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About Rocket Pool (RPL)
Rocket Pool is an “Ethereum 2.0” staking pool. It allows anyone to participate in a decentralized node operator network and stake their Ethereum in exchange for up to 4.33% APR.
"The protocol seeks to lower both the capital and hardware requirements for staking on ETH 2.0, adding to the decentralization and security of Ethereum," Messari said. "To achieve this, Rocket Pool allows users to stake trustlessly towards a network of node operators."
To this end, the network allows users to participate with only 16 ETH (as opposed to the typical 32 ETH requirement), Rocket Pool grants users access to node operation through collaborative efforts with the protocol itself or the option to run the node individually.
Rocket Pool also enables users to participate in ETH2 staking regardless of their initial capital investment or technical know-how. Operating via a non-custodial, decentralized, and secure premise, Rocket Pool strives to enable the trustless staking of ETH to a network of decentralized autonomous nodes underpinned by RPL collateral.
Acting as a complementary protocol to staking-as-a-service providers, Rocket Pool enables providers the opportunity to generate and maximize returns by joining Rocket Pool and running a node, in which they receive rewards in both ETH and RPL. This means that in theory, exchanges could harness the capabilities of Rocket Pool by creating a series of nodes that stake 16 ETH respectively.
RPL acts as the primary protocol token for the Rocket Pool infrastructure, allowing users to participate in governance through the two DAOs (Protocol DAO and Oracle DAO). Additionally, RPL can be staked on a Rocket Pool node as a means of insurance which is repaid to the protocol in the event that the staking closes with less than 16 ETH or in the event that the node is slashed.
However, the Rocket Pool protocol also utilizes a second token, rETH (Rocket Pool Staking Deposit Token), which acts as a representation of a tokenized staking deposit that is afforded to users after they deposit into the protocol. As a wrapped equivalent to Ethereum for the Rocket Pool protocol, rETH awards users as they stake their Ethereum through the automatic accrual of staking rewards based on the performance of the entire network of node operators.
The value of rETH is protected. The insurance mechanism: node operators stake RPL on nodes as collateral.
When was RPL created and how much was it worth?
RPL first began trading in July of 2018 at $1.0078 and reached an all-time high of $154.73 in November of 2021, from which it has since shed over 80% of its value, according to CoinMarketCap.
How is the price of RPL determined?
Rocket Pool has a three-token structure, asexplains.
RPL is one of them. It is native to the protocol, used for governance and is also bonded by node operators seeking an added layer of security on top of their validation services. Node operators need RPL and 16 ETH in order to render services to running the network.
"This represents additional skin in the game and those node operators with RPL bonds should accrue increased share of user staking," Messari said.
The minimum collateral required is currently 10% of the ETH value. Another token, rETH, represents staked and yield-bearing ETH. ETH is swapped for rETH when users stake towards a node operator in the Rocket Pool network, Messari said.
A third token, nETH is a 1:1ETH representation of the deposit, rewards, and commission of node operators, Messari said.
Unlike a majority of DeFi tokens operating via a fixed, or deflationary, tokenomics structure, Rocket Pool adopts an inflationary model, whereby the total supply inflates by 5% per annum. Arguing that this is a means of generating rewards for its participants whilst the project generates value, Rocket Pool has defended this model stating that a fixed-supply model would result in value generation being at the expense of its users. This model was designed with the intention of incentivizing stakeholders and funds alike to continue building upon their decentralized infrastructure.
Newly issued RPL tokens are issued at a 70% rate for node operators staking RPL as insurance collateral, at 15% for Oracle DAO members providing a suite of oracle data, and a further 15% for the Protocol DAO Treasury to help fund decentralized development. At the time of writing, the supply of RPL is just over 10 million, according to CoinMarketCap.
The Rocket Pool team holds 15% of the supply. Pre-sale investors received 40% of the supply and an additional 14% in referral bonuses.
The average price of distribution for pre-sale investors was $0.21. RPL has been above $1 since 2020.
Emissions will take place over the course of the next decade and is expected to increase circulating supply from about 20 million tokens to about 30 million.
Why does RPL have value?
RPL value ties into take-up of its Ethereum-staking technology, as more users fulfill their 16 ETH mini-pool validator criteria, stoking demand. Additionally, RPL provides users with value-add advantages within the protocol.
Is RPL secure?
Rocket Pool would appear to prioritize security, having been successfully audited by three firms and also boasting of a bug bounty program, aiming to proactively enhance safety.
What are the main benefits of RPL?
- The Rocket Pool protocol is said to provide users with the opportunity to generate up to 4.33% APR on their staked Ethereum.
- RPL increases accessibility to node operation and staking Ethereum due to their custom node software. Having implemented smart nodes, Rocket Protocol allows any user/business/group to run a node on the network whilst also staking their ETH for free and generating higher returns.
- RPL’s governance is determined by two DAOs, the Protocol DAO and the Oracle DAO. The latter connects the smart contract activity on the Beacon Chain (Ethereum’s PoS transaction chain or ETH 2.0) with the Ethereum main chain (ETH 1.0), facilitating ETH 2.0 staking.
What do critics say about RPL?
The knock against Rocket Pool, according to one, is that the coin is still under development and also there are multiple issues with its synchronizations between ledgers.
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