MetaMask Institutional unlocks solo ETH staking marketplace
MetaMask Institutional is set to be an avenue for the creation of new Ethereum (ETH) validators after announcing a new staking marketplace for its institutional clients.
Institutions that make use of MetaMask’s institutional-grade wallet and custody service will be able to manage ETH staking through four vendors, including ConsenSys Staking, Allnodes, Blockdaemon and Kiln. The marketplace aims to simplify access and management of solo staking, allowing institutions to become Ethereum network validators.
MetaMask Institutional (MMI) has been live since October 2021, providing a platform that offers a wider set of controls and functionality more suited to organizations and businesses. As Cointelegraph previously explored, MetaMask’s retail wallet was no longer suited for users or institutions that were managing millions of dollars in cryptocurrencies.
The service’s new staking marketplace will look to simplify the complexity of institutional staking, which features varying fees, terms and conditions, rebates and reporting standards.
Johann Bornman, MMI product lead at ConsenSys, told Cointelegraph that the firm had seen a shift from liquid staking to 32 ETH staking, which he believes is not only driven by Ethereum’s ‘Merge’ in 2022 but the looming Shanghai/Capella upgrade.
Shanghai will unlock deposit withdrawals for Ethereum validators, allowing solo stakers that have staked the required 32 ETH to withdraw their tokens and have access to accrued staking rewards. Up until this point, only LP pools allowed users to deposit and withdraw smaller amounts of ETH.
Related: ‘Multichain future is very clear’ — MetaMask to support all tokens via Snaps
Bornman said the upgrade has the potential to prove the ‘rewards profile and time
Read more on cointelegraph.com
