Get In On The Action At Stake, India’s Best Online Casino – Mergers have been a constant debate within the Ethereum community for years. This means that the Ethereum blockchain, which is currently a proof-of-work blockchain in the same mold as Bitcoin, will become a proof-of-stake blockchain. This allows them to redeem their ETH shares for ETH2.0 on the Beacon chain. This allows you to secure your network and earn passive income in your Ether by doing this.
A new blockchain that supports a proof-of-stake network that integrates with the current Ethereum mainnet. See it as the backbone of Ethereum 2.0.
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Enter Rocket Pool, a decentralized trusted community owned staking protocol. It is a protocol that allows you to accumulate RETH tokens as you receive them and still remain liquid. What is the purpose of all this? The Ethereum Foundation previously had a 32 ETH threshold to shake Ether, below this amount the Foundation will now refer you to RocketPool. This lowers the entry barrier to earning your ETH (
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Rocket Pool allows you to access a decentralized service that rewards you for securing the protocol instead of going through centralized exchanges (CEXs) like Coinbase and Binance, where you lose precious ETH. There is a market for CEX because obviously not everyone has the ability to run a node that requires 32 ETH. But there is no free lunch.
The barrier to entry is halved as Rocket Pool lowers this barrier to 16 ETH. Also, even if you can’t run a node for 16 ETH, the protocol still allows you to keep ETH under 0.01. It is suitable for small players in the market who want to maintain liquidity while reaping profits at the same time.
Additionally, Rocket Pool allows «casual» participants to run nodes as Ethereum is intended to be used. This is not legal. Its competitor Lido, the 3rd largest stock pool, is not without sanctions. It’s refreshing to see a protocol like Rocket Pool pave the way for smaller players.
, as long as Prysm runs smoothly it’s fine. However, if Prysm goes down, it will affect the entire network, because the node density in Prysm is 66% of the network. Rocket Pool has very little use of Prism, which is beneficial for network decentralization. If Prysm is down, validation of transactions and consensus becomes a problem because 2/3 of the validators are down. That’s why Rocket Pool plays an important role in decentralizing the network and its usage is encouraged. Rocket Pool is close to running 1% of validators on the Ethereum network. Leaderboards can be tracked here.
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The tokenics protocol has changed over the years. The protocol allows you to get higher ETH yields inside the protocol than outside the protocol. However, there are two tokens to consider as you interact with the protocol. The first is reTH, which is the protocol’s liquid staking token. This token represents the amount of ETH you have deposited and acts as a receipt for your stored ETH. You can earn reTH by putting your ETH into the protocol or by using a decentralized exchange (DEX) like Uniswap to buy it on the market. reTH tokens can be found in layer-two solutions including Arbitrum, zkSync, Optimism and Polygon.
Since the reTH token collects rewards from staking, its value will definitely increase against the original ETH.
The 2nd token that factors into the equation is the RPL token, the native token of the Rocket Pool protocol which gives you governance rights and drives betting within the protocol, not outside it. The token has a total supply of 18,000,000 and has a 5% inflation rate to reward participants who act in the best interest of the protocol.
Considering that people run nodes to deposit 16 ETH, reTH performance depends on this node. If they underperform as bookmakers, their rewards will likely be reduced, which slows the return of value to people holding RETH. That’s why the protocol adds an extra incentive by asking node operators to deposit 1/10 ETH in RPL tokens as collateral. This collateral acts as collateral if the node operator reduces the reward.
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In return for providing these guarantees, node operators earn RPL rewards in addition to ETH staking rewards and commissions from nodes participating in the consensus. This means additional security for node operators as well as earning more rewards.
The question that arises as you go through this is why are Oracle DAO and DAO Protocol each allocated 15% of annual emissions?
Oracle DAO and DAO Protocol Oracle DAO consists of the operator nodes in the Rocket Pool protocol that implement Oracle nodes. It runs as a normal node except for one thing, which performs additional oracle functions for the protocol. Oracle’s tasks include reporting validator balances on beacon chains and RPL:ETH ratios, etc. They are rewarded for this service.
The protocol is responsible for the settings related to the DAO protocol and implemented through the RPL regime. It has to do with developing protocols and ensuring that things like treasury run smoothly. The DAO protocol is not fully operational yet but its release phase. However, the obligations of Oracle DAO and DAO Protocol result in their respective allocations of annual emissions.
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Rocket Pool’s main competition is well-established Lido Finance. The protocol makes steTH the industry standard for Staked ETH2.0, which is liquid and can be used to participate in DeFi. The stETH token does not work like reTH because steTH is pegged 1:1 to ETH and represents the amount of ETH you are staking. However, reTH acts as an indicator that gains value over time and rises against the original ETH as mentioned above. However, the downside to Lido Finance despite the excellent job they have done is that it is leveraged and more concentrated than Rocketpool. You need permission to run the node for Lido Finance. However, anyone can start a Rocket Pool node as long as they meet the prerequisites.
Even though Lido has 52,832 stakers in ETH, they only have 22 active node operators, in other words not very decentralized. Lido also currently owns 21% of all ETH2.0 through their validator, for the benefit of the distribution network going forward. Rocket Pool on the other hand has 888 operator nodes and the number is growing.
Another competitor going up is the StaFi protocol, which also offers the possibility to keep your ETH liquid while holding it. Competition is healthy and good for the long term stability of the Ethereum network.
A liquidity pool is added to the curve to encourage decentralization. This means that the reTH token combines the rewards of return with a stake in ETH2.0. Curve emission is directed to the reTH/wstETH pool and currently gives you a maximum of 9% APY. That’s a pretty interesting result to say the least. The swimming pool can be seen here. The pool has received overwhelming support from major players in the space, with Tetranode being one to particularly welcome. @jasperthefriendlyghost created an excellent thread discussing it if you want to dive deeper.
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There is also another pool with ETH/rETH which gives you a small reward of around 1.05% max APY on top of ETH2.0 staking. like
As with any DeFi protocol, there are some risks. The main risk you have from depositing your previous ETH into Rocket Pool is smart contract failure. However, the protocol has been duly audited by trusted auditors such as Sigma Prime, Consensus Diligence, Trail of Bits and Immunefi Bug Bounty. With this check, the protocol is considered secure and in good standing. Big exploits will come as a surprise, but they are riskier than putting them on the Ethereum launch pad. However, this means that the ETH you have deposited is not liquid and is locked until the merge is complete.
I have always supported decentralization because that is the underlying ethos of this industry. That’s why I recommend using Rocket Pool if you have a solid amount of ETH you want to earn. Considering you can currently improve that yield even on a Curve pool, this is a great opportunity to profit long term from the Ethereum network. However, since most people are profit maximizers there are other opportunities that are more attractive in the short term as I have discussed in other articles. However, the racket pool is a net plus
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