2023-06-14 06:00:00
P2P.org has brought its Ethereum staking service to Safe, the decentralized custody protocol that stores more than $38 billion in total assets, in a move that should make it easier for people to stake ETH without the requite physical infrastructure.
Via P2P’s application, users on Safe can now stake their ETH directly “with just a few clicks whilst maintaining total ownership over their staked ETH,” said P2P CEO Alex Esin in the announcement Wednesday. Users who decide to stake 32 ETH – the minimum amount needed to stake on Ethereum – through the application will also have slashing protections, guaranteed by P2P, according to the announcement.
When a validator is not doing its duties, oftentimes for being offline, the network gives the validator a financial penalty and slashes the staked ETH. P2P has had zero slashing events and will cover the slashed amount depending on a user’s coverage option, according to P2P’s communication representative Rick Bagshaw.
Ethereum currently has more than 22.8 million staked ETH worth nearly $40 billion securing its network, data from blockchain analytics firm Nansen shows, and P2P’s integration with Safe aims to make it easier for crypto users to participate in staking.
P2P’s launch of its “first-ever direct staking app on the Safe Apps ecosystem” is a step toward supporting “non-custodial staking services to a growing DeFi community,” said the announcement.