Sam is CoinDesk's deputy managing editor for tech and protocols. He reports on decentralized technology, infrastructure and governance. He owns ETH and BTC.
MetaMask, the most popular wallet for Ethereum, will roll out a"pooled staking" feature to its users beginning this week, in a move that would make it cheaper to contribute to the blockchain network's security compared to running a full validator node.
The new feature will allow users to participate in Ethereum staking – a popular crypto investment strategy that involves parking tokens in an address on the blockchain in exchange for rewards. For"proof-of-work" blockchains like Ethereum, staking is the primary way that the network is kept secure.
Staking on Ethereum conventionally requires users to tie up 32 ETH with the network, which at current market prices totals some $112,000."Pooled" services like Lido, Rocket Pool and now MetaMask give more users access to staking by bundling together assets from various people, making it possible for anyone to stake even if they don't have 32 ETH.
But Consensys is playing catch-up with industry peers: MetaMask is far from the first crypto wallet to introduce staking, and it is missing some of the functionality that has helped to differentiate incumbent pooled staking platforms. Most glaringly, Lido and Rocket Pool offer users receipts on their deposits called"liquid staking tokens" that can be borrowed, loaned or re-invested into decentralized finance protocols. LSTs like Lido staked ETH are among the more popular assets in crypto trading.The new staking feature will not be available in the U.S. or UK, according to Consensys.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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