Staking providers are responsible for operating the network validator nodes, ensuring the security of the network while earning you new EGLD in return.
In exchange for this service, staking providers take a commission on all rewards generated. Essentially, they only profit when you profit.
Staking providers have the flexibility to set their own service fees. For example, the service fee for the network’s foundation nodes is 10%, which is applied as a percentage of the earned rewards.