Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with RPL.
No securities regulatory authority has expressed an opinion about RPL, including an opinion that RPL itself is not a security and/or derivative.
Token Description & Project Background
Rocketpool is a liquid staking protocol from Ethereum 2.0 that reduces the capital and hardware prerequisites for participating in the validation and security of the Ethereum NEtwork. Individuals have the ability to deposit and stake as little a 0.1 ETH, making it possible for anyone to contribute to the security and functioning of the Ethereum Network. Moreover, users can operate independent nodes with 16 ETH instead of the usual 32 ETH requirement for running an independent validator on the network. When users delegate their ETH to node operators they receive a tokenized receipt ‘rETH’ as proof of their initial holdings, which also offers functionality within the decentralized finance ecosystem.
RPL serves as an additional safeguard when launching an independent node, as users are obliged to provide 10% of their ETH stake in RPL. Furthermore, it functions as a governance token enabling holders to express their opinions on protocol parameters, use of treasury funds, and overall network development.
The protocol was established by David Rugendyke, who graduated from Southern Cross University with a bachelor’s degree in Computer Science. In 2017, RPL was introduced through an Initial Coin Offering (ICO), with 54% of the token supply sold via private and public sales.
Risks of RPL
Like an investment in other crypto assets, there are some general risks to investing in RPL. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to thestatement.
In addition to these general risks, an investment in RPL is subject to the following specific risks:
- RPL operates using smart contracts, which have an association with vulnerabilities and security breaches. Despite undergoing successful audits by well-regarded third-party entities, it is essential to acknowledge the existence of inherent risks. Furthermore, the project’s future trajectory hinges on the decisions made by a global community of RPL token holders.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with RPL. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.
The RPL community and the aforementioned founder are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of RPL have no recourse to the team, community, or Uphold if RPL declines in value for any reason.
Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.
Uphold’s Evaluation Process
Prior to listing RPL on the Uphold Platform, Uphold performed due diligence on RPL and determined that RPL is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following:
- The creation, governance, usage, and design of RPL, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
- The supply, demand, maturity, utility, and liquidity of RPL.
- Any marketing materials put forward by the RPL social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with RPL, including any code defects, security breaches and other threats concerning RPL and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
- Legal and regulatory risks associated with RPL, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of RPL.
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
Uphold users should read thestatement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.
Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following. Please also review the for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and statement.
Last updated on June 21, 2023.
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