With Allnodes, Blockdaemon, and Kiln, ConsenSys’ MetaMask Institutional launches a staking marketplace
- March 22, 2023
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It comes just weeks before Ethereum’s Shanghai hard fork, which is expected to boost staking services. As part of its MetaMask Institutional wallet, ConsenSys, the Ethereum blockchain software developer, launched a marketplace for staking services, according to its MetaMask Institutional wallet.
According to a press release, the new marketplace will feature ConsenSys Staking alongside offerings from Allnodes, Blockdaemon, and Kiln.
As part of the new marketplace, terms and conditions will be standardized, according to ConsenSys. Fee rates will be easy to view and compare, Johann Bornman, product lead for MetaMask Institutional, said.
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Developer ConsenSys said Wednesday its MetaMask Institutional wallet has launched a marketplace where companies and investment firms can select staking services.
As part of the new marketplace, ConsenSys Staking will be offered alongside offerings from Allnodes, Blockdaemon and Kiln.
According to ConsenSys, the new marketplace will have standard terms and conditions. Fees will be easy to view and compare, said Johann Bornman, product lead at MetaMask Institutional.
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Bornman said in an interview that the user experience had been very carefully thought out.
The introduction of the new marketplace precedes the much-anticipated Ethereum Shanghai hard fork, otherwise known to project leaders as “Shapella.” This event will permit users to obtain ether from the proof-of-stake network for the first time, incentivizing an increase in staking services and derivatives. This is due to the increased assurance investors can have in the procedures when it comes to redeeming or unstaking their ether.
What Is the Shanghai Hard Fork, and Why Does It Matter?
Ethereum’s blockchain, which was launched in 2015, moved to a proof-of-stake network last year as the main method of verifying data security in place of its initial proof-of-work system, which had been criticized for its energy consumption. This year, staking has come into focus after Kraken admitted to operating an unlicensed securities service and agreed to pay a $30 million penalty to the SEC and close down its staking program within the US.
Regulators might view the rewards paid to Ethereum stakers as interest payments on investments.
According to ConsenSys executives in a blog post published on March 10, stake rewards “are not a mythical construct dependent on specialized managers who have discretion over how funds are invested to generate rewards,” but rather a way to “incentivize volunteers to secure the network.”
In the blog post, staking is described as “data validation, not investment.”
According to Bornman, Consensys’ new stake marketplace will “hopefully lay a foundation for more and more institutions to participate in the network.”
Correction (March 22, 2023 15:10 UTC): Ethereum was not a fork of Bitcoin.