Metamask Staking Allows Users to Stake ETH in Lido and Rocket Pool

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  • ConsenSys has launched MetaMask Staking which allow users to stake their ETH inside MetaMask.
  • Users will be connected to Lido or Rocket Pool, two popular staking options in return for token from these providers.
  • The Philippines is the third largest country with the most number of MetaMask users.

Leading blockchain technology company ConsenSys announced the launch of MetaMask Staking, a new feature integrated into MetaMask Portfolio dapp. The feature allows all MetaMask users to stake their crypto (ETH) with staking providers Lido and Rocket Pool through the app. This eliminates the need to go to other applications just to stake ETH and instead just utilize the MetaMask application for staking.

The move follows Ethereum’s shift to a new mechanism called “Proof-of-Stake” wherein those who deposit their ETH will act as validators to secure the Ethereum network. Staking can, however, be a complicated process. Thus MetaMask staking is allowing users to connect with Lido or Rocket Pool. two leading staking providers so users can stake their crypto in return for “staking tokens” from these providers.

“We are excited to provide MetaMask users with an easy and intuitive way to stake,” said Abad Mian, Product Manager at MetaMask. “MetaMask users have told us that they are interested in staking and want to do so from within their favorite self-custodial wallet. By allowing staking through the MetaMask Portfolio dapp, we are providing MetaMask users with a convenient way to interact with staking providers.”

A public beta has already been launched through the MetaMask Portfolio dapp. Users can now stake ETH through Lido and Rocket Pool, at the same time check their Lido or Rocket Pool staking tokens.

How to stake within MetaMask

  1. Visit https://portfolio.metamask.io
  2. Select the staking provider then select “Stake.”
  3. Enter the amount and then select “Review.”
  4. Select “Confirm” after reviewing.
  5. Sign the transaction and view your holdings once the transaction is complete.

With the launch of MetaMask Staking, the popular wallet is increasingly becoming an all-in-one application for accessing the Ethereum network. 

Previously, its partnership with infrastructure provider Transak allows users in the Philippines to buy crypto in MetaMask using local payment options like GCash, Maya, Shopee Pay, and Grab. The Philippines is the country with the third largest number of MetaMask users, as per data shared by ConsenSys team to BitPinas.

Meanwhile, Ethereum developers are getting ready for the “Shanghai” update which will allow users to withdraw the Ether they staked to secure the network by March 2023. This upcoming event has led to the increase in price of staking protocols like LIDO as well as the main Ethereum cryptocurrency.

This article is published on BitPinas: Metamask Staking Allows Users to Stake ETH in Lido and Rocket Pool

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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