Ethereum Staking Beta from Metamask starts with Lido and Rocket Pool
Ethereum Staking Beta from Metamask starts with Lido and Rocket Pool
Consensys-the Ethereum infrastructure provider behind Metamask-has announced that the widespread crypto wallet now enables users to stake their ETH directly from the app.
The public beta of the network enables users to either select Lido or Rocket Pool for stiling, which enables you to achieve earnings and in return to receive liquid-down-down ETH.
ETH set on metamask
According to the announcement of The Block of Consensys, users can confirm the ETH quantity that you would like to assign for staking with a signed transaction on Metamask and receive your liquid staking tokens directly from the staking provider.
Lido and RocketPool were selected for the service due to their popularity and user feedback.
"It is important to note that Metamask Staking does not offer stacking services," Abad Mian, Senior Product Manager from Metamask, told Theblock. "We simply connect the users to Lido and Rocket Pool to stake their ETH and get liquid staking token directly from the staking provider."
"Staking" refers to when users of a proof-of-stake crypton network block some of their cryptos for a certain time to secure the Blockchain. In return, stakers receive returns that enable them to simply benefit from holding the coin. Staking on Ethereum, however, requires a minimum of 32 ETH. With current prices, this is an entry barrier worth $ 44,800 for every user who cannot invest as much in ETH. In contrast, staking services such as Lido and Rocket Pool collect the ETH of smaller users in a functional validator who can earn ETH in the name of all of its participants. In addition, users of the pool can effectively receive the liquidity of their assets by providing ETH-bound liquid staking tokens such as Steth and Reth and at the same time still achieve earnings. Metamask users can also exchange their Reth and Steth within the app for a fee. Ethereum used up to the merging last year, which changed the consensus mechanism of the network to proof of stake. This was widely regarded as one of the most technically demanding upgrades in crypto history. The upgrade has been criticized by some who believe that the proof of stake ethereum brings to centralization. Over 60 % of the stubborn ETH controls a handful of centralized providers, including Lido, Binance, Coinbase and octopuses. Coinbase CEO Brian Armstrong claims in August that Coinbase would close the staking service from Ethereum if it would close from the regulatory authorities would be asked to take control of the network. . The fusion