Ethereum Just ahead of the Shanghai update, which will soon allow users to withdraw their “stacked” ETH to secure the network, popular wallet provider MetaMask has taken action to help more users stake.
Thanks to MetaMask, users without technical knowledge are also planned to be able to make Ethereum staking transactions
ConsenSys, the company behind MetaMask, said on Friday that users cryptocurrencies He said he has added a staking feature to MetaMask Portfolio, a newly launched address for users to view and send (or “bridge”) them between different blockchains.
MetaMask’s new staking feature will allow users to stake through two leading validator services, Lido or Rocket Pool.
Staking via Lido and Rocket Pool allows the user to lock Ethereum tokens in a smart contract on the blockchain and earn rewards there. Currently, this process usually requires visiting the respective websites of Lido and Rocket Pool.
“By allowing staking through the MetaMask Portfolio app, we are providing a convenient way for MetaMask users to interact with staking providers,” MetaMask product manager Abad Mian said in a statement.
ETH staked and rewards won will not be withdrawn by users until Ethereum’s expected Shanghai update in March. Liquid staking services like Lido and Rocket Pool circumvent this limitation by giving depositors tokens that represent a one-to-one claim on their staked ETH.
Lido’s stETH and RocketPool’s rETH tokens tend to trade at a slight discount to regular ETH on the open market, giving stakers a way to enter and exit staking positions even if withdrawals are currently locked.
With MetaMask staking, “customers can trade their stETH and rETH back to ETH via MetaMask Swaps, subject to certain fees,” ConsenSys said in a statement.
*Not investment advice.
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