Metamask, the most widely used crypo wallet for Ethereum (CRYPTO: ETH) created by ConsenSys, announced Friday it has added Ethereum staking to its decentralized app through partnerships with liquid staking providers, Lido and Rocket Pool.
An initial list of features includes:
- Portfolio View – Multichain, multiaccount view of tokens and NFTs.
- Bridges – For cross-chain transfers.
- Swaps – Allows tokens to be swapped across multiple networks.
According to the post: “MetaMask Staking allows you to engage in liquid staking with Lido and Rocket Pool, whereby you can deposit your ETH and receive a token representing the value of your stake in return.”
MetaMask senior product manager, Abdad Mian, told The Block: “It is important to note that MetaMask Staking isn't providing staking services. They simply connect users to Lido and RocketPool to stake their ETH and receive liquid staking tokens directly from the staking provider.”
The new staking feature has been announced in time for Ethereum’s anticipated Shanghai update. This upgrade will include Ethereum Improvement Proposal, EIP 4895, which will enable Beacon Chain-staked ETH withdrawals.
Ethereum’s website states: “This EIP provides a way for validator withdrawals made on the beacon chain to enter into the EVM (Ethereum Virtual Machine). The architecture is 'push'-based, rather than 'pull'-based, where withdrawals are required to be processed in the execution layer as soon as they are dequeued from the consensus layer.
"This approach is more complex than 'pull'-based alternatives with respect to the core protocol but does provide tighter integration of a critical feature into the protocol itself.”
Cover image by Alexas_Fotos on Pixabay.