MetaMask has announced a new staking service that will allow users to pay to run their validator nodes.
MetaMask states that it will run validator nodes on behalf of users who deposit 32 Ethereum tokens. Furthermore, these users will always retain control of their funds and accounts. Let’s explore this important feature further.
MetaMask Launches Validator Staking: A New Era Begins
The goal of the new service is to make it easier and more secure for users to access Ethereum’s proof-of-stake network. In addition, the new MetaMask service will make it easier for users who do not have the technical knowledge to set up and maintain a validator node by eliminating hardware pools and maintenance.
Additionally, the service is designed to reduce the risks of running a validator node, including potential fines due to outages or other issues.
“We run your node securely and simplify your staking rewards while reducing the risk of slashing and downtime,” MetaMask wrote.
What are the benefits of MetaMask service?
Most diversifiers or beginners will likely find this new service appealing, as staking through MetaMask addresses the centralization concerns raised about liquidity staking providers like Lido.
It also eliminates the risk of being slashed due to internet failures. Consensys, the company behind MetaMask, claims that it has “never been subject to any significant penalties in over two years of operation, despite managing over $2 billion worth of ETH across more than 33,000 validators.”
Currently, staking through MetaMask earns an annual interest rate of 3.8%. But the company charges a 10% commission on validator rewards. Many believe this could pose a challenge to its adoption. The crypto community reacted immediately to the new service.
Services like MetaMask’s validator staking option will be critical to ensuring Ethereum remains secure and decentralized as the network grows and evolves. However, time will tell if the huge fees pose a threat to its adoption.
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