In our commitment to broaden our offerings continually, we are introducing a new project addition - Rocket Pool. Rocket Pool is a decentralized Ethereum staking protocol that optimizes the Ethereum staking process and allows users to stake as little as 0.01 ETH. Rocket Pool reduces the eligibility barrier compared to the conventional 32 ETH threshold making Ethereum staking accessible to a wide range of users.
In this article, you'll learn what Rocket Pool is, including how it addresses Ethereum staking limitations and its operating mechanisms. We will learn about the Rocket Protocol which includes the Rocket Pool Protocol and the Rocket Pool Oracle. It covers the Rocket Pool Protocol and Oracle and explores the RPL token's tokenomics and statistics. We will conclude with a concise guide on how to buy or trade RPL on CoinEx.
What Is Rocket Pool and How Does It Work?
Rocket Pool is a decentralized Ethereum staking protocol designed to enable users to stake ETH tokens and earn rewards without the technical know-how needed to validate transactions or the minimum staking requirement of 32 ETH. Rocket Pool allows users to stake as little as 0.01 ETH to earn rewards. By lowering access barriers, allowing smaller stakes, and managing technical aspects through a decentralized network, Rocket Pool facilitates Ethereum staking while supporting Ethereum's transition to a more efficient and decentralized Proof of Stake mechanism.
Rocket Pool distinguishes itself with its unique features: It offers accessibility by allowing users to stake with just 0.01 ETH, far less than the usual 32 ETH. It operates on a decentralized network of independent node operators, enhancing security and decentralization. Stakers receive rETH, a liquid token representing their staked ETH and rewards. Node operators need only 8 ETH to stake, instead of 32 ETH, and earn extra rewards, including commissions and RPL tokens for their services.
Rocket Pool distinguishes itself as the oldest and most trusted decentralized staking protocol on Ethereum, holding a significant market share with over 857,920 ETH staked. Its decentralized nature is maintained by more than 3485 node operators. The platform's non-custodial, trustless approach ensures transparency and security, aligning closely with Ethereum's core values. Rocket Pool is also highly regarded in the Ethereum community, evidenced by its perfect score on ethereum.org and its active, community-driven governance model.
What Is Rocket Pool DAO?
Rocket Pool DAO is a key component of the Rocket Pool platform, providing decentralized governance and services. It allows members to pool resources and make decisions in a secure, trustless environment, aligning incentives with their collective interests. Rocket Pool DAO ensures transparent and democratic decision-making within the platform. The Rocket Pool DAO consists of the Rocket Pool Protocol DAO and the Rocket Pool Oracle DAO.
What Is Rocket Pool Protocol DAO?
The Rocket Pool Protocol DAO (pDAO) plays an important role in determining the direction of the Rocket Pool protocol. Governed by RPL, the native token of Rocket Pool, it empowers Node Operators within the Rocket Pool network. Voting power in pDAO is directly linked to the amount of staked RPL held by these Node Operators, with a square root modifier applied to balance influence. This structure facilitates the proposal and voting on new Rocket Pool Improvement Proposals (RPIP), enabling Node Operators to actively participate and shape the future of the Rocket Pool ecosystem.
What Is Rocket Pool Oracle DAO?
The Oracle DAO (oDAO) within the Rocket Pool protocol is a specialized subset focused on managing Oracle nodes. These nodes, similar to regular bonded nodes, perform additional critical functions for the protocol. While regular bonded nodes participate in staking with a 16 ETH bond and receive matching funds from the deposit pool, oracle nodes of the oDAO run the same smart node software but are distinguished by their involvement in an on-chain DAO. Members of the Oracle DAO are responsible for executing a range of beacon chain oracle tasks, playing a vital role in maintaining the health and efficiency of the decentralized staking protocol. Their work ensures the robustness and reliability of the Rocket Pool network, contributing to its overall success and sustainability.
What Is the RPL Token?
The RPL (Rocket Pool) token is the native token of the Rocket Pool Platform. RPL serves various purposes within the network, including acting as a collateral and governance token. As collateral, it is used by node operators to secure their services, ensuring a commitment to the network's reliability and integrity.
The RPL token is also integral to Rocket Pool's governance, enabling holders to vote on network development and operational decisions, thus playing a key role in both collateral and governance aspects of the ecosystem.
What Is RPL Tokenomics?
RPL Token Statistics
Token Symbol: RPL
Token Supply: 19,991,437 RPL
Market Capitalization: $566 Million
Trading Price: $28.22
Cryptocurrency Rank: #101
*Data source: The table above is real-time data from Coinmarketcap as of February 1, 2024
How to Buy and Trade RPL Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including RPL, users can now trade easily and seamlessly. To purchase RPL token on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to RPL Trading Page: Once your account is funded, navigate to the dedicated RPL trading page on CoinEx. You can locate RPL trading pairs on the spot trading page using a search box and enter the term "RPL" to find the associated pairs.
- Choose a Trading Pair: Select the trading pair RPL/USDT to trade RPL against USDT (Tether).
- Specify the Purchase Amount: The next step is to specify the number of RPL you wish to buy. You have the option to either buy them at the current market price or set a limit for your desired buying price on the trading page.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade RPL tokens on CoinEx, taking advantage of the available trading pairs.