- Lido has the largest Total Value Locked, which is $8.05b
- Rocket Pool is the first decentralized Ethereum staking pool
- Coinbase CEO’s comments affected the price of LDO and RPL
According to crypto analysts, the prices of RPL and LDO skyrocketed amid the upcoming Shanghai upgrade for the Ethereum network. However, the global crypto market struggled and descended by 2.35%.
Since January 2023, trading prices of Lido DAO and Rocket Pool have surged by more than 50%. In the last 30 days, LDO, the native token, traded at $1.77 and highest traded at $2.97, meaning the prices grew by 68% in a month.
Similarly, RPL, the native token of Rocket Pool token, allegedly surged by 111% through January. The lowest trading price of RPL was $25.18, and the highest was $53.3. In the weekly context, the prices grew by around 25%.
On February 9, 2023, Brian Armstrong, Chief Executive Officer of Coinbase, tweeted, “We’re hearing rumors that the SEC would like to get rid of crypto Staking in the U.S. for retail customers. I hope that’s not the case as I believe it would be a terrible path for the U.S. if that were allowed to happen.”
Brian believes that “Staking is a really important innovation in crypto. It allows users to participate directly in running open crypto networks.” Furthermore, he added, “Staking brings many positive improvements to the space, including scalability, increased security, and reduced carbon footprints.”
According to CoinMarketCap, Rocket Pool is a decentralized Ethereum staking pool offering up to 4.33%APR for ETH2 staking. Users can join the Rocket pool with its decentralized node operator network or run their nodes with only 16ETH.
At the press time, RPL was trading at $51.89 with a 24-hour trading volume of $95,904,441, surging by 115% in the last 24 hours. As a result, RPL is ranked 78 in crypto in the context of its trading volume.
RPL is the top gainer in the crypto market and surged by 16.50% in the last 24 hours of trading. Some major losers in the crypto market in the last 24 hours are Apecoin slipped by 8.97%; Tezos degraded by 8.46%; Filecoin suffered by 8.19%; and Solana(ADA), down by 8.37%.
Lido is a liquid solution for Ethereum that allow users to skate their ETH with no minimum deposits or to maintain infrastructure while participating in on-chain activities.
Meanwhile, LDO is trading at $2.64 with a 24-hour trading volume of $749,966,586, which rose by 21.80% in the last 24 hours. Lido is ranked 29th in the crypto market regarding its trading volume.
Coinbase CEO clarified that “staking is not a security.” But, he added, “we need to make sure that new technologies are encouraged to grow in the U.S. and not stifled by lack of clear rules.”
“When it comes to financial services and web3, it is a matter of national security that these capabilities be built out in the U.S. Regulation by enforcement does not work. It encourages companies to operate offshore, which is what happened with FTX,” as Armstrong said.
The total count of cryptocurrencies in the digital asset market has increased since the beginning of 2023, which shows that the masses are shifting toward blockchain and the cryptocurrency craze. In 2022’s last quarter, there were only 22K cryptocurrencies, however, 490 more digital currencies were added to the market in the last 1.5 months of the previous year.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/02/10/lido-dao-and-rocket-pool-boosted-heres-all-that-you-need-to-know/