MetaMask Enables Staking Feature In Portfolio App
Users Can Stake ETH and MATIC While Comparing Rates Across Providers
By: Jeremy Nation •DeFi News
MetaMask, the leading web3 wallet, has launched a new feature in its Portfolio app, allowing users to easily stake Ether and Polygon’s MATIC token to secure their respective networks and earn rewards.
Users can compare staking rates in the app, ensuring the highest potential return, or diversify their staked asset exposure across various providers, all in one dashboard. The app currently supports ETH staking through Lido and Rocketpool, and MATIC staking through Lido and Stader Labs, provided that users reside outside the United States.
MetaMask routes tokens to the chosen provider, where they get deposited to enable staking rewards. Users can withdraw their assets at any time.
Increased Regulatory Pressure
While access to staking services is becoming more widely available to crypto users, agencies and regulators are attempting to tighten their grip on the ecosystem.
The IRS issued a ruling on July 31, stating that the "fair market value" of staking rewards must be reported as gross income in the year of receipt.
Likewise, the Securities and Exchange Commission (SEC) has targeted several digital asset exchanges this year due to its stance that staking services constitute securities offerings.
The SEC slapped the Kraken exchange with a $30M fine over its staking offerings and ultimately forced it to flee US jurisdiction. Meanwhile, Coinbase is currently waging a legal battle with the agency.