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According to data from DefiLlama, Ethereum staking service Rocket Pool (NASDAQ:POOL) reached $1 billion in total value locked (TVL) on Feb. 9. The move comes less than two years after the decentralized finance (DeFi) protocol launched its mainnet on Nov. 9, 2021. Dubbed a liquid staking solution for Ethereum, Rocket Pool allows users to join an Ethereum decentralized node operator or run their own node.
Unlike conventional staking solutions, the capital requirements are far less, as users can run their own node with just 16 Ether (ETH) as opposed to the network specified 32 ETH, with another 16 ETH coming from a pool of users who join a decentralized node operator. For the latter, the deposit requirement is only 0.01 ETH. Depositors receive liquid staking token rETH in exchange for their ETH, which proves the user is entitled to staking rewards over time and accrues yield.
Rocket Pool’s TVL has steadily increased in value despite ETH’s declining market price. Source: DefiLlama
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