Key takeaways
- Trust Wallet developed ETH Pooled Staking, which allows more users to participate in Ethereum stakes by pooling their assets to meet the 32-ETH criterion.
- Higher payouts, lower costs, improved security through a partnership with Kiln, and convenient access to in-app staking are among the main benefits.
- The feature makes staking easier and more readily available by reducing the high minimum ETH balance requirement.
Trust Wallet has unveiled a new Ethereum (ETH) staking feature called ETH Pooled Staking in Dubia, which now allows more users to participate in ETH staking while earning rewards.
This new development aims to “expand the Ethereum staking experience” by providing better access, increased potential profits, and security to Trust Wallet users.
Historically, the 32 ETH minimum has been a major barrier preventing some crypto investors from participating in the Ethereum staking ecosystem. Trust Wallet’s launch of Pooled ETH staking aims to change that. By partnering with staking facilitator Kiln, Trust Wallet can now pool the assets of a group of users to reach the 32 ETH threshold as a single validator node.
This creative new strategy from Trust Wallet expands Ethereum staking to more people by allowing users to pool their funds to reach the minimum buy-in of 32 ETH. Users can stake their coins, and according to TrustWallet figures, this could earn around 4% per year.
According to Trust Wallet Product Manager Nate Zou, ETH Pooled Staking signifies “the company’s commitment to providing our users with a fairer and more profitable staking option.” He said this goes beyond additional functionality and promotes a “more diverse and equitable crypto ecosystem.”
Benefits of ETH Pooled Staking Services
In addition to increasing profits and openness, Trust Wallet says it also helps increase security. By obtaining Kiln, they believe that the pooled bettors' coins should remain protected. Additionally, validators help verify transactions, which strengthens the entire Ethereum network.
This news comes just after Trust Wallet just released its new anti-scammer scanner to detect shady decentralized applications. Easy-to-use applications with rock-solid security and access to decentralization: that's what the company is looking for.
Nate Zou made a point of encouraging the folks at Trust Wallet to try bulk staking and see how it goes. He called this a major step in realizing their vision of comprehensive, convenient and reliable solutions in the crypto space.
How do ETH pooled staking services work?
The staking functionality is directly integrated into the Trust Wallet app, allowing users to get started with just a few clicks. Besides the scanning tool and support for over 10 million cryptos and NFTs, the wallet aims to be a portal to securely manage digital wealth.
By eliminating the previous minimums, Trust Wallet is confident that its existing large user base will embrace the new staking service. Greater decentralization and greater profit potential for ETH holders could be unlocked as more people decide to stake their holdings.