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MetaMask Launches Pooled Staking for ETH
Sead Fadilpašić
Last updated:
June 12, 2024 06:09 EDT | 2 min read
According to the press release, MetaMask Pooled Staking makes it easy to stake ETH while earning ETH rewards for contributing to the security of the blockchain.
As is known, the minimum required by the Ethereum protocol for staking is 32 ETH. For validators operated by Consensys, this was also the minimum amount up until now.
However, Consensys has now enabled MetaMask users to stake any amount of ETH they would like through MetaMask Portfolio.
This also enables all of them to earn staking rewards.
The team stated that the new service’s key features include:
Additionally, to power some of its smart contracts, MetaMask Pooled Staking utilizes the open modular architecture of StakeWise, a liquid staking protocol on Ethereum.
Available to All Users Except the UK and the US
MetaMask Pooled Staking is not available for all users upon launch.
It is offered to “a portion of eligible users right away” and will continue “to roll out in the coming days.”
Asked for details, an official Consensys Spokesperson told Cryptonews that “it begins rolling out to a portion of these users” upon the announcement and “should roll out to 100% of eligible users by the end of the week.”
As for who is not eligible, the initial launch will not be available within the US or UK.
Therefore, the spokesperson further clarified that,
However, the team aims to bring the service to these regions as well.
The spokesperson explained that the regulatory landscape in the US is “still experiencing meaningful evolution, particularly in relation to Ethereum staking policy.”
While they did not provide a time frame, the team “expects 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 should 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 soon,” the spokesperson said.
What the Numbers Say
The press release provided a few notable staking-related details.
Based on blockchain data, it said, 99% of ETH holders have less than 32 ETH.
This is why solutions that allow staking smaller amounts of ETH have been popping up to include more people.
Moreover, 74% of ETH is not staked at the moment. And much of the ETH that is staked resides in a few large pools.
Additionally, MetaMask Pooled Staking is underpinned by Consensys Staking, the team said.
Consensys Staking “boasts over 33,000 hosted Ethereum validators in a multi-cloud, multi-region and multi-client infrastructure, more than 1 million ETH staked, zero slashed validators, and a 99.9+% validator participation rate.”
Therefore, with all the above considered, MetaMask Pooled Staking makes staking accessible to more users. At the same time, it contributes to Ethereum’s decentralization and security.
“MetaMask users now have an easy way to stake ETH in enterprise-grade validators while maintaining full control of their ETH,” commented Matthieu Saint Olive, Senior Product Manager at Consensys.
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