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Innovative Pooled Staking Feature Launched by MetaMask

Jun 13, 2024

The Block reported that Consensys, the developer of MetaMask, has initiated a pooled staking system for its renowned web3 wallet, allowing users to stake any volume of ether to support the security of Ethereum's network and gain rewards as validators. Previously, individuals needed a minimum of 32 ETH (approximately $113,000) to engage in native validations hosted by the company. MetaMask users now have the freedom to withdraw their ether investments at their convenience, albeit with varying waiting periods regulated by the current status of the Ethereum validator exit queue. The rollout of MetaMask's pooled staking service is progressing gradually, commencing with accessibility for specific eligible users today and expanding to a wider audience in the following days. This initiative harnesses the adaptable framework of the Ethereum liquid staking protocol StakeWise to empower its smart contract capabilities. Consensys' Senior Product Manager, Matthieu Saint Olive, expressed enthusiasm about the introduction of Pooled Staking, highlighting its user-friendly approach for MetaMask users to engage in ETH staking with professional validators while retaining full asset control, earning rewards, and strengthening Ethereum's security. The initial deployment will exclude users in the U.S. and UK due to regulatory uncertainties, but Consensys confirms plans to extend pooled staking services to these regions in due course. Consensys emphasizes that MetaMask's pooled staking mechanism is underpinned by a robust structure, featuring over 33,000 Ethereum validators distributed across multi-cloud, multi-region, and multi-client environments, with a stake surpassing 1 million ETH. Noteworthy achievements include zero penalized validators and a validator participation rate exceeding 99.9%. In a recent announcement, MetaMask revealed its intention to introduce support for Bitcoin, aligning with advancements in the web3 wallet sector. Additionally, the integration with Daylight facilitated users in verifying their eligibility for airdrops and potential NFT acquisitions.

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