Staking is now immediately accessible on the well-known cryptocurrency wallet MetaMask.
ConsenSys, a blockchain software provider, announced today that MetaMask, a portfolio company, will collaborate with Lido and Rocket Pools to offer users of its browser-based and mobile wallets the ability to stake cryptocurrency directly.
The MetaMask app now offers a test version of MetaMask Staking, allowing users to stake ETH on Lido and Rocket Pool and check their related tokens (stETH and rETH).
Through MetaMask Swaps, users can also convert their stETH and rETH to ETH, although doing so will incur fees, the company said.
Staking has become a crucial component of the Ethereum mainnet ever since the proof-of-work algorithm was switched to proof-of-stake in September of last year.
In order to take part in transaction validation, staking coins typically entails locking a certain quantity of cryptocurrency in a wallet or staking platform.
A part of transaction fees or inflation incentives are given to users who want to stake their crypto assets; in the case of Ethereum, these rewards won’t be cashable until the Shanghai upgrade in March.
Abad Mian, Product Manager at MetaMask, stated to Blockworks that “it’s an exciting time for Ethereum and the Web3 ecosystem” as a result of these advancements.
Staking is a crucial component of the infrastructure for Ethereum and Web3, and MetaMask is delighted to offer consumers a quick and simple way to get in touch with staking providers through the Portfolio dapp, according to Mian.
As staking is frequently a challenging process for users, MetaMask believes that its most recent upgrade will serve as a starting point for those who want to stake but don’t want to learn how to set up their own validator node.
According to Mian, both users of the browser extension and mobile users will be able to access this most recent feature, which MetaMask users have been clamouring for.
Users can select the liquid staking provider they wish to stake with by comparing the rewards rate, network control, and popularity of various liquid staking providers, the business stated in a statement. This helps to maintain the network’s security and decentralization.