Pier Two, a leading professional staking provider, is excited to announce the Pectra Staking Manager, now live at https://pectrastaking.com/.
Codeveloped with Labrys, audited by Hashlock, with grant support from Ethereum Foundation Ecosystem Support Program, the Pectra Staking Manager is a world-class public good for the Ethereum community.
Our goal is to enable the maximum number of participants to take advantage of the Pectra hard fork features for staking. The Pectra Staking Manager is free to use and was designed to benefit stakers and, therefore, the Ethereum network.
Importantly, stakers retain full control over their validators and staked ETH at all times. The Pectra Staking Manager does not control, custody, manage, or interact with your ETH or validator keys – you do. The Pectra Staking Manager does not connect with your validator keys, only your Withdrawal Address via your preferred wallet or custodian.
Stakers must use their Withdrawal Address to discover their validators in the Pectra Staking Manager. After connecting to the Pectra Staking Manager, stakers can upgrade existing validators from 0x01 to 0x02 credentials and interact with upgraded validators. Which will enable stakers to:
- Earn More Rewards: Put idle ETH to work on your validator by harnessing the auto-compounding benefits of Pectra and topping up your validator(s), without having to wait for another 32 ETH.
- Gain Control: Submit partial withdrawals and full exits by triggering them via your preferred wallet or custodian with your validator withdrawal address.
- Scale Ethereum: Instead of managing multiple 32 ETH validators, consolidate your validators into a single validator, up to 2048 ETH, to reduce Ethereum network strain.
To assist in the lifecycle management of validators, there are 3 distinct tools available in the Pectra Staking Manager.
1. Consolidate
Stakers have the ability to consolidate multiple validators, and unlock compounding rewards. These are features enabled by EIP-7685, and EIP-7251 also referred to as MaxEB. Which effectively raises the maximum effective staking balance per validator from 32 ETH to 2048 ETH. The minimum staking balance remains at 32 ETH.
Often overlooked, this also supports you to consolidate to a validator that has a different Withdrawal Address from the source validators you have connected to the app. It is worth noting that if you are consolidating to a validator external then it will need to be an 0x02 validator. If doing this, please ensure that you are consolidating to the right target validator, as if you input the index or validator key incorrectly that you wish to be your target validator, you will not get that ETH back.
We can appreciate that some stakers have sentimental ties to certain validator index numbers or they might consider a certain validator index to have better "luck" based on the number of times it was selected to propose a block or be included in a Sync Committee. The Pectra Staking Manager allows stakers to select their preferred validator Index Value or Public Key as the target validator, and consolidate the balance from source validators, which will be exited from the Beacon Chain, if different to the target validator.
You can consolidate a single validator into itself in order to upgrade it from 0x01 credential to an 0x02 credential, keeping the same validator index and public key.
Stakers can also consolidate validators that have already been upgraded to Pectra validators (0x02), giving the Pectra Staking Manager more utility over time.
2. Deposit
Stakers have the opportunity to add more ETH to their 0x02 validators. You can enter an amount of ETH and have it deposited evenly across the selected validators, OR you can select specific amounts to be deposited to selected validators, and submit one transaction for the total.
In order to facilitate the single transaction, Pier Two has created a gas-optimised Batch Deposit Contract, audited by Hashlock. Similar to batch deposit contracts commonly used pre-Pectra to launch multiple validators.
Stakers can send any amount of ETH, up to a total of 2016 ETH (with an existing 32 ETH balance for a total of 2048 ETH), to validators that are connected to your Withdrawal Address. In order to see the full benefits of Pectra’s auto-compounding, stakers might decide to top up validators to slightly less than the 2048 amount (e.g. depositing 1900 ETH instead of the maximum of 2016 - view more information re: optimal stake size here). The Consensus Layer rewards auto‐compound into each validator, at 1 ETH increments, until it reaches the 2048 ETH maximum effective balance, and any excess rewards are sent to your Withdrawal Address automatically by the Ethereum network.
The process of depositing more ETH to validators may take some time. Stakers have the option to provide an email address and be notified once the deposit has been processed.
3. Unstake
After upgrading validators from 0x01 to 0x02 credentials, stakers can perform partial withdrawals or full exits from their validator(s). A feature enabled by EIP-7002, also referred to as Execution layer triggerable withdrawals.
Partial withdrawals offer a number of benefits, one of which is how much faster the ETH will be returned to the nominated Withdrawal Address. For example, if the queue is empty, it will take ~27 hours for 2000 ETH to land back into your account. Pier Two recently:
Similar to Deposits, partial withdrawals or full exits will take time. Stakers have the option to provide an email address and be notified once the withdrawal is complete.
The Pectra Staking Manager will show the balance and status of validators on the My Validators page, where stakers can manage their validators and activity.
Following Ethereum's greatest ever validator upgrade, stakers might also be curious about the adoption of Pectra amongst other validators. The Pectra Staking Manager providers a visualised chart by tracking the total amount of ETH staked, the Pectra adoption across all validators (upgraded to 0x02 credentials), average ETH staked and total active validator count.
We expect the Pectra Staking Manager to provide appropriate utility to the broader community of stakers and the Ethereum network in general.
Want to learn more about staking and Pier Two? Let’s Chat.
