Eth2’s Rocket Pool reaches $350M TVL and 635 node operators in five weeks

Rocket Pool, an Ethereum 2.0 decentralized staking platform, has exceeded $350 million in total value locked (TVL), within five weeks of its official launch.

This project is designed to eliminate barriers to entry for Eth2 node operators and stakers. Any user can run a node at 16 ETH ($59,000), half the 32 ETH ($119,000 required by the Eth2 deposit agreement. You can stake your funds for as low as 0.01ETH and get yield.

Rocket Pool, according to data from DefiLama, has risen up the Decentralized Finance (DeFi) staking platforms rankings to be third with a TVL at $355.64 Million at the time. At $584.34million, the project is behind Keep3r Network and Lido Finance at $6.04 billion.

Lido Finance was established in December 2020. It currently outperforms its competitors in terms TVL, but it had only 14 node operators at the end of Q4 2021.

Rocket Pool, on the other hand, has 635 node operators. This platform claims contributes more towards the decentralization Ethereum. The stakes are worth approximately 67,000 ETH, which is more than $252M. The rest of the TVL comes from the platform’s token RPL.

Staking TVL: Ks94.1k (+1.5%) – $345.4M Staking Pool: Ks1.48k rETH Price: Ks1.0096 (4.3% APY) Average Commission: 12.24% Nodes Registered Nodes: 634 Staking Minipools: 2.07k ETH Validator Share: 0.75% Commission: 15.51% RPL Price: Ks0.0112 RPL Staked: 2.37M (Effective 2.30M) pic.twitter.com/SjYbQXr1rY
Rocket Pool Network Bot (@RocketPoolBot), December 30, 2021

After a successful Beta launch two week prior, Rocket Pool registered 237 node operations and 1,088 staked Ethers (ETH) within two days. The official launch of the project took place on Nov. 22.

Its major selling points include its decentralization and liquid staking pool. The platform allows users to stake their Ethereum and receive the rETH token as a reward. Over time, the platform can also offer staking rewards.

Rocket Pool’s general manager Darren Langley spoke with Cointelegraph about the platform’s success. He noted that the platform’s decentralization was a key reason the platform launched so strongly.

“In the staking marketplace, there was substantial latent demand for decentralized options — it just required our launch to ignite an inferno.”

“If you adhere to the principles of Ethereum, you will stake with a distributed pool. A decentralized pool is just as safe as solo staking, according to Ethereum. He added that operational decentralization was crucial.

Langley answered Langley’s question about Rocket Pool’s preparations for the long-awaited transition from Eth2 to Eth2+ a proof of stake (PoS), consensus mechanism, slated for mid-2022. Langley said that this would offer many opportunities for users.

“Liquid stakes will become more lucrative after the Merge so it is reasonable to expect a surge of interest,” he stated. He also said that validators would start receiving priority fees similar to what PoW miners currently receive.

Similar: A fair comparison In 2021, Ethereum growth surpasses Bitcoin

Langley noted that the company plans to increase the adoption of the liquid rETH token as well as expand the services offered by the platform in 2022.

“We want rETH ubiquitous throughout the Ethereum ecosystem, so we are focusing on DeFi integrations. (AMMs. lending. wallets. farms. We will also leverage layer-two in order to maximize aspects of Rocket Pool.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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