Rocket Pool Reports Largest Redemption of rETH Token
One trader redeemed $12.3 million worth of rocketpool ether (rETH) tokens on Rocket Pool, a decentralized Ethereum-based staking service. The trader then sent the redeemed tokens to Binance. Rocket Pool offers traders rETH tokens in exchange for depositing ether into their staking protocol, allowing for fractional staking instead of a 32 ether deposit. On July 24, a total of 6,720 rETH tokens were redeemed and transferred to Binance. Rocket Pool currently has $1.88 billion in total value locked, making it the second largest liquid staking protocol. Traders stake ether on Rocket Pool to earn yields, with APRs currently at 3.64% for regular staking and 8.62% for staking 8 ether. Binance’s ether staking portal offers around 4.07% APR. The native token of Rocket Pool, RPL, has seen a slight correction this month, dropping over 25% in value.
