Rocket Pool’s Ethereum staking service reaches $1B in TVL

According to information from DefiLlama, Ethereum staking work Rocket Pool reached $1 cardinal successful full worth locked (TVL) connected Feb. 9. The determination comes little than 2 years aft the decentralized concern (DeFi) protocol launched its mainnet connected Nov. 9, 2021. Dubbed a liquid staking solution for Ethereum, Rocket Pool allows users to articulation an Ethereum decentralized node relation oregon tally their ain node.

Unlike accepted staking solutions, the superior requirements are acold less, arsenic users tin tally their ain node with conscionable 16 Ether (ETH) arsenic opposed to the web specified 32 ETH, with different 16 ETH coming from a excavation of users who articulation a decentralized node operator. For the latter, the deposit request is lone 0.01 ETH. Depositors person liquid staking token rETH successful speech for their ETH, which proves the idiosyncratic is entitled to staking rewards implicit clip and accrues yield.

In speech for validating transactions connected the Ethereum blockchain, Rocket Pool node operators person up to 7.26% per year, portion stakers person 4.68%. Both rates are adaptable and are taxable to node request and proviso arsenic good arsenic transaction measurement connected the Ethereum blockchain. In addition, rewards whitethorn besides beryllium nullified oregon amplified by changes successful the marketplace terms of ETH.

Rocket Pool’s TVL has steadily accrued successful worth contempt ETH’s declining marketplace price. Source: DefiLlama

Currently, the protocol has 385,344 ETH staked and 2,068 node operators. Rocket Pool’s astute contracts person been audited by Sigma Prime, ConsenSys and Trail of Bits. The task besides has a bug bounty programme facilitated by Immunefi. According to Ethereum’s developers, the blockchain’s Shanghai upgrade is scheduled to travel online successful March. It volition let users to retreat their staked ETH and accrued rewards since the network’s palmy modulation to proof-of-stake successful September 2022.