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In 5weeks, Eth2’s Rocket Pool has grown to $350 million and 635 node operator

Within five weeks of its formal introduction, Rocket Pool, a decentralized Ethereum 2.0 staking platform, had topped $350 million in total value locked (TVL).

The goal of the project is to lower the entrance barriers for Eth2 stakers and node operators. It allows anyone to run a node for 16 ETH ($59,000), which is half the cost of the Eth2 deposit contract’s 32 ETH ($119,000). Users can stake their assets and obtain a return with as low as 0.01 ETH.

Rocket Pool has risen to third place in the decentralized finance (DeFi) staking platform rankings, according to DefiLlama data, with a TVL of $355.64 million at the time of writing. Keep3r Network is now in second place with $584.34 million, while Lido Finance is in first place with $6.04 billion.

Lido Finance began operations in December 2020 and now outperforms its competitors in terms of TVL; nevertheless, as of Q4 2021, it only had 14 node operators.

Rocket Pool, on the other hand, has roughly 635 node operators, which the platform claims contributes more to Ethereum’s decentralization. Around 67,000 ETH worth over $252 million has been staked, with the rest of the TVL coming from the platform’s own token RPL.

After a successful Beta launch two weeks prior, the project officially launched on Nov. 22. During that time, Rocket Pool registered 237 node operations with a total of 1,088 staked Ether (ETH) in just two days.

The project’s main selling factors are its decentralization, liquid staking pool, commissions, and staking incentives. Users can also stake their ETH and obtain the rETH token in exchange for their holdings, which earns them staking rewards over time.

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