MetaMask has launched a new feature with liquid staking providers Lido and Rocket Pool to allow users to stake Ethereum directly through the MetaMask in-app browser. This move is aimed at making Ethereum staking more accessible for users.
The new staking feature will be available on the MetaMask Portfolio, a one-stop shop for users to view their crypto holdings and send them between different blockchains. Users will be able to stake via Lido or Rocket Pool, the two leading community-led validator services, by locking up their ETH where it will accrue rewards.
It’s worth noting that staked ETH and its rewards will remain impossible for users to withdraw until Ethereum’s Shanghai upgrade expected in March.
To address this limitation, liquid staking services such as Lido and Rocket Pool give their depositors “liquid” tokens representing a one-to-one claim on their staked ETH. These tokens, like Lido’s stETH (Staked Ether), can be traded freely on the open market without having to wait for the upgrade.
How to Stake Ethereum on MetaMask
- Visit the MetaMask portfolio site: portfolio.metamask.io
- Connect your MetaMask wallet
- Click on the staking tab and pick your desired staking provider and click on “Stake”
- Enter the amount of ETH you want to stake and click “Review”
- Review the amount and click “Confirm”
- Sign the transaction in your MetaMask wallet
- When completed, click on “View holdings” to see your staked holdings
A long time coming
Abad Mian, Product Manager at MetaMask, stated that the introduction of staking to MetaMask is an exciting development for Ethereum and the Web3 ecosystem, as it is a critical aspect of the infrastructure.
He also expressed his excitement for MetaMask providing users with a simple and user-friendly way to engage with staking providers through the Portfolio dApp.
This feature has been highly requested by MetaMask users and will be available to both browser extension and mobile users.
Through this new feature, users can compare the rewards rates, 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 Ethereum network.
More staking options ahead
ConsenSys, the company behind MetaMask, aims to make staking via MetaMask the “easiest and most convenient way to stake across Web3,” and is open to expanding to other staking services and blockchains in the future.