In a new update, MetaMask now allows users to stake their ETH with Lido and Rocket Pool directly from the browser extension or mobile wallet, earn daily staking rewards and contribute to the stability and security of the Ethereum network.
If you don't know what staking is, check out the following guide to familiarise yourself with the basic concepts first.
How to stake Ethereum with Metamask
Step 1: Head over to the Metamask Portfolio dApp and connect your wallet
Step 2: Choose Stake on the left sidebar and select the service provider to stake with
Currently, Metamask offers two service providers to stake with:
- Lido (current yield: 3.29% APR)
- Rocket Pool (current yield: 2.94% APR)
Select the staking service provider of your choice and click Stake.
Step 3: Enter the amount of ETH to stake and review
You can stake from as little as 0.01 ETH. Review the transaction and click Confirm - you will need to pay gas fees for the transaction.
Once confirmed, check your holdings on the portfolio tab - you should see rETH or stETH in your wallet if you've chosen to stake with Rocket Pool or Lido respectively.
When staking with either provider, you are not locked per se - instead, when you stake, you receive a liquid staking token (LST) in return which you can send, transfer, store and sell as you would with your regular ETH. They represent their proportional claim to ETH in the protocol.
For stETH, the token rebases on a daily basis, which means the supply or quantity of your token updates every 24 hours at around 12pm UTC as staking rewards come in. These rewards will keep accruing for as long as you hold stETH in your wallet.
You can exchange your stETH or rETH for ETH through a direct withdrawal or swapping. The amount withdrawable via a swap is a dynamic rate that may differ from a direct withdrawal.
That's it! Staking with Metamask is as simple as clicking a few buttons - no need to navigate the complicated interfaces of either staking provider.