Rocket Pool, a decentralized Ethereum 2.0 staking platform, has exceeded a total of $ 350 million (TVL) within five weeks of its official launch.
The project aims to remove the barriers to entry for Eth2 stakers and node operators. It allows any user to run a node for 16 ETH ($ 59,000), which is half of the 32 ETH ($ 119,000) required in the Eth2 deposit contract. Users with just 0.01 ETH can also use their money and get a return.
According to data from DefiLlama, Rocket Pool has ranked Decentralized Financial Platforms (DeFi) in third place with a TVL of $ 355.64 million at the time of writing. The project is currently behind the Keep3r network and at $ 584.34 million Lido Finance first at $ 6.04 billion.
Lido Finance was launched in December 2020 and currently only outperforms its competitors in terms of TVL would have 14 node operators from Q4 2021.
By comparison, Rocket Pool has around 635 node operators that the platform says are more contributing to the decentralization of Ethereum. Around 67,000 ETH worth more than 252 million US dollars have been staked, the rest of the TVL comes from the platform’s own token RPL.
Mark out
TVL: 94.1k (+ 1.5%) – $ 345.4m
Staking Pool: Ξ1.48k
rETH price: Ξ1.0096 (4.3% APY)
Average commission: 12.24%
️ knot
Registered Nodes: 634
Stake out mini pools: 2.07 k
ETH validator share: 0.75%
Commission: 15.51%
RPL Price: Ξ0.0112
RPL staked: 2.37 million (effective 2.30 million) pic.twitter.com/SjYbQXr1rY
– Rocket Pool Network Bot (@RocketPoolBot) December 30, 2021
The project officially started on November 22nd after a successful one Beta start two weeks in advance Rocket Pool registered 237 node operations with a total of 1,088 staked ethers (ETH) within two days.
The project touts its decentralization, liquid staking pool, commissions and staking rewards as its main selling points. and the platform also allows users to stake their ETH and get the rETH token in exchange for their holdings, which also accrues stake rewards over time.
Speaking to Cointelegraph, Rocket Pool General Manager Darren Langley cited the platform’s decentralization as a primary reason for the platform’s strong launch, noting:
“There was significant latent demand in the staking market for a decentralized option – it only took our launch to cause an inferno.”
“If you respect the principles of Ethereum, you will be investing with a decentralized pool. From an Ethereum perspective, a decentralized pool is as safe as solo staking. Operational decentralization is extremely important, ”he added.
Asked how Rocket Pool is preparing for the long-awaited Transition to Eth2 and a proof-of-stake (PoS) consensus mechanism slated for mid-2022, Langley stated that it would provide many options for users.
“Liquid staking will be more profitable after the merger, so we expect interest to surge,” he said, adding that “Validators will receive priority fees that PoW miners are currently receiving.”
Related: A fair comparison? Ethereum growth outperforms Bitcoin in 2021
Looking ahead to 2022, Langley also noted that the company hopes to push ahead with the rollout of its liquid rETH token and expand services on the platform.
“We want rETH to be ubiquitous throughout the Ethereum ecosystem, so we’re focusing on DeFi integrations (AMMs, loans, wallets, farms). In addition, we will be working on using Layer Two to optimize aspects of Rocket Pool. “
