Eth2’s Rocket Pool reaches $350M TVL and 635 node operators in 5 weeks
Rocket Pool, a decentralized Ethereum 2.0 staking platform has surpassed $350 million value of complete worth locked (TVL) inside 5 weeks of its official launch.
The challenge goals to take away the boundaries to entry for Eth2 stakers and node operators. It permits any person to run a node for 16 ETH ($59,000), which is half of the 32 ETH ($119,000) required within the Eth2 deposit contract. Users with as little as 0.01 ETH can even stake their funds and obtain yield.
According to knowledge from DefiLlama, Rocket Pool has surged up the decentralized finance (DeFi) staking platform rankings to sit down at third with a TVL of $355.64 million on the time of writing. The challenge is presently behind the Keep3r Network at $584.34 million, and Lido Finance in first place with $6.04 billion.
Lido Finance was launched in December 2020 and presently towers over its opponents when it comes to TVL nonetheless, it solely had 14 node operators as of This autumn 2021.
In comparability, Rocket Pool has round 635 node operators which the platform says contributes extra to the decentralization of Ethereum. Around 67,000 ETH value greater than $252M is staked, with the rest of the TVL from the platform’s personal token RPL.
TVL: Ξ94.1k (+1.5%) – $345.4M
Staking Pool: Ξ1.48k
rETH Price: Ξ1.0096 (4.3% APY)
Average Commission: 12.24%
Registered Nodes: 634
Staking Minipools: 2.07k
ETH Validator Share: 0.75%
RPL Price: Ξ0.0112
RPL Staked: 2.37M (Effective 2.30M) pic.twitter.com/SjYbQXr1rY
— Rocket Pool Network Bot (@RocketPoolBot) December 30, 2021
The challenge formally kicked off on Nov. 22 after a profitable Beta launch two weeks prior that noticed Rocket Pool register 237 node operations with a complete of 1,088 staked Ether (ETH) within the house of two days.
The challenge touts its decentralization, liquid staking pool, commissions and staking rewards as its main promoting factors. and the platform additionally permits customers to stake their ETH and obtain the rETH token in opposition to their holdings, which additionally accrues staking rewards over time.
Speaking with Cointelegraph, Rocket Pool basic supervisor Darren Langley cited the platform’s decentralization as a key cause for the platform’s robust launch, noting that:
“In the staking market, there was significant latent demand for a decentralized option — it just needed our launch to spark an inferno.”
“If you respect the principles of Ethereum you will stake with a decentralized pool. From Ethereum’s perspective, a decentralized pool is as secure as solo staking. Operational decentralization is extremely important,” he added.
Questioned on how Rocket Pool is gearing up for the long-awaited transition to Eth2 and a proof-of-stake (PoS) consensus mechanism slated for mid-2022, Langley acknowledged that it will present many alternatives for the customers.
“Liquid staking will become more profitable after the Merge so we are expecting a surge in interest,” he mentioned and added that “validators will start receiving priority fees that PoW miners are currently receiving.”
Related: A good comparability? Ethereum progress outpaces Bitcoin in 2021
Looking ahead to 2022, Langley additionally famous that the corporate hopes to ramp up the adoption of its liquid rETH token and broaden the providers on the platform.
“We need rETH to be ubiquitous throughout the Ethereum ecosystem so we’re targeted on DeFi integrations (AMMs, lending, wallets, farms). Additionally, we’ll work to leverage layer-two to optimize facets of Rocket Pool.”