635 node operators and $350 Million TVL Achieved by ETH2’s Rocket Pool

• A decentralized Ethereum 2.0 based staking platform has crossed a $350 million mark in Total Value Locked, that too under 5 weeks of its release.
• There are 635 node operators in the Rocket Pool that provide contributions to Ethereum’s Decentralization.
• A total of 237 node operations were registered and 1088 Ether were staked within a couple of days after its Beta phase.

A Milestone Attained

Rocket Pool has marked $350 Million in Total Value Locked, under just 5 weeks of its official release.

Major objective of this project is to eliminate the obstacles for the entrance of ETH2 node operators and stakers. For 16 ETH($59,000), any user is allowed to operate a node, just half of 32 ETH needed for an Eth2 deposit contract. Users having as low as 0.01 ETH are also allowed for staking the funds for gaining yield. As per the data from DeFiLlama, the Rocket pool has elevated the rank of the DeFi staking platform and is sitting at no. 3 having a Total Value Locked at $364.78 million, while Lido finance is leading the way with $6.04 Billion.

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Lido Finance began operations in December 2020 and now outperforms its rivals in respect of TVL; nevertheless, as of Q4 2021, it only has 14 node operators.

Rocket Pool, on the other hand, has roughly 635 node operators, which the platform claims support more to Ethereum’s decentralization. Approximately 67,000 Ethereum worth $252 Millions have been staked, with remaining Total Value Locked from the indigenous token of the platform, RPL.

After a triumphant Beta launch two weeks previously, the project formally launched on Nov. 22. During that time, Rocket Pool registered 237 node operations with a sum of 1,088 staked Ether (ETH) in just a couple of days.

The project’s main selling factors are its decentralization, liquid staking pool, fees, and staking incentives. Customers may also stake their ETH and obtain the rETH token in exchange for their assets, which earns them staking incentives throughout time.

Sparking the Inferno

Speaking with a news agency, Darren Langley, Rocket Pool’s GM, cited the platform’s decentralization as the core cause for the platform’s robust release. He said, “In the staking market, there was significant latent demand for a decentralized option — it just needed our launch to spark an inferno.” “If you respect the principles of Ethereum you will stake with a decentralized pool. From Ethereum’s perspective, a decentralized pool is as secure as solo staking. Operational decentralization is extremely important,” added Darren.

When asked regarding how Rocket Pool is preparing for the much anticipated transformation to PoS consensus algorithm and Ethereum 2.0, slated for 2022, the Rocket Pool’s GM told that many opportunities would be provided to the clients.

“Liquid staking will become more profitable after the Merge, so we are expecting a surge in interest,” Darren stated. “validators will start receiving priority fees that PoW miners are currently receiving.” He added.

Pointing towards 2022, Darren Langley noted that the organization is hoping to elevate its rETH Token’s adoption and expansion of facilities on the platform.