Since Ethereum embraced staking, more options have become available through which investors are able to lock their ETH to earn rewards – one of such platform is ‘Rocket Pool (NASDAQ:POOL).’
Rocket Pool sells itself as a next-generation decentralized ETH 2.0 staking pool protocol. On Rocket Pool, investors can deposit as little as 0.01 ETH and receive rETH liquid staking tokens up to 6.36% APR.
Rocket Pool Hits $360 Million TVL in Just Five Weeks While being the first truly decentralized Ethereum 2.0 staking pool makes Rocket Pool an impressive project, it has racked up a total value locked (TVL) of more than $320 million within merely five weeks of its launch.
having pushed its launch date back due to vulnerabilities found in the network, Rocket Pool finally went live on November 9th, and Five weeks later, its TVL had already surpassed $325 million, making it one of the biggest dApps available.
According to DefiLlama, Rocket Pool now has $368.39 million in TVL, making it the third-largest Ethereum 2.0 staking pool. In addition, the protocol is now ranked as the 102nd largest decentralized application.
Rocket Pool is now only behind the Keep3r Network (October 2020) at $592.34 million, and Lido Finance (December 2020) in first place with $6.19 billion. Rocket Pool claims to have 635 node operators.
Speaking on the growth of Rocket Pool, Darren Langley, the project’s general manager, stated, “in the staking market, there was significant latent demand for a decentralized option — it just needed our launch to spark an inferno.”
On the Flipside
- The vulnerability discovered in Rocket Finance was also found in Lido Finance, and possibly affects more ETH 2.0 staking protocols.
Why You Should Care
Following Ethereum’s upcoming transition in mid-2022, Langley believes that liquid staking could become more profitable, therefore increasing interest and adoption.
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