Ethereum liquid staking protocol Rocket Pool deploys on zkSync Era

Ethereum staking provider Rocket Pool has been deployed on the zkSync Era network.

This will be the first Ethereum liquid staking protocol to deploy on the newly launched network. It joins 58 projects that are already live on it.

By operating on zkSync Era, Rocket Pool users will be able to move its token rETH faster and cheaper, enabling a more user-friendly experience in DeFi applications. Rocket Pool is already live on Ethereum Layer 2 networks Optimism and Arbitrum.

“This is another exciting step in our mission to lower barriers to entry and ensure everyone can participate in Ethereum’s proof-of-stake system,” said Nick Ashley, marketing manager at Rocket Pool. “By holding Rocket Pool’s rETH on zkSync Era, users will continue to earn rewards backed by the most decentralized liquid staking protocol, while also enjoying Era’s faster speeds & lower transaction costs.”

ZkSync Era is a Layer 2 network on Ethereum that uses zero-knowledge proofs to secure all transactions. It went live in March, as the first such network that’s also natively compatible with Ethereum, allowing applications to easily port across.

Rocket Pool is one of the biggest Ethereum liquid staking providers, allowing users to stake their ether and receive rETH in return — unlocking the liquidity that would otherwise be locked up. It’s a more decentralized liquid staking protocol that’s run by node operators.

One of the differences between Rocket Pool and some other liquid staking providers is that its token is non-rebasing, meaning that it grows in ether value rather than token holders receiving additional tokens as rewards.

Other liquid staking providers include Lido Finance, crypto exchange Coinbase and Frax.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.