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Last news
06/11/2024

MetaMask has launched its pooled staking service

06/11/2024
4,6

MetaMask recently unveiled its pooled staking service, enabling participants to stake any quantity of ETH.

The staking process in Ethereum serves as a method for validators within the proof of stake network to engage in consensus, essentially verifying transactions before their incorporation into the blockchain. Validators are rewarded for successfully processing transaction blocks on time. Conversely, failure to do so could result in their staked ETH being deducted as a form of punishment.

MetaMask highlighted in its announcement that becoming a validator requires holding 32 ETH, a threshold unmet by 99% of its users.

Through MetaMask's pooled staking feature, users have the opportunity to stake any amount of ETH, aiding in the reinforcement of network security. Initially accessible to a limited user base, a more comprehensive release is anticipated shortly.

It's important to note that this service will not kick off in the U.S. or U.K. at the outset.

In the U.S., the clampdown on staking platforms has been pronounced. Notably, in 2023, the Securities and Exchange Commission imposed a $30 million fine on Kraken, following claims that its crypto staking services were tantamount to offering unregistered securities. Coinbase experienced a similar setback with the SEC challenging its staking service offerings.

Conversely, in the U.K., the regulatory outlook is somewhat ambiguous though slightly more optimistic.

In February, Treasury Economic Secretary Bim Afolami assured that staking and stablecoin regulations would be established within six months. At the Financial Times Crypto and Digital Asset Summit, he expressed continued assurance in implementing these regulations timely.

Consensys' senior product manager Matthieu Saint Olive emphasized the introduced service's aim for simplicity and autonomy.

Supported by Consensys Staking, MetaMask's group staking option boasts management of over 33,000 Ethereum validators and over 1 million ETH staked. The press release announced achieving a 99.9% validator participation rate without any instances of slashed validators.

MetaMask's foray into collective staking positions it as a competitor against established entities like Lido and Coinbase, which still maintains its staking service in various global locations and certain U.S. districts. The duo represents nearly 45% of the 33 million ETH—valued at $116 billion—currently staked on the network.


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Kraken MetaMask


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