- MetaMask is adding a staking feature via Lido or Rocket Pool to its MetaMask Portfolio.
- The feature will offer more convenient staking access through the MetaMask Portfolio dapp.
- Users will not be able to withdraw staked ether or rewards until Ethereum's Shanghai upgrade, but liquid staking services allow for access through tokens.
MetaMask, one of the most popular wallet providers in the crypto industry, is introducing a new staking feature to its MetaMask Portfolio, just in time for the Ethereum Shanghai update. This upcoming update will allow users to withdraw their staked ETH, which is a feature that many have been eagerly awaiting.
To capitalize on this, MetaMask is adding a staking feature to its MetaMask Portfolio - a one-stop shop for users to view their crypto holdings and send (or "bridge") them between different blockchains. The new staking feature will allow users to stake via Lido or Rocket Pool, the two leading community-led validator services.
Staking via Lido and Rocket Pool involves locking up one's ether in a smart contract on the blockchain, where it will accrue rewards. This process usually requires visiting Lido and Rocket Pool’s respective websites, but now MetaMask users will be able to access staking providers through the MetaMask Portfolio dapp, making the process more convenient.
The staked ETH and any rewards accrued will not be able to be withdrawn until the Ethereum Shanghai upgrade in March. However, Lido and Rocket Pool offer liquid staking services, which allows depositors to receive tokens that represent a one-to-one claim on their staked ETH. These tokens, Lido's stETH and RocketPool's rETH, can be traded on the open market, offering stakers a way to enter and exit staking positions even as withdrawals are currently locked.
With MetaMask staking, customers can swap their stETH and rETH back to ETH via MetaMask Swaps, subject to certain fees. This allows users to easily access their staked ETH even before the upgrade is implemented. This is a significant development for MetaMask users as it allows them to not only stake their ETH but also have the flexibility to access their staked ETH at any time.
ConsenSys, the company behind MetaMask, aims to make staking via MetaMask the "easiest and most convenient way to stake across Web3." This new feature is a step in that direction, and it will be interesting to see if MetaMask will expand staking to other staking services or to blockchains in addition to Ethereum in the future.
Overall, the new staking feature on MetaMask Portfolio is a game changer for users looking to stake their ETH and earn rewards. It provides a convenient and easy-to-use platform for users to access staking providers and manage their staked ETH. It's a perfect timing for Ethereum's upcoming upgrade, which is expected to allow users to withdraw their staked ETH, and it will be exciting to see how this new feature will be received by the community.