Popular crypto wallet MetaMask has launched its staking functionality, enabling users to lock up their Ethereum through the new feature via Lido or Rocket Pool to earn rewards.
MetaMask Staking allows users to interact directly with the Lido and Rocketpool protocols without any third party doing the staking for them, the developers announced on Twitter.
Staking via Lido and Rocket Pool requires users to lock Ether (ETH) in a smart contract on the blockchain, where it will accrue rewards.
Essentially, users can stake ETH on Lido and Rocket Pool and view their corresponding tokens, stETH and rETH. The service begins with a public beta through the MetaMask portfolio decentralized application.
“Users either choose to hold on to this stETH/rETH token for when they would like to withdraw their stake, use it as collateral in DeFi, or even swap it for another token (back to ETH or another ERC20)," MetaMask explained in a blog post.
Staked ETH and rewards will remain impossible for users to withdraw until Ethereum’s next hard fork, called “Shanghai.” Last week, Ethereum core developers confirmed they are on track to launch Shanghai in March.
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