The post MetaMask Unveils Pooled ETH Staking Service, US and UK Customers Exempted appeared on BitcoinEthereumNews.com.

Coinspeaker MetaMask Unveils Pooled ETH Staking Service, US and UK Customers Exempted MetaMask, one of the leading Ethereum wallets, has rolled out its highly anticipated pooled staking service. This service will allow users to stake any amount of ETH, regardless of whether they meet the threshold required to become a validator. The move marks an important step forward in widening participation in Ethereum’s proof-of-stake (PoS) consensus mechanism, which traditionally requires 32 ETH. Democratizing ETH Staking According to MetaMask, 99% of ETH holders fall short of the 32 ETH staking threshold. MetaMask’s pooled staking offers an attractive alternative for many users. By contributing any amount of ETH, small-scale users can now earn rewards while strengthening the network’s security. The service is backed by Consensys Staking. Consensys boasts an impressive track record, with over 33,000 Ethereum validators and more than 1 million ETH staked, showcasing its reliability and credibility. MetaMask’s entry into the staking market positions it as a strong competitor, challenging established players like Lido and Coinbase. Together, these providers control nearly half of the 33 million ETH staked on the Ethereum network. Experts have cited network centralization risks arising from the huge stake of ETH these two companies hold. MetaMask’s staking service bears the potential to shift staked ETH distribution. With MetaMask’s established user base, it could attract a significant market share, helping to redistribute ETH concentration away from Coinbase and Lido. In effect, this will contribute to reducing the risk of network centralization. Navigating Regulatory Challenges During its initial phase, MetaMask’s pooled staking service will cater to a limited user base, with plans for wider accessibility in the future. Notably, individuals from the United States and the United Kingdom are currently unable to utilize this service. In the United States, regulatory scrutiny surrounding staking services has intensified in recent…

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Filed under: News - @ June 12, 2024 2:24 am