fbpx

ETH 2.0 Staking Protocol ‘Rocket Pool’ Hits $360 Million TVL Within Five Weeks

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.’

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

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.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Rate This Article
    In order to improve, we give you the opportunity to rate DailyCoin content
    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.