coinedition.com
Rocket Pool’s total value locked (TVL) has doubled in the last two months, reaching $1 billion. Staked Ether is $641 million of this value, claiming 64.1% of the TVL, with the remaining 35.9% ($359 million) in RPL, the project’s native token.
Rocket Pool is an Ethereum liquid staking pool that focuses on lowering the entry barrier for investors willing to stake their tokens. Rocket Pool’s protocol makes it easier for participants with smaller capital and hardware to take part in the Ethereum staking process. This is possible through an indirect staking system that allows users to stake towards a network of node users through a decentralized system.
The milestone achieved by Rocket Pool places it in the third position in terms of TVL shares held by participating protocols in the Ethereum liquid staking market. The $1 billion TVL equates to 5.64% of the total share in the network, placing Rocket Pool above the likes of Parallel Liquid Crowdloan, Stader, and eleven other liquid staking protocols.
The two protocols ahead of Rocket Pool are Lido, which claims the lion’s share equivalent to 74% of the TVL, followed by Coinbase, with a TVL share of 16%.
Rocket Pool’s General Manager Darren Langley expressed his excitement over the company’s latest achievement, describing it as a milestone they are proud to reach. He reiterated his company’s goal of building the best product they can, focusing on providing service to the community.
Langley noted that the target with Rocket Pool’s node operators is to continue building and to ensure that the products are the best and based on utmost safety.
Users require 32 ETH to become validators on the Ethereum network, while node operators must provide 16 ETH and a small amount of RPL. The Rocket Pool protocol allows smaller investors to contribute towards the nodes. In return, they share in the staking rewards based on the ratio of their contributions.