Rocket Pool stakes TVL worth $350 Million, jumps to be the 3rd largest.

Highlights

1. Rocketpool, with a TVL of $355.64 Million jumps to be the third largest staking platform. 
2. It allows the users to run a node for 16 ETH which is half of the 32 ETH  required to stake in ETH 2.0
3. RocketPool’s CEO looks forward to launching more products & services in 2022. 

Apart from massive gains seen this year in the cryptomarkets as a consequence of the wider adoption, many have also preferred to stake their coins in order to get yields in anticipation of oversized returns, as an expectation for the price of the token to increase in the future. 

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Staking in cryptocurrencies is a process used to verify transactions in a blockchain through native currencies, allowing users to earn passive income on their coins stacked. The average return on staking over the year ranges from 5%-20% on various blockchains & protocols. 

Rocket pool, a recently launched decentralized staking platform based on Ethereum 2.0 has skyrocketed to be the 3rd largest such platform with a total value locked by $355.64 million.

The project commenced on November 22, after a successful beta launch with 237 node operations with a total of 1,088 ETH stacked. 

The project was aimed to remove all and any barriers to users to enter & become Eth2 stakers & node operators. The place where the rocket pool distinct itself from others is where it allows a node for 16 ETH ( $59,000) instead of 32 ETH ($119,000), which is usually in the Eth2 deposit contract. 

According to the data from DefiLlama, Rocket pool holds the 3rd spot at the time of writing with an active TVL of $335.64M while just behind Keep3r network which has an active TVL of $584.34 Million. However, Lido Finance bags the first spot among the decentralized staking platforms with an active TVL of $6.04 Billion. 

Lido Finance was launched in 2020 and tops the spot. However, when compared to the best, it only has 14 node operators as of Q4 2021 while Rocket pool has around 634 node operators & currently has stacked more than 67,000ETH valued at more than $252M  while the remaining 93M coming from its own token RPL.   

The general manager of Rocket Pool, Darren Langley also mentioned that the company hopes to ramp up the adoption of its liquid rETH token & expand the services on the platform including providing integrations such as wallets, lending, farms, etc.