The famous cryptocurrency wallet, Metamask, has finally launched its staking features. This means that the users can now lock their Ethereum (ETH) via the new Ethereum staking on Metamask feature using platforms such as Lido or Rocket Pool. The users can stake ETH on Metamask and earn financial rewards.
This means that anyone having a Metamask wallet will very easily be able to start earning yield on any amount of Ethereum that they would like. They can do so directly from their wallet without the need to navigate. If they have to navigate too much, this can be a little downside and seem complicated to the users.
Moreover, unstaking (i.e. getting your staked ETH back from a staking contract) isn’t an option right now, as cryptocurrency staking does not come without risk. This feature is expected to be available in the near future, according to Ethereum developers.
About The Ethereum Staking On Metamask Providers
Staking can be quite lucrative for all those users who do not mind taking risks. That said, the rates of rewards vary. The website of Metamask Wallet claims that the users can receive a yield of around 5.22% each year on Ethereum (ETH) deposits with Lido and 4.59% with Rocket Pool.
As per Lido’s website, more than $6.9 billion of Ethereum is staked at the moment via its service. This earns the users approximately 4.9% per annum. So, what is Lido? It is a liquid staking provider. This means that the users who stake ETH via Lido receive an equivalent amount of staked Ethereum (stETH) against their staked tokens. This permits the stakers to stay “liquid” while they lock up their ETH, further permitting them to use their stETH on the other Decentralized Finance (DeFi) services.
That said, Ethereum (ETH) is priced at $1,519.24. On the contrary, Lido Staked ETH (stETH) is trading slightly below the former at $1,497.31. All the data is according to CoinMarketCap and at the time of writing. For more latest updates on Ethereum, check out https://cryptoventurenews.com/category/cryptocurrency-news/ethereum-news/.
Dune Analytics data states that currently, Lido is the most popular staking provider having 29% of all staked ETH.
Another popular crypto liquid staking platform is Rocket Pool. It provides users with rETH against their staked tokens. However, Rocket Pool on Metamask Wallet seems to have already reached its “Maximum Capacity”. This refers to the fact that the users may only possess the option to stake ETH via Lido on Metamask, as of now.
When asked about the number of users that have already conducted Ethereum staking on Metamask, the Senior Product Manager of Metamask wallet, Abad Mian did not provide any precise numbers for the users. However, he revealed that the team is overly pleased with the rollout by far.
“We started rolling out yesterday at 10% with a full roll-out today. We have seen an exciting engagement since the news went live four hours ago.”
That said, there are also other two options for staking ETH beyond these two staking providers, Rocket Pool and Lido. These other two options are also available on the platform of Metamask. While mentioning this, it requires special mention that Binance US, Coinbase, Nexo, and Kraken also offer Ethereum staking. Each of the platforms offers varied reward rates. Among these centralized providers, only Nexo and Coinbase currently provide a liquid staking option. In return, it offers Nexo Staked Ethereum (NETH) or Coinbase Wrapped Staked ETH (cbETH) tokens in exchange for ETH, respectively.
Solo staking is also available—but users will require a minimum of 32 ETH (roughly $45,800) to do so.
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