Eth2's Rocket Pool reaches $350M TVL and 635 node operators in five weeks

Rocket Pool, a decentralized Ethereum 2.0 staking platform, has surpassed $350 cardinal worthy of full worth locked (TVL) wrong 5 weeks of its authoritative launch.

The task aims to region the barriers to introduction for Eth2 stakers and node operators. It allows immoderate idiosyncratic to tally a node for 16 ETH ($59,000), which is fractional of the 32 ETH ($119,000) required successful the Eth2 deposit contract. Users with arsenic small arsenic 0.01 ETH tin besides involvement their funds and person yield.

According to information from DefiLlama, Rocket Pool has surged up the decentralized concern (DeFi) staking level rankings to beryllium astatine 3rd with a TVL of $355.64 cardinal astatine the clip of writing. The task is presently down the Keep3r Network astatine $584.34 million, and Lido Finance successful archetypal place with $6.04 billion.

Lido Finance was launched successful December 2020 and presently towers implicit its competitors successful presumption of TVL however, it lone had 14 node operators arsenic of Q4 2021.

In comparison, Rocket Pool has astir 635 node operators, which the level says contributes much to the decentralization of Ethereum. Around 67,000 ETH worthy much than $252M is staked, with the remainder of the TVL from the platform's ain token RPL.

— Rocket Pool Network Bot (@RocketPoolBot) December 30, 2021

The task officially kicked disconnected connected Nov. 22 aft a palmy Beta motorboat 2 weeks prior that saw Rocket Pool registry 237 node operations with a full of 1,088 staked Ether (ETH) successful the abstraction of 2 days.

The task touts its decentralization, liquid staking pool, commissions and staking rewards arsenic its large selling points, and the level besides enables users to involvement their ETH and person the rETH token against their holdings, which besides accrues staking rewards implicit time.

Speaking with Cointelegraph, Rocket Pool wide manager Darren Langley cited the platform’s decentralization arsenic a cardinal crushed for the platform’s beardown launch, noting that:

“In the staking market, determination was important latent request for a decentralized enactment — it conscionable needed our motorboat to spark an inferno.”

“If you respect the principles of Ethereum you volition involvement with a decentralized pool. From Ethereum's perspective, a decentralized excavation is arsenic unafraid arsenic solo staking. Operational decentralization is highly important,” helium added.

Questioned connected however Rocket Pool is gearing up for the long-awaited transition to Eth2 and a proof-of-stake (PoS) statement mechanics slated for mid-2022, Langley stated that it would supply galore opportunities for the users.

“Liquid staking volition go much profitable aft the Merge truthful we are expecting a surge successful interest,” helium said and added that “validators volition commencement receiving precedence fees that PoW miners are presently receiving.”

Related: A just comparison? Ethereum maturation outpaces Bitcoin successful 2021

Looking guardant to 2022, Langley besides noted that the institution hopes to ramp up the adoption of its liquid rETH token and grow the services connected the platform.

“We privation rETH to beryllium ubiquitous crossed the Ethereum ecosystem truthful we are focused connected DeFi integrations (AMMs, lending, wallets, farms). Additionally, we volition enactment to leverage layer-two to optimize aspects of Rocket Pool."