Blockchain software developer ConsenSys announced in a recent announcement that its portfolio company, MetaMask, has partnered with liquid staking providers Rocket Pool and Lido to allow its users to stake cryptocurrencies directly through their browser-based and mobile wallets.
With this announcement, a beta version of MetaMask Staking has been made available in the MetaMask application. With the beta program, users will be able to stake Ethereum and view related cryptocurrencies (rETH and stETH) on Rocket Pool and Lido.
In the MetaMask announcement, users stated that rETH and stETH can be converted back to Ethereum (ETH) via MetaMask Staking, but this can be done for a fee. After the Ethereum Merge upgrade that took place late last year, staking has become an integral part of the Ethereum main Blockchain network.
Staking in cryptocurrencies refers to locking a certain amount of cryptocurrencies in a wallet or staking platform to participate in the verification of transactions. Users who choose to stake their crypto assets receive some of the rewards back as a share at the end of this process.