking deposit and is used to track their stake in the pool.

Earning Rewards

Once users have sETH2, they start earning rewards in the form of rETH2 (reward ETH). These rewards accrue within 24 hours of receiving sETH2 and are also in a 1:1 ratio, minus a flat 10% fee taken by StakeWise.

Compounding Rewards

Users can compound their rewards by putting rETH2 back into the staking pool, increasing their stake and earning more rewards. Alternatively, they can redeem their ETH by swapping sETH2 or rETH2 back to ETH.

Non-Custodial Nature

StakeWise is considered non-custodial because users maintain control over their staked ETH. The protocol tokenizes stakers' rewards separately from the deposits, allowing users to apply staked ETH capital in DeFi and manage staked capital more efficiently.

Governance

The StakeWise protocol is governed by the StakeWise DAO, which uses the SWISE governance token to vote on protocol parameters and incentivize adoption. This decentralized governance ensures that the protocol is controlled by the community rather than a central authority.

Risks and Security

While StakeWise is non-custodial, there are still risks involved. For instance, if there is a critical bug in the contract, it could lead to losses for users. Additionally, users need to trust that the protocol will remain honest and not engage in malicious activities.

Overall, sETH2 is a key component of the StakeWise protocol, allowing users to stake ETH and earn rewards in a decentralized manner.

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sETH2's strengths

The token sETH2 (SETH2) has several strengths that make it an attractive option for investors and users:

  1. Liquid Ethereum Staking: sETH2 is a tokenized asset that allows users to participate in Ethereum staking without managing their own wallets or nodes. This provides an easy and convenient way to earn rewards from staking ETH.

  2. Diversification: Investing in sETH2 tokens offers a way to diversify a portfolio by gaining exposure to the Ethereum blockchain. Users can benefit from both the appreciation in value of ETH and any additional rewards earned through staking.

  3. Security: Stakewise, the platform behind sETH2, ensures that all funds are safe and secure at all times through advanced security protocols.

  1. Flexibility: sETH2 tokens can be used in DeFi applications, allowing users to reinvest or compound their returns, making it a versatile asset for users.

  2. Governance: The StakeWise DAO, which governs the protocol, uses the SWISE governance token to vote and incentivize the adoption of the protocol. This community-led governance ensures that the protocol is controlled by its users.

  3. Staking Rewards: Holders of sETH2 tokens continue to accrue rETH2 staking rewards, even after StakeWise V3 goes live, providing ongoing benefits to token holders.

These strengths make sETH2 a compelling option for those looking to participate in Ethereum staking and DeFi applications.

sETH2's risks

sETH2 (SETH2) carries several financial risks that investors should be aware of:

  1. Market Volatility: The price of sETH2 can fluctuate significantly, leading to potential losses for investors. The token has experienced a 31.20% decline from its all-time high and a 273.90% increase from its all-time low, indicating significant price swings.

  2. Liquidity Risks: The liquidity for sETH2 tokens may dry up as StakeWise moves to a new liquid staking token, osETH, which could impact trading volumes and prices.

  3. Dependence on Ethereum 2.0: As a synthetic version of Ethereum 2.0 (ETH2), sETH2's value is pegged to ETH2. Any negative developments or issues with ETH2 could negatively impact sETH2's value.

  1. Staking Rewards: The staking rewards for sETH2 are dependent on the StakeWise protocol, and any changes to the protocol or the Ethereum ecosystem could affect the rewards and the token's value.

  2. Trading Volume: The trading volume of sETH2 is relatively low, which can make it difficult to buy or sell the token quickly and at a favorable price.

  3. Custodial Risks: Although sETH2 is a non-custodial token, users still need to manage their tokens securely, and any mistakes or security breaches could result in losses.

  1. Regulatory Uncertainty: Cryptocurrencies are still subject to evolving regulations, and any adverse regulatory changes could negatively impact sETH2's value and usability.

Investors should carefully consider these risks before investing in sETH2.

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sETH2's ecosystem

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sETH2’s team

  • StakeWise Team: The team behind sETH2 is StakeWise, a liquid staking protocol that offers decentralized staking solutions for Ethereum. The team is responsible for developing and maintaining the sETH2 token, which represents staked ETH and allows users to earn rewards while maintaining liquidity.

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