Staking on MetaMask is an easy way for cryptocurrency holders to earn passive income. It allows investors to stake tokens supported on the Ethereum mainnet, such as ETH and MATIC. Our MetaMask staking review will break down everything you need to know about the platform.
We’ll also explain how to stake tokens on MetaMask, along with security tips and alternative staking platforms.
Key Takeaways
- Earn rewards: Annual percentage yields (APYs) vary depending on the token being staked, the type of staking used, and the user’s selected service provider. MetaMask often charges a fee on rewards earned from staking.
- Security and accessibility: Staking through MetaMask is secure and convenient, with options to stake via reputable third-party protocols.
- We recommend Best Wallet as an alternative: While MetaMask staking is a useful option for staking tokens on Ethereum, it does not support other blockchains, and staking is currently limited only to ETH and MATIC (POL). Best Wallet offers access to a wider range of cryptos and the ability to stake new high-potential presale tokens.
Which Cryptocurrencies Can You Stake on MetaMask?
Taking part in MetaMask crypto staking is currently limited to ETH and MATIC (rebranded to POL or Polygon in 2024). In order to stake ETH as a validator, you need a minimum of 32 ETH (which would be valued at $96,000 at an ETH price of $3,000), but MetaMask has removed this requirement by partnering with the Lido and Rocket Pool liquid staking protocols. For MATIC, liquid staking options are provided by Lido and Stader Labs.
Liquid staking enables you to stake tokens without locking your funds in a staking protocol for a fixed period of time. Once you’ve staked your tokens in a liquid staking protocol, you will receive liquid staking tokens in return, which can then be used within other DeFi applications.
Pooled staking is also an option on MetaMask. It allows you to participate in Ethereum staking by pooling your funds with other investors, collectively contributing the total of 32 ETH required to run a validator node. Rewards generated by the validator (which is run by MetaMask) are then distributed to the pool of stakers, and you will receive your share based on how much money you staked.
Both options make pooled staking more accessible, as the barriers to entry are much lower. However, you still have the option to have MetaMask run a validator node on your behalf, which will require you to stake the usual 32 ETH as part of the pooled staking setup process.
Lido-staked ETH is one of the most widely used, offering users an easy way to stake ETH and MATIC via MetaMask. Rocket Pool is a decentralized staking solution that allows investors to stake with lower minimum requirements while maintaining control over their funds. These integrations expand the options and functionality of MetaMask wallet staking, making it accessible to users who want to stake ETH and MATIC in a simple and convenient way.
MetaMask Staking Rates
Staking rates on MetaMask vary depending on the underlying token being staked, the type of staking mechanism being used, and the service provider. As MetaMask currently offers staking only two options – ETH and MATIC – their staking APY rates will be much lower than the rates available for other cryptos on alternative platforms like Best Wallet – which we’ll look at later in this article.
Here are the most recent available APYs for staking on MetaMask (at the time of writing):
Cryptocurrency | Staking Type | Staking Provider | Estimated APY |
Ethereum (ETH) | Liquid Staking | Lido, Rocket Pool | 3% – 5% |
Ethereum (ETH) | Pooled Staking | MetaMask | Variable (Not Specified) |
Ethereum (ETH) | Validator Staking | MetaMask | Variable (Not Specified) |
Polygon (MATIC) | Liquid Staking | Lido, Stader Labs | 3% – 4% |
How Competitive Is MetaMask Staking APY?
MetaMask’s staking rewards are relatively equal to those offered by other mainstream crypto platforms. For instance, Binance offers staking APYs from 4% for ETH, while Coinbase issues around 2.5%.
As some of MetaMask’s staking transaction options rely on third-party service providers, variable transaction fees and network performance can reduce users’ actual yield. The MetaMask staking wallet also charges fees for some staking options.
If you’re looking to maximize your staking APY rates, Best Wallet enables its users to buy top-performing tokens that can often be staked for extremely high APYs. In some cases, Best Wallet’s staking APY rates can reach three or even four figures, depending on the token being staked and how long it has been available.
Is Staking on MetaMask Safe?
As a non-custodial wallet, MetaMask provides a decentralized alternative to using a centralized exchange (CEX) like Binance or Coinbase as a place to store your cryptos – something we explore in our full MetaMask review. This ensures you retain control over your fund balance – but it also means that there are no third parties responsible for safeguarding your wallet. When you first create your account, MetaMask will provide you with a 12-word “Secret Recovery Phrase,” without which you will not be able to access your account if you forget your password or otherwise lose your account access.
