RPL is the protocol token of Rocketpool.
RPL token is used for
- Rocket Pool node operators can stake RPL as an additional security deposit.
They earn an extra commission proportional to the deposit. If they fail to perform their network duties and incur penalties or slashing their RPL is burned proportional to their ETH losses.
It is not required to run a node or to stake ETH on the network.
What is RocketPool?
Rocketpool is a decentralized staking service for ETH 2.0.
Try Beta app on Medalla testnet here.
How RocketPool works
To stake ETH and secure the network in Ethereum 2.0 – 32 ETH is needed.
- Rocketpool offers staking and rewards with as little as 0.01 ETH.
- Earn comission on ETH staking rewards (currently 19% on testnet).
- Can join with 16 ETH.
- That the entire network absorbs the penalties and slashing conditions from single nodes.
- Rather than one user suffering 100% just due to bad luck that their deposit ended up on a bad node.
Can integrate into Rocket Pools smart contracts to stake ETH that the dApp holds, and receive rETH.
What is rETH?
Is the token received when providing ETH to the pool.
- This token does not need to be locked and can be used like any other ERC-20.
- It will accrue staking rewards over time.
When smart contracts are natively enabled on ETH2 user will be able to burn the rETH token for ETH.
What is nETH?
Phase 0 and 1
- Node operators receive the nETH token which is a 1:1 token representing deposit + rewards + commissions.
- This is not the same as rETH which represents tokenised staking deposits +
- rewards earned by the whole network and is not 1:1.
- When smart contracts are natively enabled on ETH2, a smart contract will be deployed that will allow users with the nETH token to burn it for ETH.
More about Rocket Pool here.
Supply: 18 000 000 Tokens