MetaMask integrates Lido and Rocket Pool to enable Liquid Staking

Key Takeaways:

  • Metamask integrates with liquid staking providers Lido and Rocket Pool.
  • Through MetaMask Swaps, users may also change stETH and rETH back into ETH.

Users of MetaMask will soon have access to Lido and Rocket Pool, two Ethereum liquid staking providers, according to a new integration announced by ConsenSys. MetaMask Staking will allow users to stake ether via the Lido and Rocket Pool protocols, improving the Ethereum network’s decentralization and security.

Users will have the ability to compare reward rates, network control, and popularity of various liquid staking services, offering more data to help users make informed decisions about staking solutions. The service launches with a public beta via the decentralized MetaMask portfolio application.

Users can monitor the balances of the staking tokens for Lido (stETH) and Rocket Pool (rETH) and stake using these services. Furthermore, through MetaMask Swaps, these tokens can also be exchanged back for ETH.

With liquid staking, users can stake assets on the Ethereum blockchain and collect rewards while still having complete control over how they can transfer and exchange their holdings. A smart contract receives the assets as a deposit and awards incentives based on the aggregate amount staked by all users.

“From an internal survey, 85% of respondents said they like to review several options before deciding where to stake their assets. In addition, over 74% of respondents stated that they are staking or interested in staking.”

Abad Mian, product manager at MetaMask, also indicated that the company would investigate the possibility of supplying more liquid staking providers. However, he also clarified that MetaMask was using smart contract functionality to link customers to Ethereum’s leading liquid staking providers rather than directly providing staking services.

According to Mian, the effectiveness of staking tools and the demand for staking services will determine how decentralized Ethereum becomes. Users of MetaMask have been clamoring for this newest functionality, which will be accessible to both browser extension and mobile users; the company stated:

“Through this new feature, users can compare the rewards rate, network control, and popularity of different liquid staking providers and choose the one they want to stake with, aiding the security and decentralization of the network.”

As staking is frequently a challenging process for users, MetaMask believes its most recent upgrade will serve as a starting point for those who want to stake but don’t want to learn how to set up their own validator node.

Deep Dalal
Deep Dalal

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