Metamask, a supplier of decentralised and noncustodial wallet services, has emerged as one of the protocol’s most vocal proponents. According to information provided by Lookonchain, addresses associated with the wallet have staked a total of 62,240 ETH tokens, which are now valued over $114 million.
In light of the Shapella update and the fact that many people are unstaking their locked tokens, the staked amount ranks Metamask among the top Ethereum stakers. Staking is a network activity that allows anybody to lock their tokens in an effort to strengthen network validators. Staker positions are compensated with ETH tokens.
It is hardly surprising that Metamask is supporting Ethereum given the strong ties its parent company, ConsenSys, has to the blockchain platform. As a co-creator of the Ethereum network, ConsenSys founder Joseph Lubin makes the staking effort for the wallet app more logical.
Stakeholders may now effortlessly unstake and withdraw their Ethereum tokens thanks to the Shapella update. The service provides a provision that allows participation for both crypto-native start-ups and even companies in the larger financial ecosystem reasonably simple.
Ethereum price outlook
The price of Ethereum, which is now trading at $1,824.81, has not increased as a result of the reported staking activity; it is down 1.45% over the last 24 hours and more than 13.69% over the previous seven days.
Although the Metamask staking action might not affect the asset’s price, it can encourage other potential stakers to follow suit.
If more ETH is staked, less of the digital currency will be in circulation. If demand remains high, the price of the asset might rise to a new high in the near future.
