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13/06/24
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MetaMask Introduces Pooled Staking for ETH Holders
MetaMask has introduced its staking service which allows pooling of user funds and staking of their assets in Consensys-operated enterprise-grade validators.
The service will allow users of MetaMask wallets to stake their ETH but there is no need to have a minimum of 32 ETH. This is possible by using MetaMask’s staking pool to earn staking rewards for securing the network.
ETH staking became necessary after Ethereum’s transition from a mining model (proof-of-work) to a staking model (proof-of-stake). The staking model requires validators to ensure transaction processing, storage of data and addition of blocks to the Beacon Chain.
Validators facilitate the network’s security and decentralization, earning them rewards on their staked ETH for participating in the Ethereum network. In a statement, Consensys Senior Product Manager Matthieu Saint Olive said, “With Pooled Staking, MetaMask users now have an easy way to stake ETH in enterprise-grade validators while maintaining full control of their ETH, earning rewards and making Ethereum more secure”.
However, the failure of a validator to do what is expected or involvement in collusion can lead to loss of staked ETH, called “slashing.” Matthieu Saint Olive said slashing of a validator means loss of funds.
“The Consensys Staking infrastructure that powers MetaMask Pooled Staking has been operational since Ethereum staking began in 2020, boasting a proven track record with over 33,000 active validators and 1 million staked ETH,” said MetaMask.
MetaMask said the new staking service cannot be accessed by U.S. and U.K. users, but there are plans to ensure accessibility as soon as possible.
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