Crypto

MetaMask turns on pooled staking for Ethereum holders

MetaMask turns on pooled staking for Ethereum holders

Although not yet available in the US, the staking option is a welcome addition for crypto fans

The MetaMask crypto wallet platform has introduced its new staking service, which permits users to pool funds and stake their assets in validators operated by Consensys, a blockchain software firm.

Users can stake their Ether without meeting Ethereum’s minimum 32 ETH requirement, currently worth about $112,000. MetaMask’s staking pool allows users to present less than the required ETH and still earn the staking rewards for securing the system.

Ethereum’s recent upgrade to a proof-of-stake (PoS) consensus mechanism has moved it from a mining model to a staking model. This means that fewer validators are needed to add blocks to the Beacon Chain, store information, and process transactions.

Senior product manager at Consensys, Matthieu Saint Olive, thinks that MetaMask’s new pooled staking adds to the security and decentralization of Ethereum. Validators who actively participate in Ethereum are awarded interest on staked coins, but ETH stakes can also be lost if they fail to do their job or engage in collusion, which is a practice known as “slashing.”

With ETH’s price of more than $3,000, meeting the requirements to become a validator could be costly. Ether is currently trading at around $3,500, meaning an individual would need about $112,000 to take part in Ethereum staking.

Metamask’s new service isn’t yet available for US and UK users. However, the wallet provider is in the process of making it available for these customers soon. According to Saint Olive, the product is expected to be available in the US market as soon as the policy process has been finalized. He also cited that UK regulators are soon expected to provide additional regulatory guidelines.

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