One of the coolest press releases of 2023 was the ability to stake your coins on MetaMask. The feature, as introduced through the company’s Portfolio dApp, allows users to utilize both Lido and Rocket Pool to stake their tokens.
MetaMask has introduced the ability to stake ETH through both the liquid staking providers mentioned above. Although the Portfolio dApp feature was only developed a month ago, it already included the ability to view token balances and NFTs across accounts, transfer digital assets across differing networks, swap tokens through a simple interface, and now, staking.
What is Staking?
MetaMask is among one of the best digital asset companies in the industry, mostly due to its ease of use through its various interfaces. To get started, users have access to the company’s own in-depth guide to what staking is and how it factors into their services.
For MetaMask, Ethereum staking is defined as the process of: securing the network by ‘depositing’ or ‘locking up’ your tokens into a smart contract. Thereafter, users are granted rewards in return. That process is done in three distinct ways; Liquid Staking, Solo Staking, and Custodial Staking.
The service offered by MetaMask is liquid staking and is offered through two notable providers, Lido and Rocket Pool. Utilizing the two, users are able to deposit ETH and receive the same value of the token in return.
MetaMask notes that, while the end result is the same, there is some differentiation in how the staking operates. In exchange for ETH, Lido issues stETH, whereas Rocket Pool issues rETH.
Moreover, the provider notes stETH “accrues rewards by increasing the amount of stETH owned over time,” in their staking procedure. Whereas rETH “accrues rewards by increasing the amount of ETH that rETH is redeemable for.”
How to Stake?
Again, what makes MetaMask such a popular entity in the crypto space is how easily the process is made. For users to stake on the crypto platform, they have to complete six major tasks.
First, the user visits portfolio.metamask.io to begin the staking process. Secondly, maneuver to the staking tab visible on the site. From there, the user will select their desired staking provider and click the “Stake” option.
Thirdly, the user will enter the correct amount of coins that they want to stake. Subsequently selecting the “Review” tab visible from this screen. Fourthly, the user is asked to review the step completely thus far. At the completion of the review process, the user will then click “confirm” to complete the order.
The fifth step will see the user sign the transaction in their specific wallet. Finally, after the transaction is complete, the user will click “View holdings” to observe the staking outcome. Thus, completing the very simple and user-friendly process of staking your coins on the MetaMask wallet.
Remember To Stay Safe
Although it is simple to stake your coins on MetaMask, it is always important to prioritize safety. MetaMask has already issued a scam alert due to a hacker sending fraudulent emails to users. Luckily, the platform has been proactive in identifying potential scams and alerting customers to take action.
It is vitally important to always check the sender’s email on received documents. Moreover, never click the links provided unless the sender’s email directly connects back to the company in question. MetaMask, and more digital asset companies, have been the target of phishing scams. Thus, it is of the utmost importance to prioritize the protection of your assets.