stETH on Trezor

I've been staking my ETH with Lido since November 2022. I used Metamask to purchase my stETH. And then moved my stETH to Trezor.

I'm puzzled because for three months my stETH balance on my Trezor is unchanged. I would have expected to receive more stETH because of the staking rewards I am earning…

When I check my rewards on Lido's website using its calculator:

I can clearly see that I am and have been receiving rewards.

However, this does not seem to be reflected on my stETH balance on Trezor.

Further, when I check Etherscan, I can see my stETH balance increasing (as it shows and adds the stETH I am earning)

So: how is it that my stETH balance on Trezor does not match my stETH balance Etherscan?

Any help would be greatly appreciated.


1 thought on “stETH on Trezor”

  1. The stETH balance of each user is calculated as the shares each user holds multiplied by the total pooled ETH divided by the total amount of shares.

    This means the balance of each user changes dynamically whenever the amount of pooled ETH changes, unlike normal ERC20 tokens where the balance is only changed by transfers to/from the user.

    This means that stETH doesn’t fully implement the ERC20 token standard, as the balance of users can change without emitting a transfer event. This also means it will not be fully compatible with all the tools that are made with the ERC20 standard in mind (which includes Trezor Suite presumably).

    This isn’t a problem though as your balance is still correctly kept track of on chain, it doesn’t matter what Trezor Suite says. The balance that shows up on Etherscan should be correct, but when in doubt you can always just call the “balanceOf” method for the stETH token contract as this will always be correct.

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