Stake Your Ethereum and Earn Big with Metamask’s Lido and Rocketpool Services

On Friday, Consensys-owned Web3 wallet firm, Metamask, announced the beta launch of its Ethereum staking features. This new feature will allow users to stake Ethereum and earn rewards through Lido’s and Rocketpool’s liquid staking services. To take advantage of this feature, users simply need to select one of the staking providers within the Metamask Web3 wallet interface.

Consensys-owned Metamask Unleashes Ethereum Staking Potential with Lido and Rocketpool Integration

Metamask, the Web3 wallet provider, announced that it has now added Ethereum (ETH) staking services to its wallet tools. The company announced on Friday, “We are extremely happy to announce that you can now stake ETH with Lido or Rocketpool through the Portfolio Dapp.”

Metamask emphasized that the service allows its users to interact directly with the Lido and Rocketpool protocols and there are no third parties involved. The company further added on Twitter, “Metamask Staking eliminates the need for any sketchy third parties doing your staking for you.”

Metamask has introduced Ethereum staking services in partnership with Lido and Rocketpool, two liquid staking providers. Lido and Rocketpool issue two wrapped versions of Ethereum (ETH) known as STETH and RETH. These two tokens are used for “rebasing” and “repricing” of ETH. Users can choose to hold onto these tokens, use them as collateral in decentralized finance, or even swap them for other tokens (such as ETH or other ERC20 tokens) as per their preference. Metamask has explained this in a blog post published on the same day.

The Web3 wallet firm’s blog post adds: “In this post-Merge world, there is a growing demand for simple staking services that will ultimately secure Ethereum. Whether you’re a seasoned staker or a sideline watcher, Metamask Staking offers an intuitive way to jump in and stake your [ethereum] for rewards”.

According to statistics from defillama.com, as of January 13th, there is a total of $42.8 billion locked in decentralized finance (DeFi) protocols. Among these, Lido is the leading protocol in terms of total value locked (TVL) and represents 16.32% of the total, with $6.98 billion locked in its protocol. On the other hand, Rocketpool (RPL) has a TVL of around $719.82 million, as per the metrics on Friday from Defillama.com.

According to the latest data, RETH, one of the wrapped versions of Ethereum (ETH) has a market capitalization of around $264.49 million and around 174,725 RETH are currently in circulation. It holds the 124th-largest market capitalization position in the crypto economy. On the other hand, STETH, the other wrapped version of Ethereum, holds the 12th-largest spot in the crypto economy, with a market capitalization of around $6.85 billion, and a circulating supply of 4,866,892 STETH at the time of writing.

Johnson Philip

Johnson Philip is a passionate cryptocurrency enthusiast and writer for CoinSEM.com. He has been following the crypto industry for years, and has a deep understanding of the various technologies and trends driving the market. Johnson has written extensively on topics ranging from blockchain development to ICO analysis and is known for his ability to translate complex technical concepts into easy-to-understand language.