JAKARTA After the consensus shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS), Ethereum is no longer mineable. Instead, the developer will launch a staking feature for ETH owners.
Staking features allow ETH owners to risk their assets to secure the network. That way, crypto asset owners will get rewards in the form of crypto coins from certain interest rates.
Based on the latest report, the ETH staking feature will soon be available in the MetaMask digital wallet. Consensys, the MetaMask developer announced a partnership with stake liquidity providers, Lido and Rocket Pool. This effort is intended to provide crypto staking services through the MetaMask digital wallet, both in the application and in the browser version.
Launching Blockworks, MetaMask Staking beta is available on the MetaMask app, and users can stake ETH in Lido and Rocket Pool and view ETH equivalent tokens, namely STETH and RETH.
Users can also convert their stETH and rETH back to ETH via MetaMask Swaps, but this will be subject to a certain amount of cost. Since moving from PoW to PoS in an upgrade to The Merger in September last year, staking has become an integral part of the Ethereum mainnet.
In general, staking cryptocurrencies involves locking certain cryptocurrencies in wallets or staking platforms to participate in transaction validation.
Users who choose to risk their crypto assets receive part of the transaction fee or reward. In the Ethereum case, this reward will not be withdrawn until Shanghai's upgrade in March.
Due to this change, the Mian Century, Product Manager at MetaMask told Blockworks, "this is a great time for Ethereum and the Web3 ecosystem."
"Staking is an important part of Ethereum and Web3 infrastructure, and MetaMask is very happy to provide an easy and convenient way for users to connect with staking providers via Portfolio dapp," said Mian.
Since staking is often a complicated process for users, MetaMask hopes that its latest update can be an entry point for people who are interested in staking, but are not interested in learning how to launch their own validator nodes.
This latest feature has been severely requested by MetaMask users and will be available to users of browser extensions and mobile users, Mian said. According to the official MetaMask page, this staking feature allows users to compare reward rates, control networks, and help secure decentralized networks.
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