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MetaMask Launches Pooled Staking Service, But Not Available in US or UK Due to Regulatory Pressure

CointimeCointime2024/06/11 10:07
By:Cointime

MetaMask, a popular Ethereum wallet and browser extension, has launched a new pooled staking service that allows users to earn rewards for contributing to the network's security by staking any amount of ETH. However, the service will not be available in the United States or United Kingdom due to regulatory pressure and lack of clarity. MetaMask will now compete with established players like Lido and Coinbase, who together account for almost 45% of the 33 million ETH staked on the network, but its extensive liquidity and integration with numerous dApps make it a strong contender.  Lido, the leading liquid staking platform, has staked almost 45% of the 33 million ETH on the network, worth $116 billion, and offers an APY of around 3.8% for staking ETH and receiving stETH tokens that can be used in DeFi applications. With its extensive liquidity and integration with various dApps, Lido is a formidable competitor. Despite reducing its staking service availability, Coinbase remains the second-largest pooled staking provider, with a 15% share, three times larger than its closest competitors.

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