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Rocket Pool is an Ethereum 2.0 staking pool, which adds to the decentralization and security of Ethereum.

Rocket Pool ETH (rETH) is the Rocket Pool protocol's liquid staking token. The rETH token represents an amount of ETH that is being staked and earning rewards within Ethereum Proof-of-Stake.

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Read on to learn everything you need to know about the Rocket Pool protocol and the rETH token.

What Is rETH

Rocket Pool is a staking pool protocol designed to be decentralized, trustless, and compatible with Ethereum 2.0. It's an ETH2 Proof of Stake protocol launched in anticipation of Ethereum's shift from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus protocol. Rocket Pool is designed to cater to people who want to stake without the required minimum of ETH tokens and those who wish to stake and run their own nodes but don't have the technical skills needed to run a node. The platform provides the infrastructure for liquidity and quick withdrawals.

The Rocket Pool protocol has its own monetary and governance token, the RPL token.

Rocket Pool ETH (rETH) is the Rocket Pool protocol's liquid staking token. Every time you stake 16 or 32 ETH, you receive the rETH token in return which represents two main things: your stake and your yield. While the assets are staked, stakers can sell rETH, use it on DeFi platforms, or secure it in cold storage.

The value for rEth is determined by:

rETH:ETH ratio = (total ETH staked + Beacon Chain rewards) / (total ETH staked)

The constant growth of Ethereum POS earning reward increases the value of rETH relative to ETH. The rETH/ETH exchange rate depends on the Ethereum POS earning rewards earned by Rocket Pool node operators.

rETH Founders

David Rugendyke founded rocket Pool in 2016. It aims to lower the barrier for ETH holders looking to earn rewards with Etherium's new Proof of Stake consensus protocol.

Designed according to the Mauve Paper released by Ethereum founder Vitalik Buterin, Rocket Pool has facilitated the staking of 90,688 ETH since its launch.

After graduating with a degree in Computer Science, David Rugendyke spent 10+ years working full-time as a software developer. In late 2016, David taught himself Solidity, the primary Ethereum smart contract language, and began developing Rocket Pool.

How Does rETH Work

Rocket Pool works through running nodes that verify transactions for the Ethereum 2.0 network. ETH investors deposit ETH and become a node operator to begin staking via Rocket Pool. The node performs all standard tasks and duties of a standard Ethereum node. In return, it earns a flexible APY, which is assigned to the user-deposited ETH as a commission.

The exact commission earned by the user is determined by the supply and demand dynamics of Ethereum 2.0. The node demand and commission rate are calculated when the user stakes and creates a minipool. Before depositing, the user can input the minimum commission rate he is willing to accept for the created minipool.

Rocket Pool also hosts so-called watchtower nodes, which report the Beacon Chain’s state back to the Ethereum PoW network. A majority of these nodes must reach a consensus in order for the reported data to take effect.

Where Can You Buy rETH

To buy rETH, you need ETH. You can get rETH by staking ETH directly on the Rocket Pool web interface when you have acquired ETH. The process gets you rEth tokens instantly.

The Rocket Pool contract will directly mint the rETH you receive, giving you the best possible rEth value for your ETH.

Decentralized exchanges like Uniswap and Balancer support the swapping of ETH for rEth tokens.

Buying rEth on a Decentralized exchange is more suitable for crypto-traders staking small amounts of ETH. Decentralized exchanges often charge lower gas fees than Rocket Pool.