Staking Can Be A Difficult Task: MetaMask Allows Users To Stake Ethereum With Lido or Rocket Pool Through The Portfolio Dapp, Here’s What You Need To Know
January 15, 2023
On January 13, 2023, the official MetaMask Twitter account announced that users can stake ETH. Essentially, anyone with a MetaMask wallet can now easily start earning yield on any amount of ETH.
However, it’s unclear whether you can unstake.
- For those who do not mind taking risks, MetaMask’s site claims users can earn a yield of about 5.22% per year on ETH deposits with Lido, and 4.59% with Rocket Pool.
- Staked Ethereum currently trades at a slight discount to ETH. While ETH is priced at around $1,418, stETH currently trades for $1,407, per CoinGecko data.
- Before considering staking Ethereum, it’s essential to know that unstaking is not currently available. It’s a one way street… for now. Ethereum developers have plans to change that soon.
MetaMask’s Senior Product Manager Abad Mian, did not clearly state how many users have actually staked but claims he is pleased with the results thus far. Since there isn’t a guaranteed date for when you can withdraw, it makes it difficult to decide when you should stake. Until MetaMask allows withdrawals, it’s essential to take that factor into consideration before you stake.
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