Rocket Pool is a development protocol in the decentralized Liquid Staking Ethereum space, designed to be compatible with the Ethereum Beacon Chain. This protocol for DeFi applications provides staking services to users without the need to maintain complex infrastructure.
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What is Rocket Pool?
Rocket Pool is a decentralized Ethereum liquid staking protocol designed to be compatible with the Ethereum Beacon Chain. It is one of the projects within the Liquid Staking Derivatives (LSDs) sector.
With Rocket Pool, individuals, businesses, and DeFi applications can offer staking services to users for profit without needing to maintain complex infrastructure. Additionally, the protocol reduces hardware requirements, making it easier for users to participate in staking on the Ethereum 2.0 blockchain.
To achieve these capabilities, Rocket Pool employs the Liquid Staking Derivatives mechanism, which allows for-profit optimization and minimizes the impact of infrastructure tasks.
Rocket Pool products
Rocket Pool offers users various products depending on their asset holdings and individual positions, including:
- rETH: An application that allows users to stake ETH into Rocket Pool and receive rETH, which can be used in DeFi applications. Rewards accumulate over time, and users can also convert rETH back into ETH at any time, as long as the pool has sufficient ETH available.
- Node Staking: To become a Node Operator, users need to stake a minimum of 16 ETH per validator, while the remaining 16 ETH will be provided by individual users who have staked ETH into the pool. Once a Node Operator, you can earn commissions from deposits into the network while also generating additional income and earning interest on the staked ETH.
- DAO: Rocket Pool currently manages two main DAOs:
- Protocol DAO: Responsible for protocol management, including decisions about the inflation rate of RPL tokens, reward mechanisms, and staking policies.
- Oracle DAO: Responsible for on-chain network management, with participation from community members, enhancing the decentralization of the protocol.
What makes Rocket Pool stand out?
What makes Rocket Pool stand out are the specific goals the protocol aims to achieve, such as:
- Decentralizing staking on Ethereum 2.0, allows users flexibility in staking large or small amounts, as well as the option to run on one or multiple nodes based on their preferences.
- Achieving full compatibility with Ethereum 2.0, enabling more efficient use of the network’s scalability improvements.
- Encouraging Node Operators to join the network and perform efficiently, offering them higher profits compared to traditional staking methods.
- Ensuring that the staking infrastructure and components are as decentralized as possible, aligning with Ethereum’s principles of security and decentralization.
- Establishing a stronger and more reliable staking network for the user community.
By combining all these goals, Rocket Pool creates a decentralized and user-friendly staking network for both individuals and businesses, positioning itself as a leading staking platform for Ethereum.
What is an RPL Token?
RPL Token is Rocket Pool’s native token, used for many different purposes in the network as collateral and governance token.
Specifications
- Token Name: Rocket Pool
- Ticker: RPL
- Blockchain: Ethereum
- Token Standard: ERC-20
- Token Contract: 0xD33526068D116cE69F19A9ee46F0bd304F21A51f
- Token Type: Utility
- Total Supply: 30.000.000 RPL
- Circulating Supply: 19.113.413 RPL
Distribution rate
Currently, RPL Tokens are being allocated according to the following ratio:
- Investors: 54%
- Founders & Project: 15%
- Rewards & Airdrops: 31%
RPL Token Use Cases
RPL Token is being used for the following two purposes:
- Staking, providing network security, and earning additional commissions.
- Compensate Node Operators and members of Oracle DAO and Protocol DAO.
How to own an RPL Token?
Currently, if you want to own RPL Token, you can only buy it on supported platforms, the best crypto exchanges we can recommend for you are Binance, Uniswap, Balancer, Hoo, 1inch,…
Where to store RPL Token?
If you own RPL Tokens and need a place to store them, we encourage you to try Coin98 Super App, Metamask, Trust Wallet,…
Conclusion
Finally, we have come to the end of all the interesting content related to the main topic this time, Rocket Pool. Hope we have helped you understand this protocol better and see you again in other content from AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
