Rocket Pool Surpasses $1 Billion in Total Value Locked
According to DefiLlama, the Ethereum staking platform Rocket Pool reached a remarkable milestone of surpassing a total value locked (TVL) of one billion dollars. This achievement came less than two years after the launch of its mainnet for the decentralized finance (DeFi) protocol on November 9, 2021.
A Liquid Staking Solution for Ethereum
Rocket Pool offers an innovative solution for Ethereum staking, giving users the choice to either join an existing Ethereum decentralized node operator or to operate their own node. With just 16 Ether (ETH), users can now run their own node, compared to the previous requirement of 32 ETH. Another 16 ETH is contributed by a pool of users who join a decentralized node operator. This is a game-changer in the world of staking, as it reduces the capital requirements significantly. In return for their ETH, depositors receive a liquid staking token referred to as rETH.
Rewards for Stakers
Stakers are eligible to receive a return of 4.68%. Currently, the protocol has 385,344 ETH invested, and there are 2,068 node operators. The smart contracts used by Rocket Pool have undergone thorough examination by Sigma Prime, ConsenSys, and Trail of Bits. Additionally, Immunefi is responsible for running the project’s bug bounty program.
Withdrawal and Prizes
Since the network’s successful transition to proof-of-stake in September 2022, users can now withdraw their staked ETH and any prizes they have earned. This is a huge step forward for the platform, and it’s exciting to see what the future holds for Rocket Pool and the world of DeFi.