Ethereum Staking is Now Available on MetaMask

Staking capability for the well-known cryptocurrency wallet MetaMask has now been made available, letting people to start locking up their Ethereum with the new option via Lido or Rocket Pool in exchange for cash rewards.

This entails that anybody who has a MetaMask wallet may now quickly begin generating yield on every quantity of ETH they'd want right from their wallet, without having to deal with what can frequently be challenging interface design on staking apps. But ought they to？

Then again, staking involves some risk, and there is currently no way to not stake. However, according to Ethereum experts, this capability will be available soon.

Staking Service Providers

Individuals who are not really concerned about taking chances may find success with staking. While the return percentages differ, according to MetaMask's website, customers can invest ETH and receive a dividend of roughly 5.22% per year with Lido and 4.59% with Rocket Pool.

On Lido's homepage, more than $6.9 billion in ETH are presently staked using the service, giving consumers an annual return of about 4.9%. Since Lido is a “liquid staking service,” users that stake ETH through Lido obtain an equal amount of Staked Ethereum (stETH) in exchange for their staked tokens. As a result, stakers can continue to utilize their stETH on other DeFi platforms and keep their ETH “liquid” while it is chained away.

Currently, stalled Ethereum trades at a little disadvantage to ETH. According to data from CoinGecko, while the price of ETH is currently around $1,418, stETH is trading for $1,407. According to data from Dune Analytics, Lido is presently the most well-liked staking provider, accounting for 29% of all ETH staked.

Another liquid staking provider is Rocket Pool, which offers users rETH in exchange for their staked tokens. However, it seems that Rocket Pool on MetaMask already has hit “limit capacity,” therefore users might only be able to stake ETH through Lido on MetaMask for the time being.

How many individuals have staked so far using MetaMask？ Abad Mian, senior product manager at MetaMask, told Decrypt that although exact figures were not provided, the team is happy with the deployment thus far.

Further than the two providers that MetaMask currently makes available through its website, there are more choices for ETH staking. Ethereum staking is also available via Coinbase, Binance US, Kraken, and Nexo, with each offering a different rewards structure. Only Coinbase and Nexo, out of those centralized providers, presently provide such a liquid staking option, exchanging ETH for Nexo Staked Ethereum (NETH) or Coinbase Wrapped Staked ETH (cbETH) tokens, accordingly.

Users can also choose to stake their coins alone, but doing so requires a minimum of 32 ETH, or about $45,800.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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