Rocket Pool is the base layer protocol for decentralized and trustless ETH2 staking. Designed to support stakers of all shapes and sizes, Rocket Pool was built to allow anyone to trustlessly stake ETH to a network of decentralized node operators with full autonomy underpinned by RPL collateral.
Rocket Pool is a first-of-its-kind ETH2 Proof of Stake Protocol designed to be community-owned, decentralized, trustless, and compatible with staking in Ethereum 2.0. It was first conceived in late 2016 and has since had over 5 successful public betas over the life span of ETH2 development.
Rocket Pool is designed to cater to two main user groups; those that wish to participate in tokenized staking using rETH (opens new window) using as little as 0.01 ETH and those that wish to stake ETH and run a node in the network to help generate a higher ROI than staking outside of the Protocol due to commissions earned.
RPL is the primary protocol token that will be used in the governance of the protocol and can also be staked on a Rocket Pool node as insurance. This token does not need to be locked within the network and can be traded, sold, or held as the user desires. It also importantly provides Rocket Pool users with liquidity over Phases 0 and 1 of the ETH2 rollout, during which any staking deposit is locked until Phase 2, which has yet to set a date on the ETH2 rollout map.
Who is the founder of Rocket Pool (RPL)?
Rocket Pool was originally started in late 2016 by David Rugendyke (opens a new window), a senior developer with over 18 years of commercial experience and a computer science background. Today, a great team is working passionately on Rocket Pool alongside a fantastic community. Both have helped Rocket Pool run five public betas with over 100,000 ETH staked and hundreds of users participating over the last 1–2 years.
What is Rocket Pool (RPL) used for?
In exchange for depositing ETH to Rocket Pool, users receive rETH. rETH is fully composable in the wider DeFi landscape while accruing value from ETH earned through ETH2 staking. When you stake ETH and receive rETH, it will automatically begin accruing staking rewards based on the performance of the entire decentralized network of node operators operating in Rocket Pool. This means rETH grows in value over time, while holders can utilize that collateral to leverage the wider DeFi landscape while helping to secure the ETH2 network.
If you have rETH, you’ll also be able to trade this back to Rocket Pool for ETH plus rewards at any time if liquidity in the deposit pool will cover the amount. There is no need to wait a few years for Phase 1.5 or 2 of the ETH2 rollout to have liquidity or get your staking rewards.
When a node operator provides an amount of RPL as collateral for an insurance promise, they are rewarded with RPL rewards corresponding to the amount of collateral they provide. The minimum collateral required is currently 10% of the ETH value and capped at a maximum of 150%.
Referral and commissions
Rocket Pool is designed to reward node operators for providing valuable insurance if they are heavily penalized or slashed. Rocket Pool’s commission rate changes based on supply and demand mechanics. This commission rate allows the node operator to earn a percentage of the rewards earned on that 16 ETH assigned by the protocol, meaning node operators earn rewards on their own 16 ETH deposit plus a commission from the network for staking its ETH.
How is Rocket Pool (RPL) unique?
The core premise behind the protocol is to ensure the network is not beholden to any one party. Rocket Pool strives to embody the core ethos of Ethereum and DeFi, specifically the non-custodial, trustless nature that allows self-sovereignty to thrive. This is why creating the base protocol layer for ETH2 staking is so important, especially with the vast majority of players needing more technical skills to run a node or the financial capacity to own 32 ETH.
Rocket Pool was designed to support those providers, meaning ETH staked through SaaS solutions can be used through Rocket Pool rather than having to spin up bespoke staking solutions to deal with each client. ETH holders can choose between paying a service provider or being paid to be an operator. With Rocket Pool, service providers maximize their return by being paid to run a node in ETH and RPL.
The Protocol allows teams to run their infrastructure and use Rocket Pool to trustlessly stake ETH in batches of 16 ETH — allowing them to put their capital to work further and earn a larger share of returns. Rocket Pool’s democratized staking system doesn’t favor any party, as ETH staked through Rocket Pool always directly supports the network.
How many Rocket Pool (RPL) coins are in circulation?
It has a circulating supply of 10,279,742 RPL coins and a maximum supply of 18,970,871 RPL coins.
How is the Rocket Pool network secured?
rETHs value is protected against node slashing and downtime by several built-in insurance mechanisms, with node operators staking RPL on nodes as collateral for any penalties they incur. The project has also been audited by one of the most experienced teams in the space, ConsenSys Diligence, which possesses cutting-edge offensive cryptography, blockchain technology, and cryptoeconomic incentive analysis.
How do I buy Rocket Pool (RPL)?
The RPL token can be used for a wide range of purposes, like staking and governance.
RPL tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy RPL through your trading account.
Which Cryptocurrency Wallet Supports Rocket Pool (RPL)?
The PTPWallet platform supports many cryptocurrencies, with RPL soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.