MetaMask Partners With Lido, Rocket Pool To Enable ETH Staking

Users will also be able to convert stETH and rETH back to ETH through MetaMask Swaps

article-image

HFA_Illustrations and David Sandron/Shutterstock.com modified by Blockworks

share

Staking will now be available directly on popular cryptocurrency wallet MetaMask.

Blockchain software developer ConsenSys revealed today that its portfolio company, MetaMask, will be partnering with liquid staking providers Lido and Rocket Pool to allow its users to directly stake crypto through its browser-based and mobile wallets.

A beta version of MetaMask Staking has been made available on the MetaMask app, and users can stake ETH on Lido and Rocket Pool and view their corresponding tokens (stETH and rETH). 

Users can also convert their stETH and rETH back to ETH through MetaMask Swaps, but this will be subject to certain charges, the company noted.

Since moving from proof-of-work to proof-of-stake in September last year, staking has become an integral part of the Ethereum mainnet.

Generally speaking, staking cryptocurrencies involves locking a select amount of cryptocurrency in a wallet or staking platform to participate in validation of transactions. 

Users who choose to stake their cryptoassets receive a portion of transaction fees or inflation rewards — in the case of Ethereum, these rewards will not be withdrawable until the Shanghai upgrade in March.

Due to these changes, Abad Mian, Product Manager at MetaMask told Blockworks, “it’s an exciting time for Ethereum and the Web3 ecosystem.” 

Staking is a critical piece of Ethereum and Web3 infrastructure, and MetaMask is thrilled to provide users with an easy and convenient way to connect with staking providers through the Portfolio dapp,” Mian said.

As staking can often be a complicated process for users, MetaMask hopes that its latest update can become an entry point for people who are interested in staking, but aren’t interested in learning how to launch their own validator node.

This latest feature has been highly requested by MetaMask users and will be available to both users of the browser extension and mobile users, Mian said. 

“Through this new feature, users can compare the rewards rate, network control, and popularity of different liquid staking providers and choose the one they want to stake with, aiding the security and decentralization of the network,” the company said in a statement.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them

article-image

I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right

article-image

Also, the ETF hype train can count out at least one member