The value locked in Ethereum liquid staking protocol Rocketpool reached $1 billion, as it seeks to capture more of the liquid staking market.
The majority of this value, $641 million, is in staked ether, while the remaining $359 million is in the project's native token RPL.
The project now has a 5.64% share of the Ethereum liquid staking market. That puts it third behind Lido — which makes up the lion's share of the market, at 74% — and Coinbase, which has a 16% share.
"It's a big milestone. And we're really proud of the growth that we've kind of managed to achieve," said Darren Langley, general manager at Rocketpool. "In terms of the TVL, I think we just want to build the best product that we can and serve the community. In terms of our node operators, yes, we're just very intent on building and making sure that we produce the best and safest product we can."
Rocketpool is a decentralized liquid staking protocol. It matches stakers with node operators under one system that supports a shared liquid staking token. Node operators have to pony up 16 ether (half of a validator requirement) per validator and a small amount of RPL. In return they receive yield on their ether, the RPL tokens and a cut of the yield on the other 16 ether that an external party stakes through their validator.
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