When it comes to earning money from cryptocurrency, staking is popular among users for various reasons. These include being relatively low-risk, convenient, and so on. For Ethereum users who are interested in staking, a new option has emerged within the market from popular wallet provider MetaMask.
The provider announced on January 18, 2024, that users can now earn interest on their ETH tokens through validator staking. This will involve them depositing at least 32 ETH and managing their activities directly from their MetaMask portfolio.
Details About the Development
One of the things that MetaMask noted in its announcement is that users do not need to manage the hardware or software for staking by themselves. Instead, this will be done through Consensys Staking, which has notably run 33,000+ validators with zero slashed so far. Other accolades it boasts of include 99.99% validator uptime and up to 7% higher rewards rate than the network average.
Those who choose to engage in validator staking using MetaMask also get to enjoy self-custody as they do so. While MetaMask handles the backend of the operation, the customer does not have to surrender their tokens. There is also a lot of emphasis on the removal of technical barriers.
For a lot of people, the idea of running a validator node can be nerve-wracking and intimidating. But MetaMask has emphasized that there is no need for technical know-how. This new program, “unlocks simplicity and accessibility, removes the technical barriers needed to secure the network, democratizes participation in Ethereum staking for those unable or unwilling to solo stake,” while also making withdrawals and deposits simpler.
MetaMask users were instructed to navigate to their wallets and simply select the ‘stake’ option. Once done, they will have to select how much they want to stake (in multiples of 32 ETH) and can start earning rewards from there.
It is worth noting that Ethereum switched from a proof-of-work to a proof-of-stake consensus in September 2022. When the Ethereum Foundation announced this change, it was touted as a way to make the network more environmentally friendly. Not only has it reduced the energy use of the network by over 95% but it also offers users the chance to stake and earn rewards from doing so.
Clearly, there has been a high demand for ETH staking as MetaMask notes $40 billion that has been staked thus far. And by making the process of validator staking more accessible to everyone, we can expect even more investors to get on board. Should Ethereum witness the bull run, ETF approval, and major other milestones that analysts are predicting, the ecosystem as a whole should enjoy a very successful year.
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