Metamask’s New Ethereum Staking Functionality
Metamask, a prominent Ethereum and Ethereum Virtual Machine (EVM) wallet has expanded its services by launching validator staking for Ethereum. This newly introduced feature is tailored for users holding at least 32 ETH, enabling them to stake their Ethereum directly through the Metamask Portfolio interface. This development simplifies the staking process, eliminating the need for managing hardware equipment while ensuring users maintain custody of their staked cryptocurrency.
Simplified Staking Process with Consensys Staking
The backend of Metamask’s staking service is powered by Consensys Staking, which is responsible for managing over 4% of the total ETH globally. Consensys Staking boasts a remarkable track record with over 33,000 validators and an uptime of 99.99%. Notably, Consensys has maintained a clean slate, having not been subjected to slashing, a penalty imposed on Ethereum validators for dishonest behaviors detected by the network.
Metamask emphasizes that this addition significantly eases the staking process for ether holders. The wallet highlights the benefits of using this service, including removing technical barriers and democratizing participation in Ethereum staking. It also allows for easy monitoring of deposits and rewards.
Enhanced User Experience and Rewards with Metamask
The wallet claims to offer one of the highest reward percentages in the market, exceeding 7% of the network average. This feature gives users the advantage of self-custody and control over their staked tokens without the complexities associated with hardware management.
Metamask has been progressively adding new functionalities to enhance its wallet services. In January 2022, it included staking ETH via liquid staking services like Lido or Rocket Pool. Additionally, in September, it announced a feature for users in certain U.S. states, the U.K., and parts of Europe, enabling them to sell cryptocurrencies and cash out directly to U.S. dollars (USD), British pounds (GBP) and euros (EUR) from the wallet interface.