On Friday, the Web3 wallet firm Metamask, a subsidiary of the Ethereum-centric company Consensys, announced the beta launch of ethereum staking features will be made available via Lido’s or Rocketpool’s liquid staking services. Users who want to stake ethereum and earn staking rewards can select one of the staking providers within the Metamask Web3 wallet’s interface.
Consensys-owned Metamask’s Latest Update Allows Users to Stake Ethereum With Lido and Rocketpool
The Web3 wallet provider Metamask announced that the company has added ethereum (ETH) staking services to the wallet’s set of tools. “We are extremely happy to announce that you can now stake ETH with Lido or Rocketpool through the Portfolio Dapp,” Metamask said on Friday. “Metamask Staking allows you to interact directly with the Lido and Rocketpool protocols — no sketchy third-parties doing your staking for you,” the company added on Twitter.
Essentially, the two liquid staking providers, Lido and Rocketpool, issue two “rebasing” and “repricing” wrapped versions of ethereum (ETH) known as STETH and RETH. “Users either choose to hold on to this STETH/RETH token for when they would like to withdraw their stake, use it as collateral in [decentralized finance], or even swap it for another token (back to ETH or another ERC20),” Metamask details in a blog post published the same day. The Web3 wallet firm’s blog post adds:
In this post-Merge world, there is a growing demand for simple staking services that will ultimately secure Ethereum. Whether you’re a seasoned staker or a sideline watcher, Metamask Staking offers an intuitive way to jump in and stake your [ethereum] for rewards.
According to defillama.com statistics, there’s $42.8 billion total value locked (TVL) in decentralized finance (defi) on Jan. 13. The liquid staking provider Lido is the most dominant protocol in terms of TVL size, and it dominates by 16.32% with its $6.98 billion TVL. Rocketpool (RPL) today, has a TVL of around $719.82 million according to defillama.com’s metrics on Friday.
RETH has an overall market capitalization of around $264.49 million, and there are approximately 174,725 RETH in circulation. RETH holds the 124th-largest market capitalization position in the crypto economy, while STETH commands the 12th-largest spot. STETH has a market capitalization of around $6.85 billion, and there is a circulating supply of 4,866,892 STETH at the time of writing.
How do you see the addition of staking services to Metamask’s wallet impacting the Ethereum ecosystem? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Maximumhorrors.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.