Cryptocurrency

Eth2’s Rocket Pool reached 350 million USD TVL and 635 node operators in five weeks

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Rocket Pool is a decentralized Ethereum 2.0 staking platform. Within five weeks of its official launch, the total value lock (TVL) has exceeded 350 million U.S. dollars.

The project aims to eliminate entry barriers for Eth2 pledgers and node operators. It allows any user to run a node with 16 ETH (59,000 USD), which is half of the 32 ETH (119,000 USD) required for the Eth2 deposit contract. Users with as little as 0.01 ETH can also pledge their funds and get income.

According to data from DefiLlama, at the time of writing, Rocket Pool has soared the ranking of the Decentralized Finance (DeFi) betting platform to third with a TVL of US$355.6 million.The project currently lags behind the Keep3r network at $58434 million, and Lido Finance No. 1 US$6.04 billion.

Lido Finance was launched in December 2020 and currently outperforms its competitors in TVL. However, it only have As of the fourth quarter of 2021, there are 14 node operators.

In contrast, Rocket Pool has approximately 635 node operators, and the platform claims that these operators contribute more to the decentralization of Ethereum. Approximately 67,000 ETH worth more than $252 million was pledged, and the remaining TVL came from the platform’s own token, RPL.

After the success of the project, it officially started on November 22 The beta version was released two weeks ago In two days, Rocket Pool registered 237 node operations, with a total of 1,088 collateralized ether (ETH).

The project touts its decentralization, liquidity equity pool, commissions and equity rewards as its main selling points. The platform also allows users to pledge their ETH and obtain rETH tokens based on their holdings, which will also generate pledge rewards over time.

In an interview with Cointelegraph, Darren Langley, general manager of Rocket Pool, cited the decentralization of the platform as the key reason for the strong launch of the platform, and pointed out:

“In the staking market, there is a huge potential demand for decentralized options-it only needs our release to cause a hellish disaster.”

“If you respect the principles of Ethereum, you will be pledged in a decentralized mining pool. From the perspective of Ethereum, a decentralized mining pool is as safe as a single bet. Decentralization of operations is very important. ,” he added.

Questioning how Rocket Pool prepares for the long-awaited game Transition to Eth2 As well as the Proof of Stake (PoS) consensus mechanism scheduled for mid-2022, Langley said this will provide users with many opportunities.

“After the merger, Liquid Staking will become more profitable, so we expect interest to increase sharply,” he said, adding, “Verifiers will start charging the priority fees that PoW miners are currently charging.”

related: Fair comparison? Ethereum grows more than Bitcoin in 2021

Looking forward to 2022, Langley also pointed out that the company hopes to increase the adoption rate of its liquid rETH tokens and expand services on the platform.

“We want rETH to be ubiquitous in the entire Ethereum ecosystem, so we focus on DeFi integration (AMM, lending, wallet, farm). In addition, we will work hard to use the second layer to optimize all aspects of Rocket Pool.”