The price of Rocket Pool’s RPL token skyrocketed when Binance said it would include the token in its Innovation Zone. Though it lags behind Lido, the ETH liquid staking solution project has made a reputation for itself.
Rocket Pool’s RPL coin has soared in value following Binance’s news that it would be listed. The exchange indicated that the coin would be listed in the Innovation Zone, with trading beginning on January 18. The cryptocurrency is not only available for trading with BTC, BUSD, and USDT, but it is also listed for margin trading.
Following the news, the price of Rocket Pool increased by more than 50%, though it has subsequently plummeted by roughly 20%. The token is now worth about $33.70. The trading volume for RPL has also increased dramatically, about 180% to $90 million. Binance, predictably, accounts for a large portion of that volume.
Binance’s Innovation Zone is a location for traders to interact with newer tokens while protecting themselves from the risks associated with these assets. Volatility is an example of one of these tokens, and the Binance team examines whether traders comprehend the risks associated with these new tokens.
The Innovation Zone is designed for merchants who wish to be among the first to participate in new projects. It has some risks, but the rewards can be greater if the initiative is actually effective.
Rocket Pool is a decentralised ETH liquid staking derivative provider that has made a reputation for itself. It facilitates entry into Ethereum staking by lowering the amount of cash required for the procedure. Users can stake their ETH to wards node operators, who will receive rETH in exchange for their stake. The RPL coin is utilised for network insurance collateral as well as governance.
As a liquid staking solution provider, Rocket Pool ranks third behind Lido and Coinbase. With 75.6% of all ETH invested, the latter has the largest market share in this area. Rocket Pool controls 3.5% of the pool, trailing the top two.
As the Ethereum Shanghai upgrade approaches, liquid staking is becoming a prominent issue. The upgrade, which will allow stakeholders to unstake their ETH, will be available in March. It’s a significant step for the network, which had previously prohibited validators from unstaking their holdings. Stakers will be relieved that they can withdraw the 32 ETH they invested, which is a substantial sum.
Meanwhile, MetaMask now integrates with Lido and Rocket Pool, providing liquid staking features. This will very certainly result in more ETH being staked on the network, as the integration makes participation much more convenient.
