Metamask has launched pooled staking to enable ETH holders to stake in validators operated by Consensys regardless of the amount of Ethereum they hold.
The launch will empower more people to be rewarded for securing the Ethereum network.
Pooled Staking On Metamask Available For Some Users
The leading self-custodial wallet for over 100 million users annually, Metamask, has launched pooled staking for some eligible users. It uses the open modular architecture of the Ethereum-based liquid staking protocol StakeWise to power some of its smart contracts. ETH holders can stake in advanced validators operated by Consensys, regardless of the amount of tokens they hold.
“MetaMask Pooled Staking offers another option to be rewarded for contributing to the security of Ethereum, which is important for the network’s overall decentralization. This service uses Consensys Staking which already operates more than 33,000 validators ( equivalent to 1 million staked ETH) and Stakewise smart contracts that have a proven security track record and were audited thoroughly. We look forward to seeing the response and feedback from the community, which will help guide how we iterate going forward,” Matthieu Saint Olive, Senior Product Manager at Consensys, told BeInCrypto.
Read More: What Is Crypto Staking? A Guide to Earning Passive Income
MetaMask Pooled Staking brings more efficiency and, more importantly, increased access. Previously, one would need at least 32 ETH to stake on Consensys-based validators. Blockchain data indicates that portfolios with at least 32 ETH account for only 1% of the holders.
Therefore, the launch is a landmark development in the Ethereum community as a staking solution with no caps. It offers a chance to stake more ETH by eliminating entry barriers for the remaining 99% of token holders.
Stakers reserve the right to unstake their holdings at any time, though time would vary based on the Ethereum validator exit queue protocol. Notably, while the feature is available to all eligible ETH holders, those in the US and the UK may not be accessible yet.
“The regulatory landscape in the US is still experiencing meaningful evolution, particularly in relation to Ethereum staking policy, and we expect to roll out this product to US users as soon as progress crystalizes. Similarly, in the UK, regulators anticipate releasing additional regulatory guidance very soon that we expect will modernize the current regime and provide greater clarity to the staking market. We look forward to expanding on MetaMask Pooled Staking’s success by bringing it to users in these jurisdictions in the future,” Matthieu Saint Olive added.
MetaMask Advances Toward More Interoperability
The MetaMask Pooled Staking is part of the self-custodial wallet’s commitment to provide more interoperability. In May, reports indicated plans to expand beyond Ethereum by integrating Bitcoin support. If this happens, it will increase Metamask’s appeal to a broader crypto audience, even as it promises a more versatile and user-friendly experience for crypto enthusiasts.
“We’re excited about MetaMask’s commitment to embracing the multi-chain world of Web3 and continually exploring new integrated features to enhance the usability and security of the leading self-custodial wallet. While we can’t confirm any timeline for specific developments at this time, we’re always working on innovations to serve our users better. Stay tuned for further updates when we’re ready to share more,” a MetaMask spokesperson stated.
Read More: Yield Farming vs. Staking: Which One Is Better?
Currently, MetaMask does not provide direct support for the Bitcoin blockchain. Users wishing to make Bitcoin-related transactions in MetaMask must use Wrapped Bitcoin (WBTC), an ERC-20 standard token representing Bitcoin on the Ethereum blockchain, or use MetaMask’s feature, Snaps. Innovative solutions for Ethereum staking also remains the company’s focus.
“There are many exciting innovations around Ethereum staking that we are closely monitoring. We launched Lido & Rocketpool staking last year, Validator Staking in January and Pooled Staking today. We are always continuously learning from users and working to facilitate access to the latest innovations,” Matthieu Saint Olive noted.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