Self-sovereignty is a top feature and core value of the Web3 and crypto industries. Retaining full control of your cryptos using a non-custodial wallet like MetaMask is naturally appealing to many users. However, it also means you must always take care of your cybersecurity. It’s especially important to be careful when connecting your MetaMask wallet to various decentralized services and smart contracts through a blockchain.
In the case of staking through MetaMask, this proof of staking generally takes place through the official MetaMask portfolio dashboard – so as long as you ensure that you’re connected to MetaMask’s official website, you’ll be covered by the platform’s in-built security measures.
That said, staking through MetaMask can involve interacting with third-party providers like Lido, Rocket Pool, and Stader Labs. This introduces potential risks, such as validator misconduct or network security. Any technical security vulnerabilities within these protocols could lead to a partial loss of staking rewards or staked funds.
How to Stake on MetaMask
Staking on MetaMask is easy, and we’ll break it down for you below.
Step 1: Open your MetaMask portfolio dashboard and navigate to the staking section.
Once you’re on the dashboard (which includes the integrated MetaMask staking platform), click the blue “Stake” button in the navigation menu near the top of the screen. You can also access this feature by selecting the “Move Crypto” option from the menu on the left side of the screen.
Step 2: Choose a staking option and a provider.
From here, you can choose which type of staking you would like to use.
- Liquid staking will be provided via Lido or Rocket Pool (for ETH) or via Lido or Stader Labs (for MATIC).
- Pooled staking will be managed by MetaMask, who will pool your funds with those contributed by other investors.
- The “MetaMask Validators” option allows you to set up a new validator node (managed by MetaMask) and requires a minimum of 32 ETH to participate.
In this example, let’s use liquid staking for ETH. You will be presented with two choices: Lido and Rocket Pool. Let’s select Lido, as it offers a higher reward APY for ETH.
Step 3: Connect your wallet and select the amount of ETH to stake.
Follow the on-screen instructions to complete this part of the process.
Step 4: Confirm the transaction and complete the process.
Finally, you’re at the end. Confirm the transaction, including any gas fees, and then deposit and receive your stETH tokens (if you’re staking ETH via Lido, as per this example). Rewards are paid monthly or yearly.
MetaMask Staking Pros and Cons
Here are some pros and cons of using MetaMask:
Pros:
- Simple and easy to use
- Multiple staking options, including liquid and pooled staking and full validator staking (for ETH)
- Non-custodial staking, meaning you retain control of your assets
- Integration with top staking providers like Lido, Rocket Pool, and Stader Labs
Cons:
- Currently only available for ETH and MATIC
- Lower APYs than some alternative platforms, such as Best Wallet
- Requires interacting with third-party providers, adding potential risks
Is MetaMask Staking the Best Crypto Staking Platform?
Although it is a mainstream non-custodial crypto wallet, MetaMask is not the most popular platform for staking. It only supports staking for ETH and MATIC via the Ethereum mainnet and doesn’t offer access to staking for tokens on other popular blockchains like Solana. Not having access to stake other coins on MetaMask has likely deterred many investors from using the platform.
Additionally, MetaMask only provides access to already-established coins, meaning that there are no staking options for presale tokens. These tokens usually have higher APYs for staking, making them a potentially more lucrative investment option. A better alternative to MetaMask is Best Wallet, which offers users the ability to access their cryptos from over 60 blockchains.
Best Wallet users can also purchase and stake tokens from the hottest and latest presales, such as Solaxy ($SOLX) and Wall Street Pepe ($WEPE). At the time of writing, Solaxy has raised $18 million through its presale, and SOLX holders can stake their tokens in exchange for an impressive APY of up to 221%. These rewards are significantly higher than those offered by MetaMask.
The Best Wallet team has also launched an ICO to fund the launch of their platform’s native token, $BEST. This is currently priced at $0.023975, and the presale has already raised a total of $10.7 million. You can also stake $BEST Tokens using Best Wallet, with an APY of 191% at the time of writing.
Conclusion
MetaMask staking provides a simple and secure way for users to stake ETH and MATIC and earn passive income. However, MetaMask’s limited asset staking compatibility and low APYs make it less competitive than other staking platforms like Best Wallet. If you’re searching for better staking opportunities, the Best Wallet staking platform offers higher yields, a wider asset selection, and access to exclusive token presales.
FAQs
Can I stake cryptocurrencies other than ETH on MetaMask?
What is the minimum amount required to stake on MetaMask?
Can I unstake my ETH from MetaMask at any time?
References
- Earn rewards while securing Ethereum (Ethereum.org)
- What are liquid staking tokens? (MetaMask)
- What is validator staking? (MetaMask)
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